Principal Financial (PFG) 10-K 19 Feb 25 2024 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2024	Jan. 30, 2025	Jun. 28, 2024
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2024
Document Transition Report	false
Entity File Number	1-16725
Entity Registrant Name	PRINCIPAL FINANCIAL GROUP, INC
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	42-1520346
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
City Area Code	515
Local Phone Number	247-5111
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	PFG
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
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
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		225,571,329
Entity Public Float			$ 18.2
Entity Central Index Key	0001126328
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Des Moines, Iowa

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Millions		Dec. 31, 2024	Dec. 31, 2023
Assets
Fixed maturities, available-for-sale	[1]	$ 68,251	$ 65,673.1
Fixed maturities, trading (2024 and 2023 include $205.9 million and $81.2 million related to consolidated variable interest entities)		1,023.3	836.2
Equity securities (2024 and 2023 include $367.9 million and $394.4 million related to consolidated variable interest entities)		2,295	1,478.1
Mortgage loans (2024 and 2023 include $944.5 million and $871.9 million related to consolidated variable interest entities and $140.6 million and $0.0 million measured at fair value under the fair value option)		20,484.2	20,142.8
Real estate (2024 and 2023 include $781.8 million and $779.1 million related to consolidated variable interest entities)		2,464.5	2,345.3
Policy loans		867.5	809.3
Other investments (2024 and 2023 include $625.6 million and $596.4 million related to consolidated variable interest entities and $129.0 million and $163.2 million measured at fair value under the fair value option)		7,990.3	7,035.6
Total investments		103,375.8	98,320.4
Cash and cash equivalents (2024 and 2023 include $86.1 million and $83.6 million related to consolidated variable interest entities)		4,211.9	4,707.7
Accrued investment income		828.6	786.2
Reinsurance recoverable and deposit receivable		19,490.1	20,611.7
Premiums due and other receivables		3,771.5	3,998.8
Deferred acquisition costs		4,006.9	3,950.5
Market risk benefit asset		199.5	153.4
Property and equipment		769.4	938.4
Goodwill		1,549.7	1,608.5
Other intangibles		1,389.9	1,469.8
Separate account assets (2024 and 2023 include $32,802.2 million and $34,688.3 million related to consolidated variable interest entities)		173,327.1	167,605.6
Other assets		743.2	895.7
Total assets		313,663.6	305,046.7
Liabilities
Contractholder funds		43,099.6	41,501.1
Future policy benefits and claims		48,179.4	46,826.5
Market risk benefit liability		62.1	133.2
Other policyholder funds		966.4	916.8
Short-term debt (2024 and 2023 include $119.0 million and $2.5 million related to consolidated variable interest entities)		152.7	61.1
Long-term debt		3,955.3	3,930.9
Income taxes currently payable		8.6	11.9
Deferred income taxes		1,706	1,613.3
Separate account liabilities (2024 and 2023 include $32,802.2 million and $34,688.3 million related to consolidated variable interest entities)		173,327.1	167,605.6
Funds withheld payable		18,103.7	19,629.5
Other liabilities (2024 and 2023 include $108.8 million and $87.7 million related to consolidated variable interest entities)		12,633.7	11,606.2
Total liabilities		302,194.6	293,836.1
Redeemable noncontrolling interest (2024 and 2023 include $309.9 million and $226.4 million related to consolidated variable interest entities)		337.7	248.9
Stockholders' equity
Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 494,734,908 and 492,279,405 shares issued as of 2024 and 2023; 226,225,161 and 236,438,294 shares outstanding as of 2024 and 2023		4.9	4.9
Additional paid-in capital		11,100.9	10,908.6
Retained earnings (accumulated deficit)		17,583.5	16,683.5
Accumulated other comprehensive income (loss)		(5,224.8)	(5,345.3)
Treasury stock, at cost; 268,509,747 and 255,841,111 shares as of 2024 and 2023		(12,378.1)	(11,335.7)
Total stockholders' equity attributable to Principal Financial Group, Inc.		11,086.4	10,916
Noncontrolling interest		44.9	45.7
Total stockholders' equity		11,131.3	10,961.7
Total liabilities and stockholders' equity		$ 313,663.6	$ 305,046.7
[1] See Note 4, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Consolidated Statements of Fi_2

Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Fixed maturities, trading	$ 1,023.3	$ 836.2
Equity securities	2,295	1,478.1
Mortgage loans	20,484.2	20,142.8
Mortgage loans measured at fair value under fair value option	140.6	0
Real estate	2,464.5	2,345.3
Other investments	7,990.3	7,035.6
Cash and cash equivalents	4,211.9	4,707.7
Other investments measured at fair value under fair value option	129	163.2
Separate account assets	173,327.1	167,605.6
Short-Term Debt	152.7	61.1
Separate account liabilities	173,327.1	167,605.6
Other liabilities	12,633.7	11,606.2
Redeemable noncontrolling interest	$ 337.7	$ 248.9
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, issued (in shares)	494,734,908	492,279,405
Common stock, outstanding (in shares)	226,225,161	236,438,294
Treasury stock (in shares)	268,509,747	255,841,111
Aggregate consolidated variable interest entities
Fixed maturities, trading	$ 205.9	$ 81.2
Equity securities	367.9	394.4
Mortgage loans	944.5	871.9
Real estate	781.8	779.1
Other investments	625.6	596.4
Cash and cash equivalents	86.1	83.6
Separate account assets	32,802.2	34,688.3
Short-Term Debt	119	2.5
Separate account liabilities	32,802.2	34,688.3
Other liabilities	108.8	87.7
Redeemable noncontrolling interest	$ 309.9	$ 226.4

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Premiums and other considerations		$ 6,850.2	$ 6,470.9	$ 5,339.7
Fees and other revenues		4,320.5	4,095.9	4,137.8
Net investment income (loss)		4,449.2	4,091.9	3,838.5
Net realized capital gains (losses)	[1]	(27.3)	(72.2)	(182.1)
Net realized capital gains (losses) on funds withheld assets	[1]	87.7	165	749.4
Change in fair value of funds withheld embedded derivative		447.4	(1,085.7)	3,652.8
Total revenues		16,127.7	13,665.8	17,536.1
Expenses
Benefits, claims and settlement expenses		8,072.6	7,788.2	6,631.3
Liability for future policy benefits remeasurement (gain) loss		671.4	(51.6)	(264.5)
Market risk benefit remeasurement (gain) loss		30.3	29.1	125.3
Dividends to policyholders		99.9	89.2	94.8
Operating expenses		5,363.9	5,072.1	4,962.2
Total expenses		14,238.1	12,927	11,549.1
Income (loss) before income taxes		1,889.6	738.8	5,987
Income taxes (benefits)		291.7	68.7	1,189.5
Net income (loss)		1,597.9	670.1	4,797.5
Net income (loss) attributable to noncontrolling interest		26.9	46.9	40.6
Net income (loss) attributable to Principal Financial Group, Inc.		$ 1,571	$ 623.2	$ 4,756.9
Earnings per common share
Basic earnings per common share (in dollars per share)		$ 6.77	$ 2.58	$ 18.94
Diluted earnings per common share (in dollars per share)		$ 6.68	$ 2.55	$ 18.63
[1] Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Consolidated Statements of Comprehensive Income
Net income (loss)	$ 1,597.9	$ 670.1	$ 4,797.5
Other comprehensive income (loss), net:
Net unrealized gains (losses) on available-for-sale securities	(678)	1,843.1	(9,846.8)
Net unrealized gains (losses) on derivative instruments	53.9	(41.8)	(23.1)
Liability for future policy benefits discount rate remeasurement gain (loss)	1,010	(312.7)	4,778.5
Market risk benefit nonperformance risk gain (loss)	(8.1)	(30.9)	114.1
Foreign currency translation adjustment	(296.6)	73.7	(22.1)
Net unrecognized postretirement benefit obligation	30.7	2.4	90.6
Other comprehensive income (loss)	111.9	1,533.8	(4,908.8)
Comprehensive income (loss)	1,709.8	2,203.9	(111.3)
Comprehensive income (loss) attributable to noncontrolling interest	18.3	47	41.2
Comprehensive income (loss) attributable to Principal Financial Group, Inc.	$ 1,691.5	$ 2,156.9	$ (152.5)

Consolidated Statements of Stoc

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, 2021		$ 4.8	$ 10,495	$ 12,594.2	$ (2,084.1)	$ (8,925.8)	$ 56.4	$ 12,140.5
Increase (decrease) in stockholders' equity
Common stock issued		0.1	181.6					181.7
Stock-based compensation			102.7	(11.5)			0.4	91.6
Treasury stock acquired, common						(1,661.1)		(1,661.1)
Accelerated share repurchase			(33.9)					(33.9)
Dividends to common stockholders				(642.3)				(642.3)
Distributions to noncontrolling interest							(86.2)	(86.2)
Contributions from noncontrolling interest							7.3	7.3
Purchase of subsidiary shares from noncontrolling interest	[1]		(5.7)				(2.4)	(8.1)
Adjustments to redemption amount of redeemable noncontrolling interest			0.7				(0.5)	0.2
Adjustment for reinsurance					114.5			114.5
Net income (loss)	[1]			4,756.9			66.4	4,823.3
Other comprehensive income (loss)	[1]				(4,909.4)		(0.3)	(4,909.7)
Balances at Dec. 31, 2022		4.9	10,740.4	16,697.3	(6,879)	(10,586.9)	41.1	10,017.8
Increase (decrease) in stockholders' equity
Common stock issued			57.8					57.8
Stock-based compensation			110.7	(11.5)			0.5	99.7
Treasury stock acquired, common						(748.8)		(748.8)
Dividends to common stockholders				(625.5)				(625.5)
Distributions to noncontrolling interest							(26.5)	(26.5)
Contributions from noncontrolling interest							7.6	7.6
Purchase of subsidiary shares from noncontrolling interest	[1]		(1.2)					(1.2)
Adjustments to redemption amount of redeemable noncontrolling interest			0.9				0.2	1.1
Net income (loss)	[1]			623.2			23.2	646.4
Other comprehensive income (loss)	[1]				1,533.7		(0.4)	1,533.3
Balances at Dec. 31, 2023		4.9	10,908.6	16,683.5	(5,345.3)	(11,335.7)	45.7	10,961.7
Increase (decrease) in stockholders' equity
Common stock issued			67.7					67.7
Stock-based compensation			121.4	(12.6)			0.5	109.3
Treasury stock acquired, common						(1,042.4)		(1,042.4)
Dividends to common stockholders				(658.4)				(658.4)
Distributions to noncontrolling interest							(22.8)	(22.8)
Contributions from noncontrolling interest							7.3	7.3
Purchase of subsidiary shares from noncontrolling interest	[1]		(0.3)					(0.3)
Adjustments to redemption amount of redeemable noncontrolling interest			3.5				0.9	4.4
Net income (loss)	[1]			1,571			15.1	1,586.1
Other comprehensive income (loss)	[1]				120.5		(1.8)	118.7
Balances at Dec. 31, 2024		$ 4.9	$ 11,100.9	$ 17,583.5	$ (5,224.8)	$ (12,378.1)	$ 44.9	$ 11,131.3
[1] Excludes amounts attributable to redeemable noncontrolling interest. See Note 17, Stockholders’ Equity, for further details.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income (loss)		$ 1,597.9	$ 670.1	$ 4,797.5
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized capital (gains) losses	[1]	27.3	72.2	182.1
Net realized capital (gains) losses on funds withheld assets	[1]	(87.7)	(165)	(749.4)
Change in fair value of funds withheld embedded derivative		(447.4)	1,085.7	(3,652.8)
Depreciation and amortization expense		256.2	272.7	295.9
Amortization of deferred acquisition costs and contract costs		431	428.1	422.4
Additions to deferred acquisition costs and contract costs		(490.6)	(429.3)	(427.2)
Amortization of reinsurance (gain) loss		631.6	17.7	19.3
Market risk benefit remeasurement (gain) loss		30.3	29.1	125.3
Stock-based compensation		108.7	99.4	91.3
(Income) loss from equity method investments, net of dividends received		10.9	(110.2)	(111)
Changes in:
Accrued investment income		(42.4)	(44.1)	(46.3)
Net cash flows for trading securities and equity securities with operating intent		(97.5)	(56)	(339.5)
Premiums due and other receivables		53.1	(36.7)	(3,301.9)
Contractholder and policyholder liabilities and dividends		2,704.8	2,562	1,914.7
Current and deferred income taxes (benefits)		106.1	(40.5)	854.8
Real estate acquired through operating activities		(82.4)	(130.8)	(164.4)
Real estate sold through operating activities		131.9	164.8	7.9
Funds withheld, net of reinsurance recoverable and deposit receivable		(33.4)	(665.2)	3,038.6
Other assets and liabilities		1.7	214.9	341.5
Other		(207.2)	(146.5)	(125.9)
Net adjustments		3,005	3,122.3	(1,624.6)
Net cash provided by (used in) operating activities		4,602.9	3,792.4	3,172.9
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases		(14,969.4)	(11,417)	(19,352.6)
Fixed maturities available-for-sale and equity securities with intent to hold: Sales		3,542.7	5,888.3	14,729.7
Fixed maturities available-for-sale and equity securities with intent to hold: Maturities		7,412.1	5,190.8	6,853.7
Mortgage loans acquired or originated		(2,449.4)	(2,044.2)	(3,731.2)
Mortgage loans sold or repaid		1,895.6	2,112	2,614.6
Real estate acquired		(167.8)	(187.5)	(245.2)
Real estate sold		125.8	132	374
Net (purchases) sales of property and equipment		(68.8)	(102)	(116.3)
Purchase of business or interests in subsidiaries, net of cash acquired		(27.1)
Net change in other investments		(692.7)	(919.3)	(68.2)
Net cash provided by (used in) investing activities		(5,399)	(1,346.9)	1,058.5
Financing activities
Issuance of common stock		67.7	57.8	181.7
Accelerated stock repurchase settlement				(33.9)
Acquisition of treasury stock		(1,042.4)	(740.4)	(1,661.1)
Payments for financing element derivatives		(43.1)	(42.1)	(50.6)
Purchase of subsidiary shares from noncontrolling interest		(0.9)	(2.8)	(9.2)
Dividends to common stockholders		(658.4)	(625.5)	(642.3)
Issuance of long-term debt		21.8	691.5	15.4
Principal repayments of long-term debt		(0.1)	(764)	(302)
Net proceeds from (repayments of) short-term borrowings		97.9	(18.5)	0.9
Investment contract deposits		12,248.9	8,618.9	7,346.7
Investment contract withdrawals		(10,962.7)	(9,422.4)	(7,647.3)
Net increase (decrease) in banking operation deposits		571.2	(338.6)	1,086.3
Other		0.4	0.3
Net cash provided by (used in) financing activities		300.3	(2,585.8)	(1,715.4)
Net increase (decrease) in cash and cash equivalents		(495.8)	(140.3)	2,516
Cash and cash equivalents at beginning of period		4,707.7	4,848	2,332
Cash and cash equivalents at end of period		4,211.9	4,707.7	4,848
Supplemental information:
Cash paid for interest		170.3	170.7	175.8
Cash paid for income taxes		117.7	68.1	142.1
Supplemental disclosure of non-cash activities:
Assets received in kind from pension risk transfer transactions		$ 405
Asset changes resulting from deconsolidation of residential whole loan securitizations:
Decrease in mortgage loans			(389.7)	(220.7)
Increase in fixed maturities, available-for-sale			286.2	167.6
Increase in fixed maturities, trading			$ 10.8
Assets transferred in kind for settlement to reinsurer				$ (428.5)
[1] Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Nature of Operations and Signif

Nature of Operations and Significant Accounting Policies	12 Months Ended
	Dec. 31, 2024
Nature of Operations and Significant Accounting Policies
Nature of Operations and Significant Accounting Policies	1. Nature of Operations and Significant Accounting Policies Description of Business Principal Financial Group, Inc. (“PFG”) is a leader in global investment management offering businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through our diverse family of financial services companies. Basis of Presentation The accompanying consolidated financial statements include the accounts of PFG and all other entities in which we directly or indirectly have a controlling financial interest as well as those variable interest entities (“VIEs”) in which we are the primary beneficiary. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated. Uncertainties may impact our business, results of operations, financial condition and liquidity. See “Use of Estimates in the Preparation of Financial Statements” for additional details. Our estimates and assumptions could change in the future. Our results of operations and financial condition may also be impacted by other uncertainties including evolving regulatory, legislative and standard-setter accounting interpretations and guidance. In the fourth quarter of 2024, we implemented changes to our Principal Asset Management segment to align the global operations by business function. See Note 20, Segment Information, for more information. Consolidation We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a VIE or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 3, Variable Interest Entities. If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method. ​ Recent Accounting Pronouncements ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters Standards not yet adopted: ​ ​ Disaggregation of Income Statement Expenses This authoritative guidance expands the disclosures about a public entity’s expenses and addresses requests for more granular information about the types of expenses in commonly presented expense categories. ​ December 31, 2027 We are currently evaluating the impact this guidance will have on our notes to the consolidated financial statements . Improvements to income tax disclosures This authoritative guidance provides improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ​ January 1, 2025 This guidance will not have a material impact on our notes to the consolidated financial statements. Standards adopted: ​ ​ Improvements to reportable segments disclosures This authoritative guidance enhances the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. ​ December 31, 2024 The enhanced disclosures can be found in Note 20, Segment Information. Targeted improvements to the accounting for long-duration insurance contracts This authoritative guidance updated 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 are reviewed and updated periodically. Cash flow assumptions are 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 are updated quarterly with the impact recognized in other comprehensive income (“OCI”). 2. Market risk benefits (“MRBs”), which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI. January 1, 2023 This guidance changed how we account for many of our insurance and annuity products. The additional disclosure requirements can be found in the following notes: ● Note 7, Deferred Acquisition Costs and Other Actuarial Balances ● Note 8, Separate Account Balances ● Note 9, Contractholder Funds ● Note 10, Future Policy Benefits and Claims ● Note 11, Market Risk Benefits ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters 3. Deferred acquisition costs (“DAC”) and other actuarial balances for all insurance and annuity contracts are 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 as well as 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 was applied on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented (January 1, 2021, also referred to as the transition date) based on their existing carrying amounts. An entity could elect to apply the changes retrospectively. The guidance for MRBs was applied retrospectively. ​ ​ ​ Troubled debt restructurings and vintage disclosures This authoritative guidance eliminated the accounting requirements for troubled debt restructurings (“TDRs”) by creditors and enhanced the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. The update required entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments in this update were applied prospectively, except for the transition method related to the recognition and measurement of TDRs, for which an entity had the option to apply a modified retrospective transition method. Early adoption was permitted. January 1, 2023 This guidance did not have a material impact on our consolidated financial statements. ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters Targeted improvements to accounting for hedging activities – portfolio layer method This authoritative guidance is intended to further align the economics of a company’s risk management activities in its financial statements with hedge accounting requirements. The guidance expanded the current single-layer method to allow multiple hedge layers of a single closed portfolio. Non-prepayable assets can also be included in the same portfolio. This guidance also clarified the current guidance on accounting for fair value basis adjustments applicable to both a single hedged layer and multiple hedged layers. Upon adoption, the application of these hedge strategies was applied prospectively. Early adoption was permitted. ​ January 1, 2023 This guidance did not have a material impact on our consolidated financial statements. Facilitation of the effects of reference rate reform on financial reporting This authoritative guidance provided optional expedients and exceptions for contracts and hedging relationships affected by reference rate reform. An entity could 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 could apply optional expedients to continue hedge accounting for hedging relationships in which the critical terms changed due to reference rate reform. This guidance eased the financial reporting impacts of reference rate reform on contracts and hedging relationships and was effective until December 31, 2022. A subsequent amendment issued in December 2022 extended the relief date from December 31, 2022, to December 31, 2024, and was effective upon issuance. March 12, 2020 We adopted the guidance upon issuance prospectively and elected the applicable optional expedients and exceptions for contracts and hedging relationships impacted by reference rate reform through December 31, 2024. The guidance did not have an impact on our consolidated financial statements upon adoption. ​ 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. Long-Duration Insurance Contracts Disclosures We include disaggregated rollforwards for DAC, the unearned revenue liability, separate account liabilities, policyholder account balances, the liability for future policy benefits, the additional liability for certain benefit features and MRBs. Further, for certain actuarial balances, disclosures are required for the significant inputs, judgments, assumptions and methods used in measurement, including changes in those inputs, judgments and assumptions, and the effect of those changes on measurement. Amounts from different reportable segments cannot be aggregated for disclosures. Factors to consider in determining the level of aggregation for disclosures include the type of coverage, geography and market or type of customer. We have identified the following levels of aggregation for long-duration insurance contract disclosures. ● Retirement and Income Solutions: o Workplace savings and retirement solutions – Group annuity contracts offered to the plan sponsors of defined contribution plans or defined benefit plans o Individual variable annuities – Variable deferred annuities and registered index-linked annuities (“RILAs”) offered to individuals for both qualified and nonqualified retirement savings o Pension risk transfer – Single premium group annuities offered to pension plan sponsors and other institutions o Individual fixed deferred annuities – An exited business that offered single premium deferred annuity contracts and flexible premium deferred annuities (“FPDAs”) to individuals for both qualified and nonqualified retirement savings o Individual fixed income annuities – An exited business that offered single premium immediate annuities (“SPIAs”) and deferred income annuities (“DIAs”) to individuals for both qualified and nonqualified retirement savings; also includes supplementary contracts generated by annuitizations from other individual product lines o Investment only – Primarily guaranteed investment contracts (“GICs”) and funding agreements offered to retirement plan sponsors and other institutions ● Principal Asset Management – International Pension o Latin America: ◾ Individual fixed income annuities – SPIAs offered to individuals ◾ Pension – Certain retirement accumulation products where the segregated funds and associated obligation to the client are consolidated within our financial statements as separate account assets and liabilities and are only in the scope of long-duration insurance contracts disclosures for separate accounts o Asia: ◾ Guaranteed pension – Pension savings schemes offered to both employers and employees, which were closed in the fourth quarter of 2023 and the second quarter of 2024 ● Benefits and Protection – Specialty Benefits: o Individual disability – Disability insurance providing protection to individuals and/or business owners ● Benefits and Protection – Life Insurance: o Universal life – Universal life, variable universal life and indexed universal life insurance products offered to individuals and/or business owners, which will be collectively referred to hereafter as “universal life” contracts; includes our exited universal life insurance with secondary guarantee (“ULSG”) business o Term life – Term life insurance products offered to individuals and/or business owners o Participating life – Participating life insurance contracts offered to individuals, some of which are part of a closed block of business and are only in the scope of long-duration insurance contracts disclosures for DAC ● Corporate: o Long-term care insurance – A closed block of long-term care insurance that is fully reinsured, which was offered on both a group and individual basis. For the separate account liability disclosures, our Retirement and Income Solutions segment uses a Group retirement contracts level of aggregation. This consists primarily of separate account liabilities for the workplace savings and retirement solutions business as well as amounts for the investment only and pension risk transfer businesses. Use of Estimates in the Preparation of Financial Statements The preparation of our consolidated financial statements and accompanying notes requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the consolidated financial statements and accompanying notes. The most critical estimates include those used in determining: ● the fair value of investments in the absence of quoted market values; ● investment impairments and valuation allowances; ● the fair value of derivatives; ● the fair value of MRBs; ● the measurement of goodwill, indefinite lived intangible assets, finite lived intangible assets and related impairments or amortization, if any; ● the liability for future policy benefits and claims, including the deferred profit liability; ● the value of our pension and other postretirement benefit obligations and ● accounting for income taxes and the valuation of deferred tax assets. A description of such critical estimates is incorporated within the discussion of the related accounting policies that follow. In applying these policies, management makes subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Actual results could differ from these estimates. Closed Block Principal Life Insurance Company (“Principal Life”) operates a closed block (“Closed Block”) for the benefit of individual participating dividend-paying policies in force at the time of the 1998 mutual insurance holding company (“MIHC”) formation. See Note 6, Closed Block, for further details. Cash and Cash Equivalents Cash and cash equivalents include cash on hand, money market instruments and other debt issues with a maturity date of three months or less when purchased. Investments Fixed maturities include bonds, asset-backed securities (“ABS”), redeemable preferred stock and certain non-redeemable preferred securities. Equity securities include mutual funds, common stock, non-redeemable preferred stock and required regulatory investments. We classify fixed maturities as either available-for-sale or trading at the time of the purchase and, accordingly, carry them at fair value. Equity securities are also carried at fair value. See Note 18, 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 related actuarial balances, derivatives in cash flow hedge relationships and applicable income taxes. Mark-to-market adjustments on certain equity securities and mark-to-market adjustments on certain fixed maturities, trading are reflected in net realized capital gains (losses). Mark-to-market adjustments on certain fixed maturities, trading are reflected in market risk benefit remeasurement (gain) loss. 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. 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). Interest income, as well as prepayment fees and the amortization of the related premium or discount, is reported in net investment income. For loan-backed and structured securities, we recognize income using a constant effective yield based on currently anticipated cash flows. Commercial and residential mortgage loans are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Amortized cost excludes accrued interest receivable. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in net investment income on the consolidated statements of operations. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Any changes in the loan valuation allowances are reported in net realized capital gains (losses) on the consolidated statements of operations. See Note 4, Investments, for further details of our valuation allowance. Our commercial and residential mortgage loan portfolios can include loans that have been modified. We assess loan modifications on a case-by-case basis to evaluate whether a change to the valuation allowance and/or write-off is needed. See Note 4, Investments, under the caption “Mortgage Loan Modifications” for further details. Prior to the implementation of authoritative guidance in 2023, we assessed loan modifications to determine if a TDR had occurred. See Note 4, Investments, under the caption “Troubled Debt Restructuring” for further details. Real estate investments are reported at cost less accumulated depreciation. The initial cost bases of properties acquired through loan foreclosures are the lower of the fair market values of the properties at the time of foreclosure or the outstanding loan balance. Buildings and land improvements are generally depreciated on the straight-line method over the estimated useful life of improvements and tenant improvement costs are depreciated on the straight-line method over the term of the related lease. We recognize impairment losses for properties when indicators of impairment are present and a property’s expected undiscounted cash flows are not sufficient to recover the property’s carrying value. In such cases, the cost basis of the property is reduced to fair value. Real estate expected to be disposed is carried at the lower of cost or fair value, less cost to sell, with valuation allowances established accordingly and depreciation no longer recognized. The carrying amount of real estate held for sale was $219.3 million and $230.6 million as of December 31, 2024 and 2023, respectively. Any impairment losses and any changes in valuation allowances are reported in net income. Net realized capital gains and losses on sales of investments are determined on the basis of specific identification. In general, in addition to realized capital gains and losses on investment sales and periodic settlements on derivatives not designated as hedges, we report gains and losses related to the following in net realized capital gains (losses) on the consolidated statements of operations: mark-to-market adjustments on certain 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 and impairments of equity method investments. Investment gains and losses on sales of certain real estate held for sale due to investment strategy and mark-to-market adjustments on certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reported as net investment income and are excluded from net realized capital gains (losses). Policy loans and certain other investments are reported at cost. Interests in unconsolidated entities, joint ventures and partnerships are generally accounted for using the equity method. We had certain real estate ventures for which the fair value option had been elected in prior periods. See Note 18, Fair Value Measurements, for detail on these investments. Derivatives Overview Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices or the values of securities. Derivatives generally used by us include swaps, options, futures and forwards. Derivative positions are either assets or liabilities in the consolidated statements of financial position and are measured at fair value, generally by obtaining quoted market prices or through the use of pricing models. See Note 18, Fair Value Measurements, for policies related to the determination of fair value. Fair values can be affected by changes in interest rates, foreign exchange rates, financial indices, values of securities, credit spreads, and market volatility and liquidity. Accounting and Financial Statement Presentation We designate derivatives as either: (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, including those denominated in a foreign currency (“fair value hedge”); (b) a hedge of a forecasted transaction or the exposure to variability of cash flows to be received or paid related to a recognized asset or liability, including those denominated in a foreign currency (“cash flow hedge”); (c) a hedge of a net investment in a foreign operation or (d) a derivative not designated as a hedging instrument. Our accounting for the ongoing changes in fair value of a derivative depends on the intended use of the derivative and the designation, as described above, and is determined when the derivative contract is entered into or at the time of redesignation. Hedge accounting is used for derivatives that are specifically designated in advance as hedges and that reduce our exposure to an indicated risk by having a high correlation between changes in the value of the derivatives and the items being hedged at both the inception of the hedge and throughout the hedge period. Cash flows associated with derivatives are included within operating activities in the consolidated statements of cash flows, with the exception of cash paid for certain options with deferred premiums. Those derivatives are included in payments for financing element derivatives within financing activities in the consolidated statements of cash flows. Fair Value Hedges. Cash Flow Hedges. Net Investment in a Foreign Operation Hedge. Non-Hedge Derivatives. Hedge Documentation and Effectiveness Testing. We use qualitative and quantitative methods to assess hedge effectiveness. Qualitative methods may include monitoring changes to terms and conditions and counterparty credit ratings. Quantitative methods may include statistical tests including regression analysis and minimum variance and dollar offset techniques. For portfolio layer method hedges, the assessment of hedge effectiveness includes confirming we expect the hedged layer amount to be outstanding at the end of the hedging relationship. Termination of Hedge Accounting. If it is determined that a derivative no longer qualifies as an effective hedge, the derivative will continue to be carried on the consolidated statements of financial position at its fair value, with changes in fair value recognized prospectively in net realized capital gains (losses). The asset or liability under a fair value hedge will no longer be adjusted for changes in fair value pursuant to hedging rules and the existing basis adjustment is amortized to the consolidated statements of operations line associated with the asset or liability. If a portfolio layer method hedging relationship is discontinued, the outstanding basis adjustment is allocated to the individual assets in the closed portfolio and those amounts are amortized consistent with the amortization of other discounts or premiums associated with those assets. The component of accumulated other comprehensive income (“AOCI”) related to discontinued cash flow hedges that are no longer highly effective is amortized to the consolidated statements of operations consistent with the net income impacts of the original hedged cash flows. If a cash flow hedge is discontinued because it is probable the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income. Embedded Derivatives. Contractholder and Policyholder Liabilities Contractholder and policyholder liabilities (contractholder funds, future policy benefits and claims, MRBs and other policyholder funds) include reserves for investment contracts, individual and group annuities that provide periodic income payments, universal life insurance, variable universal life insurance, indexed universal life insurance, term life insurance, participating traditional individual life insurance, group dental and vision insurance, group critical illness, group accident, group hospital indemnity, paid family and medical leave (“PFML”), group short-term and long-term disability insurance, group life insurance, individual disability insurance and long-term care insurance. It also includes a provision for dividends on participating policies. Investment contracts are contractholders’ funds on deposit with us and generally include reserves for pension and annuity contracts. Reserves on investment contracts are equal to the cumulative deposits less any applicable charges and withdrawals plus credited interest. Reserves for universal life, variable universal life and indexed universal life insurance contracts are equal to cumulative deposits less charges plus credited interest, which represents the account balances that accrue to the benefit of the policyholders. See Note 9, Contractholder Funds, for additional details. We hold additional reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years and universal life, variable universal life and indexed universal life insurance contracts that contain no lapse guarantee features. Refer to Note 10, Future Policy Benefits and Claims, under the caption “Long-Duration Contracts” for information about the calculation of reserves for long-duration insurance and annuity contracts. Contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other than nominal capital market risk are classified as MRBs and reported at fair value. See Note 11, Market Risk Benefits, for additional details. Reserves for participating life insurance contracts are based on the net level premium reserve for death and endowment policy benefits. This net level premium reserve is calculated based on dividend fund interest rates and mortality rates guaranteed in calculating the cash surrender values described in the contract. Participating business represented approximately 2%, 3% and 3% of our life insurance in force and 15%, 16% and 17% of the number of life insurance policies in force as of December 31, 2024, 2023 and 2022, respectively. Participating business represented approximately 15%, 16% and 17% of life insurance premiums for the years ended December 31, 2024, 2023 and 2022, respectively. The amount of dividends to policyholders is declared annually by Principal Life’s Board of Directors. The amount of dividends to be paid to policyholders is determined after consideration of several factors including interest, mortality, morbidity and other expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by Principal Life. At the end of the reporting period, Principal Life establishes a dividend liability for the pro rata portion of the dividends expected to be paid on or before the next policy anniversary date. Some of our policies and contracts require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies and contracts. See Note 7, Deferred Acquisition Costs and Other Actuarial Balances, under the caption “Unearned Revenue Liability” for additional details. Short-Duration Contracts We include the following group products in our short-duration insurance contracts disclosures: long-term disability (“LTD”), group life waiver, dental, vision, short-term disability (“STD”), critical illness, accident, PFML, hospital indemnity and group life. Refer to Note 10, Future Policy Benefits and Claims, under the caption “Short-Duration Contracts” for additional details. Liability for Unpaid Claims The liability for unpaid claims for both long-duration and short-duration contracts is an estimate of the ultimate net cost of reported and unreported losses not yet settled. This liability is estimated using actuarial analyses and case basis evaluations. Although considera

Goodwill and Other Intangible A

Goodwill and Other Intangible Assets	12 Months Ended
	Dec. 31, 2024
Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets	2. Goodwill and Other Intangible Assets Goodwill The changes in the carrying amount of goodwill reported in our segments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement Principal ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions ​ Management ​ Protection ​ Corporate ​ Consolidated ​ ​ (in millions) Balance as of January 1, 2023 ​ $ 675.9 ​ $ 892.8 ​ $ 29.5 ​ $ — ​ $ 1,598.2 Foreign currency ​ ​ — ​ ​ 10.3 ​ ​ — ​ ​ — ​ ​ 10.3 Balance as of December 31, 2023 ​ ​ 675.9 ​ ​ 903.1 ​ ​ 29.5 ​ ​ — ​ ​ 1,608.5 Goodwill from acquisitions (1) ​ ​ 11.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 11.3 Foreign currency ​ ​ — ​ ​ (70.1) ​ ​ — ​ ​ — ​ ​ (70.1) Balance as of December 31, 2024 ​ $ 687.2 ​ $ 833.0 ​ $ 29.5 ​ $ — ​ $ 1,549.7 (1) Relates to the acquisition of employee stock ownership plan business from Ascensus within our Retirement and Income Solutions segment. Finite Lived Intangible Assets Amortized intangible assets primarily relate to customer relationship intangibles associated with our acquisition of the Institutional Retirement & Trust business of Wells Fargo Bank, N.A. and previous acquisitions in Chile, Mexico and Hong Kong. The finite lived intangible assets that continue to be subject to amortization over a weighted average remaining expected life of 15 years were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ ​ (in millions) Gross carrying value ​ $ 1,157.9 ​ $ 1,215.1 Accumulated amortization ​ 523.1 ​ ​ 512.7 Net carrying value ​ $ 634.8 ​ $ 702.4 ​ During 2024 and 2023, we fully amortized other finite lived intangible assets of $18.4 million and $31.2 million, respectively. The amortization expense for intangible assets with finite useful lives was $66.1 million, $68.6 million and $70.7 million for 2024, 2023 and 2022, respectively. As of December 31, 2024, the estimated amortization expense for the next five years is as follows (in millions): ​ ​ ​ ​ ​ Year ending December 31: ​ ​ 2025 ​ $ 60.1 2026 ​ ​ 56.1 2027 ​ ​ 55.9 2028 ​ ​ 40.9 2029 ​ ​ 39.6 ​ Indefinite Lived Intangible Assets The net carrying amount of unamortized indefinite lived intangible assets was $755.1 million and $767.4 million as of December 31, 2024 and 2023, respectively. As of both December 31, 2024 and 2023, $608.0 million relates to investment management contracts associated with our acquisition of WM Advisors, Inc. in 2006. The remaining balance primarily relates to the trade name intangible associated with our acquisition of Administradora de Fondos de Pensiones Cuprum S.A. (“Cuprum”) in 2013.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2024
Variable Interest Entities
Variable Interest Entities	3. Variable Interest Entities We have relationships with various types of entities which may be VIEs. Certain VIEs are consolidated in our financial results. See Note 1, Nature of Operations and Significant Accounting Policies, under the caption “Consolidation” for further details of our consolidation accounting policies. We did not provide financial or other support to investees designated as VIEs for the periods ended December 31, 2024 and December 31, 2023. Consolidated Variable Interest Entities 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 Asset Management offers retirement pension schemes in Hong Kong 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. The Occupational Retirement Schemes Ordinance 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. The guaranteed constituent funds offered under the Hong Kong Mandatory Provident Fund and the Occupational Retirement Schemes Ordinance were closed in the fourth quarter of 2023 and the second quarter of 2024, respectively. 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. Residential Mortgage Loans We invest in ABS trusts. The trusts issue various collateralized mortgage obligation certificates and purchase residential mortgage loans. The trusts are considered VIEs due to insufficient equity to sustain themselves. We concluded we are the primary beneficiary as we purchase substantially all of the certificates and have the obligation to absorb losses that could potentially be significant to the VIEs. We deconsolidated trusts in 2023 as we no longer held substantially all of the certificates. Asset-Backed Limited Partnership We invest in an ABS limited partnership. The limited partnership issues multiple notes and purchases consumer loans, auto loans, other loans and credit facilities. The limited partnership is considered a VIE due to insufficient equity to sustain itself. We concluded we are the primary beneficiary as we have purchased all of the notes and have the obligation to absorb losses and residual returns that could potentially be significant to the VIE. Assets and Liabilities of Consolidated Variable Interest Entities The carrying amounts of our consolidated VIE assets, which can only be used to settle obligations of consolidated VIEs, and liabilities of consolidated VIEs for which creditors do not have recourse were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ Total ​ Total ​ Total ​ Total ​ assets liabilities assets liabilities ​ ​ ​ (in millions) Mandatory retirement savings funds (1) ​ $ 33,130.4 ​ $ 32,802.2 ​ $ 35,034.4 ​ $ 34,688.3 Real estate (2) ​ 814.3 ​ 69.4 ​ 829.1 ​ 63.0 Sponsored investment funds (3) ​ 833.7 ​ 160.3 ​ 523.8 ​ 6.3 Residential mortgage loans (4) ​ ​ 806.5 ​ ​ 19.9 ​ ​ 874.7 ​ ​ 20.9 Asset-backed limited partnership (5) ​ ​ 250.0 ​ ​ — ​ ​ 249.3 ​ ​ — Total ​ $ 35,834.9 ​ $ 33,051.8 ​ $ 37,511.3 ​ $ 34,778.5 (1) The assets of the mandatory retirement savings funds primarily include separate account assets and equity securities. The liabilities primarily include separate account liabilities. (2) The assets of the real estate VIEs primarily include real estate, other investments and cash. Liabilities primarily include other liabilities. (3) The assets of sponsored investment funds are primarily fixed maturities, equity securities, certain of which are reported with other investments, commercial mortgage loans and cash. The liabilities primarily include short-term debt, long-term debt and other liabilities. The consolidated statements of financial position included a $309.9 million and $226.4 million redeemable noncontrolling interest for sponsored investment funds as of December 31, 2024 and December 31, 2023, respectively. For certain sponsored investment funds, we have unfunded commitments to the VIE. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional capital when called upon to do so by the investment manager. (4) The assets of the residential mortgage loans VIEs primarily include residential mortgage loans. The liabilities primarily include other liabilities. (5) The assets of the asset-backed limited partnership VIE primarily include consumer loans, auto loans, other loans and credit facilities. These assets are reported with cash and cash equivalents,other investments and fixed maturities, trading on the consolidated statements of financial position. ​ Unconsolidated Variable Interest Entities We hold a variable interest in a number of VIEs where we are not the primary beneficiary. Our investments in these VIEs are reported in fixed maturities, available-for-sale; fixed maturities, trading; equity securities and other investments in the consolidated statements of financial position and are described below. Unconsolidated VIEs include certain commercial mortgage-backed securities (“CMBS”), residential mortgage-backed pass-through securities (“RMBS”) and other ABS. All of these entities were deemed VIEs because the equity within these entities is insufficient to sustain them. We determined we are not the primary beneficiary in the entities within these categories of investments. This determination was based primarily on the fact we do not own the class of security that controls the unilateral right to replace the special servicer or equivalent function. We invest in cash collateralized debt obligations, collateralized bond obligations, collateralized loan obligations and other collateralized structures, which are VIEs due to insufficient equity to sustain the entities. We have determined we are not the primary beneficiary of these entities primarily because we do not control the economic performance of the entities and were not involved with the design of the entities or because we do not have a potentially significant variable interest in the entities for which we are the asset manager. We have invested in various VIE trusts and similar entities as a debt holder. Most of these entities are classified as VIEs due to insufficient equity to sustain them. In addition, we have an entity classified as a VIE based on the combination of our significant economic interest and lack of voting rights. We have determined we are not the primary beneficiary primarily because we do not control the economic performance of the entities and were not involved with the design of the entities. We have invested in partnerships and other funds, which are classified as VIEs. The entities are VIEs as equity holders lack the power to control the most significant activities of the entities because the equity holders do not have either the ability by a simple majority to exercise substantive kick-out rights or substantive participating rights. We have determined we are not the primary beneficiary because we do not have the power to direct the most significant activities of the entities. As previously discussed, we sponsor and invest in certain investment funds that are VIEs. We determined we are not the primary beneficiary of the VIEs for which we are the asset manager but do not have a potentially significant variable interest in the funds. We hold an equity interest in Mexican mandatory privatized social security funds in which we provide asset management services. Our equity interest in the funds is considered a variable interest. We concluded the funds are VIEs because the equity holders as a group lack decision-making ability through their voting rights. We are not the primary beneficiary of the VIEs because although we, as the asset manager, have the power to direct the activities of the VIEs, we do not have a potentially significant variable interest in the funds. The carrying value and maximum loss exposure for our unconsolidated VIEs were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to ​ Asset carrying value loss (1) ​ ​ (in millions) December 31, 2024 ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ Corporate ​ $ 308.2 ​ $ 359.7 Residential mortgage-backed pass-through securities ​ ​ 3,674.2 ​ ​ 3,881.3 Commercial mortgage-backed securities ​ ​ 5,188.0 ​ ​ 5,634.3 Collateralized debt obligations (2) ​ 6,560.4 ​ 6,518.7 Other debt obligations ​ 8,904.0 ​ 10,580.8 Fixed maturities, trading: ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ 9.0 ​ 9.0 Commercial mortgage-backed securities ​ 44.2 ​ 44.2 Collateralized debt obligations (2) ​ ​ 135.3 ​ ​ 135.3 Other debt obligations ​ ​ 210.0 ​ ​ 210.0 Equity securities ​ ​ 85.1 ​ ​ 85.1 Other investments: ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests (3) ​ 2,766.4 ​ 4,804.6 ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ Corporate ​ $ 364.9 ​ $ 369.8 Residential mortgage-backed pass-through securities ​ ​ 3,061.1 ​ ​ 3,199.7 Commercial mortgage-backed securities ​ ​ 4,775.5 ​ ​ 5,428.6 Collateralized debt obligations (2) ​ 5,403.7 ​ 5,465.4 Other debt obligations ​ 7,902.2 ​ 9,002.9 Fixed maturities, trading: ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ 10.4 ​ 10.4 Commercial mortgage-backed securities ​ 53.1 ​ 53.1 Collateralized debt obligations (2) ​ ​ 2.0 ​ ​ 2.0 Other debt obligations ​ ​ 228.4 ​ ​ 228.4 Equity securities ​ ​ 110.4 ​ ​ 110.4 Other investments: ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests (3) ​ 2,091.7 ​ 3,785.9 (1) Our risk of loss is limited to our initial investment measured at amortized cost excluding portfolio layer method basis adjustments for fixed maturities, available-for-sale, plus any unfunded commitments and/or guarantees and similar provisions for collateralized debt obligations and other debt obligations. 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. A carrying value of zero is used if distributions have been received in excess of our investment, resulting in a negative carrying value for the investment. 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 December 31, 2024 and December 31, 2023, the maximum exposure to loss for other limited partnership and fund interests includes $236.1 million and $251.9 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 December 31, 2024 and December 31, 2023, money market mutual funds we manage held $4.5 billion and $3.8 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	12 Months Ended
	Dec. 31, 2024
Investments
Investments	4. Investments Our investments include assets backing reserves as part of a coinsurance with funds withheld agreement. The funds withheld invested assets are reported within their respective line items, primarily consisting of fixed maturities available-for-sale, mortgage loans and other investments. See Note 12, Reinsurance, for more information on the funds withheld invested assets. Fixed Maturities The amortized cost, gross unrealized gains and losses, allowance for credit loss and fair value of fixed maturities, available-for-sale were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ Allowance ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ for credit ​ ​ ​ cost (1) gains losses loss Fair value ​ ​ (in millions) December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,937.4 ​ $ 0.2 ​ $ 299.7 ​ $ — ​ $ 1,637.9 Non-U.S. governments ​ 567.3 ​ 12.9 ​ 84.5 ​ — ​ 495.7 States and political subdivisions ​ 7,207.8 ​ 10.4 ​ 1,141.7 ​ — ​ 6,076.5 Corporate ​ 38,911.1 ​ 509.9 ​ 3,699.9 ​ 18.5 ​ 35,702.6 Residential mortgage-backed pass-through securities ​ 3,881.3 ​ 8.7 ​ 215.8 ​ — ​ 3,674.2 Commercial mortgage-backed securities ​ 5,634.3 ​ 4.6 ​ 450.9 ​ — ​ 5,188.0 Collateralized debt obligations (2) ​ 6,518.7 ​ 48.0 ​ 6.3 ​ — ​ 6,560.4 Other debt obligations ​ 9,446.2 ​ 49.9 ​ 580.2 ​ 0.2 ​ 8,915.7 Total excluding portfolio layer method basis adjustment ​ ​ 74,104.1 ​ ​ 644.6 ​ ​ 6,479.0 ​ ​ 18.7 ​ ​ 68,251.0 Unallocated portfolio layer method basis adjustment (3) ​ ​ (55.7) ​ ​ 55.7 ​ ​ — ​ ​ — ​ ​ — Total fixed maturities, available-for-sale ​ $ 74,048.4 ​ $ 700.3 ​ $ 6,479.0 ​ $ 18.7 ​ $ 68,251.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ Allowance ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ for credit ​ ​ ​ ​ cost (1) ​ gains ​ losses ​ loss ​ Fair value ​ ​ (in millions) December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,745.3 ​ $ 19.3 ​ $ 235.8 ​ $ — ​ $ 1,528.8 Non-U.S. governments ​ 550.3 ​ 17.3 ​ 59.7 ​ — ​ 507.9 States and political subdivisions ​ 7,566.4 ​ 44.3 ​ 933.9 ​ — ​ 6,676.8 Corporate ​ 38,431.3 ​ 578.5 ​ 3,195.2 ​ 4.6 ​ 35,810.0 Residential mortgage-backed pass-through securities ​ 3,199.7 ​ 26.0 ​ 164.6 ​ — ​ 3,061.1 Commercial mortgage-backed securities ​ 5,428.6 ​ 1.2 ​ 654.3 ​ — ​ 4,775.5 Collateralized debt obligations (2) ​ 5,386.0 ​ 44.9 ​ 27.2 ​ — ​ 5,403.7 Other debt obligations ​ 8,473.8 ​ 42.1 ​ 606.5 ​ 0.1 ​ 7,909.3 Total fixed maturities, available-for-sale ​ $ 70,781.4 ​ $ 773.6 ​ $ 5,877.2 ​ $ 4.7 ​ $ 65,673.1 (1) Amortized cost excludes accrued interest receivable of $647.3 million and $619.2 million as of December 31, 2024 and December 31, 2023, respectively. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. (3) Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details. The amortized cost and fair value of fixed maturities, available-for-sale as of December 31, 2024, by expected maturity, were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized cost (1) Fair value ​ ​ (in millions) ​ Due in one year or less ​ $ 1,383.9 ​ $ 1,386.9 ​ Due after one year through five years ​ ​ 8,931.7 ​ ​ 8,760.2 ​ Due after five years through ten years ​ ​ 10,158.1 ​ ​ 9,748.2 ​ Due after ten years ​ ​ 28,149.9 ​ ​ 24,017.4 ​ Subtotal ​ ​ 48,623.6 ​ ​ 43,912.7 ​ Mortgage-backed and other asset-backed securities ​ ​ 25,480.5 ​ ​ 24,338.3 ​ Total ​ $ 74,104.1 ​ $ 68,251.0 ​ (1) Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. Actual maturities may differ because borrowers may have the right to call or prepay obligations. Our portfolio is diversified by industry, issuer and asset class. Credit concentrations are managed to established limits. Net Investment Income The major components of net investment income are shown below and are net of amounts on funds withheld invested assets that are passed directly to the reinsurer. See Note 12, Reinsurance, for further details. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Fixed maturities, available-for-sale ​ $ 2,728.5 ​ $ 2,508.9 ​ $ 2,100.3 ​ Fixed maturities, trading ​ ​ 49.1 ​ ​ 43.3 ​ ​ 36.8 ​ Equity securities ​ ​ 68.2 ​ ​ 66.3 ​ ​ 8.9 ​ Mortgage loans ​ ​ 802.4 ​ ​ 761.7 ​ ​ 771.7 ​ Real estate ​ ​ 175.1 ​ ​ 177.2 ​ ​ 277.7 ​ Policy loans ​ ​ 44.1 ​ ​ 41.3 ​ ​ 36.5 ​ Cash and cash equivalents ​ ​ 267.1 ​ ​ 196.6 ​ ​ 57.4 ​ Derivatives ​ ​ 94.3 ​ ​ 38.6 ​ ​ 171.3 ​ Other ​ ​ 491.6 ​ ​ 496.1 ​ ​ 517.7 ​ Total ​ ​ 4,720.4 ​ ​ 4,330.0 ​ ​ 3,978.3 ​ Investment expenses ​ ​ (271.2) ​ ​ (238.1) ​ ​ (139.8) ​ Net investment income ​ $ 4,449.2 ​ $ 4,091.9 ​ $ 3,838.5 ​ ​ Net Realized Capital Gains and Losses The major components of net realized capital gains (losses) on investments are shown below and are net of amounts on funds withheld invested assets that are passed directly to the reinsurer. See Note 12, Reinsurance, for further details. The amounts below do not include net realized capital gains (losses) on funds withheld assets that are not passed to the reinsurer, which are separately reported on the consolidated statements of operations. Net realized capital gains (losses) on funds withheld assets includes gains (losses) realized upon sale of assets put into the funds withheld at the start of a reinsurance transaction for the unrealized gain (losses) on the date of transfer into the funds withheld, the change in the valuation allowance on funds withheld commercial mortgage loans and unrealized gains and losses related to the change in fair value of funds withheld fixed maturities, trading and equity securities. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross gains ​ $ 13.1 ​ $ 51.4 ​ $ 41.5 ​ Gross losses ​ ​ (61.0) ​ ​ (141.7) ​ ​ (191.5) ​ Net credit losses (1) ​ ​ (21.7) ​ ​ (26.2) ​ ​ (8.9) ​ Hedging, net (2) ​ ​ (11.5) ​ ​ 2.2 ​ ​ (0.7) ​ Fixed maturities, trading (3) ​ ​ 1.6 ​ ​ (8.6) ​ ​ (13.4) ​ Equity securities (4) ​ ​ 128.4 ​ ​ 64.0 ​ ​ (171.9) ​ Mortgage loans (5) ​ ​ (101.3) ​ ​ (134.5) ​ ​ (74.6) ​ Derivatives (2) ​ ​ 14.9 ​ ​ (34.1) ​ ​ 237.0 ​ Other ​ ​ 10.2 ​ ​ 155.3 ​ ​ 0.4 ​ Net realized capital losses ​ $ (27.3) ​ $ (72.2) ​ $ (182.1) ​ (1) Includes credit sales, adjustments to the credit loss valuation allowance, write-offs 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 $0.7 million, $(9.6) million and $(3.2) million for the years ended December 31, 2024, 2023 and 2022, respectively. This excludes $1.7 million, $2.9 million and $(16.6) million in unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in market risk benefit remeasurement (gain) loss and $2.0 million, $6.8 million and $(1.4) million of unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in net realized capital gains (losses) on funds withheld assets. (4) Unrealized gains (losses) on equity securities still held at the reporting date were $106.9 million, $73.4 million and $(117.1) million for the years ended December 31, 2024, 2023 and 2022, respectively. This excludes $37.9 million, $34.7 million and $(0.7) million of unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in net investment income and $0.0 million, $1.7 million and $(1.7) million of unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in net realized capital gains (losses) on funds withheld assets. (5) Net realized capital gains (losses) on mortgage loans include losses related to the deconsolidation of residential mortgage loan trusts in 2023 and 2022. Proceeds from sales of investments (excluding call and maturity proceeds) in fixed maturities, available-for-sale were $3,346.4 million, $5,392.7 million and $13,647.0 million in 2024, 2023 and 2022, 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 year ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ Collateralized ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ debt ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities obligations (1) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ 4.6 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 4.7 Additions for credit losses not previously recorded ​ ​ — ​ ​ — ​ ​ — ​ ​ 16.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 16.2 Reductions for securities sold during the period ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.6) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.6) Foreign currency translation adjustment ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) Ending balance ​ $ — ​ $ — ​ $ — ​ $ 18.5 ​ $ — ​ $ — ​ $ — ​ $ 0.2 ​ $ 18.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued interest written off to net investment income ​ $ — ​ $ — ​ $ — ​ $ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ Collateralized ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ debt ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities obligations (1) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ 7.7 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 7.8 Additions for credit losses not previously recorded ​ ​ — ​ ​ — ​ ​ — ​ ​ 8.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8.2 Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period ​ ​ — ​ ​ — ​ ​ — ​ ​ (7.5) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7.5) Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ (3.8) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3.8) Ending balance ​ $ — ​ $ — ​ $ — ​ $ 4.6 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 4.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued interest written off to net investment income ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ Collateralized ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ debt ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities obligations (1) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ 15.1 ​ $ — ​ $ 0.3 ​ $ — ​ $ 0.1 ​ $ 15.5 Additions for credit losses not previously recorded ​ ​ — ​ ​ — ​ ​ — ​ ​ 5.8 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5.8 Reductions for securities sold during the period ​ ​ — ​ ​ — ​ ​ — ​ ​ (8.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (8.7) Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period ​ ​ — ​ ​ — ​ ​ — ​ ​ (4.2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (4.2) Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ (0.3) Foreign currency translation adjustment ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) Ending balance ​ $ — ​ $ — ​ $ — ​ $ 7.7 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 7.8 (1) Primarily consists of collateralized loan obligations backed by secured corporate loans. During 2022, we did not write off any accrued interest to 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ 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 ​ $ 909.1 ​ $ 17.4 ​ $ 810.6 ​ $ 283.1 ​ $ 1,719.7 ​ $ 300.5 Non-U.S. governments ​ 32.9 ​ 1.3 ​ 308.8 ​ 83.2 ​ 341.7 ​ 84.5 States and political subdivisions ​ 743.2 ​ 26.0 ​ 4,745.7 ​ 1,115.8 ​ 5,488.9 ​ 1,141.8 Corporate ​ 4,970.7 ​ 164.2 ​ 20,099.1 ​ 3,532.3 ​ 25,069.8 ​ 3,696.5 Residential mortgage-backed pass- through securities ​ 1,938.4 ​ 33.2 ​ 1,214.0 ​ 182.6 ​ 3,152.4 ​ 215.8 Commercial mortgage-backed securities ​ 691.7 ​ 8.2 ​ 3,860.1 ​ 442.6 ​ 4,551.8 ​ 450.8 Collateralized debt obligations (2) ​ 582.2 ​ 1.3 ​ 29.8 ​ 5.0 ​ 612.0 ​ 6.3 Other debt obligations ​ 1,732.5 ​ 21.8 ​ 3,698.5 ​ 557.2 ​ 5,431.0 ​ 579.0 Total fixed maturities, available-for-sale ​ $ 11,600.7 ​ $ 273.4 ​ $ 34,766.6 ​ $ 6,201.8 ​ $ 46,367.3 ​ $ 6,475.2 (1) Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. Gross unrealized losses exclude unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. Of the total amounts, Principal Life’s consolidated portfolio represented $44,950.7 million in available-for-sale fixed maturities with gross unrealized losses of $6,373.8 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 88 (carrying value/amortized cost) as of December 31, 2024. Gross unrealized losses in our fixed maturities portfolio increased during the year ended December 31, 2024, primarily due to an increase in interest rates, which was partially offset by a 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 1,747 securities with a carrying value of $10,805.4 million and unrealized losses of $252.3 million reflecting an average price of 98 as of December 31, 2024. Of this portfolio, 96% was investment grade (rated AAA through BBB-) as of December 31, 2024, with associated unrealized losses of $245.4 million. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. ​ For those securities that had been in a continuous unrealized loss position greater than or equal to twelve months, Principal Life’s consolidated portfolio held 6,219 securities with a carrying value of $34,145.3 million and unrealized losses of $6,121.5 million as of December 31, 2024. The average credit rating of this portfolio was A with an average price of 85 as of December 31, 2024. Of the $6,121.5 million in unrealized losses, the corporate sector accounts for $3,470.0 million in unrealized losses with an average price of 85 and an average credit rating of BBB+. Furthermore, unrealized losses include $1,108.0 million within the states and political subdivisions sector with an average price of 81 and an average credit rating of AA-; $490.8 million within the collateralized mortgage obligation security sector with an average price of 83 and an average credit rating of AAA; and $441.5 million within the CMBS sector with an average price of 90 and an average credit rating of AA. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. Because we expected to recover our amortized cost, we did not record an allowance for credit loss on these securities as of December 31, 2024. 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ 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 ​ $ 316.4 ​ $ 3.1 ​ $ 997.1 ​ $ 232.6 ​ $ 1,313.5 ​ $ 235.7 Non-U.S. governments ​ ​ 41.9 ​ ​ 1.7 ​ ​ 331.3 ​ ​ 57.9 ​ ​ 373.2 ​ ​ 59.6 States and political subdivisions ​ ​ 596.6 ​ ​ 19.0 ​ ​ 5,075.1 ​ ​ 914.8 ​ ​ 5,671.7 ​ ​ 933.8 Corporate ​ ​ 3,210.1 ​ ​ 126.9 ​ ​ 22,929.1 ​ ​ 3,064.4 ​ ​ 26,139.2 ​ ​ 3,191.3 Residential mortgage-backed pass-through securities ​ ​ 633.0 ​ ​ 4.9 ​ ​ 1,275.6 ​ ​ 159.7 ​ ​ 1,908.6 ​ ​ 164.6 Commercial mortgage-backed securities ​ ​ 280.3 ​ ​ 4.1 ​ ​ 4,192.4 ​ ​ 650.1 ​ ​ 4,472.7 ​ ​ 654.2 Collateralized debt obligations (2) ​ ​ 405.6 ​ ​ 1.8 ​ ​ 2,301.6 ​ ​ 25.4 ​ ​ 2,707.2 ​ ​ 27.2 Other debt obligations ​ ​ 1,183.7 ​ ​ 18.5 ​ ​ 4,408.8 ​ ​ 588.0 ​ ​ 5,592.5 ​ ​ 606.5 Total fixed maturities, available-for-sale ​ $ 6,667.6 ​ $ 180.0 ​ $ 41,511.0 ​ $ 5,692.9 ​ $ 48,178.6 ​ $ 5,872.9 (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 $46,553.9 million in available-for-sale fixed maturities with gross unrealized losses of $5,717.1 million. Of the available-for-sale fixed maturities within Principal Life’s consolidated portfolio in a gross unrealized loss position, 94% were investment grade (rated AAA through BBB-) with an average price of 89 (carrying value/amortized cost) as of December 31, 2023. Gross unrealized losses in our fixed maturities portfolio decreased during the year ended December 31, 2023, primarily due to a 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 983 securities with a carrying value of $5,836.0 million and unrealized losses of $140.5 million reflecting an average price of 98 as of December 31, 2023. Of this portfolio, 91% was investment grade (rated AAA through BBB-) as of December 31, 2023, with associated unrealized losses of $131.2 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 7,042 securities with a carrying value of $40,717.9 million and unrealized losses of $5,576.6 million as of December 31, 2023. The average credit rating of this portfolio was A with an average price of 88 as of December 31, 2023. Of the $5,576.6 million in unrealized losses, the corporate sector accounts for $2,968.9 million in unrealized losses with an average price of 88 and an average credit rating of BBB+. Furthermore, unrealized losses include $906.9 million within the states and political subdivisions sector with an average price of 85 and an average credit rating of AA-; $645.6 million within the CMBS sector with an average price of 87 and an average credit rating of AA; and $472.9 million within the collateralized mortgage obligation security sector with an average price of 85 and an average credit rating of AAA. The unrealized losses on these securities can primarily be attributed to changes in market interest rates and changes in credit spreads since the securities were acquired. Because we expected to recover our amortized cost, we did not record an allowance for credit loss on these securities as of December 31, 2023. 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. 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 actuarial balances, policyholder liabilities, noncontrolling interest and applicable income taxes was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ (in millions) ​ Net unrealized losses on fixed maturities, available-for-sale (1) ​ $ (5,942.5) ​ $ (5,143.0) ​ Net unrealized gains (losses) on derivative instruments ​ ​ 66.1 ​ ​ (1.6) ​ Adjustments for assumed changes in amortization patterns ​ ​ 5.1 ​ ​ (5.2) ​ Adjustments for assumed changes in policyholder liabilities ​ ​ 12.2 ​ ​ 1.4 ​ Net unrealized gains (losses) on other investments and noncontrolling interest adjustments ​ ​ (52.5) ​ ​ 43.1 ​ Provision for deferred income tax benefits ​ ​ 1,270.5 ​ ​ 1,088.4 ​ Net unrealized losses on available-for-sale securities and derivative instruments ​ $ (4,641.1) ​ $ (4,016.9) ​ (1) Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships. ​ 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. The amortized cost of our residential mortgage loans also includes basis adjustments related to fair value hedges in a closed portfolio. See Note 5, Derivative Financial Instruments, for further information. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in net investment income on the consolidated statements of operations. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Any changes in the loan valuation allowances are reported in net realized capital gains (losses) on the consolidated statements of operations. Further details relating to our valuation allowance are included under the caption “Financing Receivables Valuation Allowance.” Direct Financing Leases Our direct financing leases are concentrated in Chile. Our Chilean operations enter into private placement contracts for commercial, industrial and office space properties whereby our Chilean operations purchase the real estate and/or building from the seller-lessee but then lease the property back to the seller-lessee. Ownership of the property is transferred to the lessee by the end of the lease term. Direct financing leases are reported as a component of other investments in the consolidated statements of financial position. Reinsurance Recoverable and Deposit Receivable Our reinsurance recoverables include amounts due from reinsurers for paid or unpaid claims, claims incurred but not reported or policy benefits. We cede life, disability, medical and long-term care insurance as well as fixed annuity contracts with significant life insurance risk to other insurance companies through reinsurance. Deposit receivables include amounts due from the reinsurer for fixed annuity contracts without significant life insurance risk recorded using the deposit method of accounting. Other Loans Our other loans include consumer, auto and other loans (“other loans”) of a consolidated VIE for which the fair value option was elected as well as consumer loans for which the fair value option was not elected. Other loans are generally subject to amortized cost accounting and a valuation allowance if the fair value option is not elected. Other loans are reported as a component of other investments in the consolidated statements of financial position. ​ Credit Quality Information for Financing Receivables The amortized cost of our financing receivables by credit risk and vintage was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ 2024 2023 2022 2021 2020 Prior Total ​ ​ ​ (in millions) Commercial mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 1,182.1 ​ $ 793.1 ​ $ 1,234.3 ​ $ 2,101.3 ​ $ 1,463.4 ​ $ 6,594.0 ​ $ 13,368.2 BBB+ thru BBB- ​ ​ 210.0 ​ ​ 393.6 ​ ​ 231.6 ​ ​ 269.1 ​ ​ 180.6 ​ ​ 1,217.5 ​ ​ 2,502.4 BB+ thru BB- ​ ​ 215.7 ​ ​ 143.4 ​ ​ 154.3 ​ ​ 47.9 ​ ​ 40.1 ​ ​ 271.7 ​ ​ 873.1 B+ and below ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.5 ​ ​ 326.5 ​ ​ 329.0 Total ​ $ 1,607.8 ​ $ 1,330.1 ​ $ 1,620.2 ​ $ 2,418.3 ​ $ 1,686.6 ​ $ 8,409.7 ​ $ 17,072.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct financing leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 1.0 ​ $ — ​ $ 38.5 ​ $ 11.0 ​ $ 33.8 ​ $ 177.4 ​ $ 261.7 BBB+ thru BBB- ​ ​ 4.9 ​ ​ 1.8 ​ ​ 87.3 ​ ​ 19.0 ​ ​ 52.8 ​ ​ 67.0 ​ ​ 232.8 BB+ thru BB- ​ ​ 38.8 ​ ​ — ​ ​ 0.5 ​ ​ 6.8 ​ ​ 3.4 ​ ​ 8.5 ​ ​ 58.0 B+ and below ​ ​ 3.6 ​ ​ — ​ ​ — ​ ​ 6.9 ​ ​ — ​ ​ — ​ ​ 10.5 Total ​ $ 48.3 ​ $ 1.8 ​ $ 126.3 ​ $ 43.7 ​ $ 90.0 ​ $ 252.9 ​ $ 563.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 350.4 ​ $ 411.5 ​ $ 970.3 ​ $ 1,234.9 ​ $ 196.0 ​ $ 427.6 ​ $ 3,590.7 Non-performing ​ ​ 0.5 ​ ​ 5.5 ​ ​ 6.1 ​ ​ 4.8 ​ ​ 2.5 ​ ​ 5.7 ​ ​ 25.1 Total excluding portfolio layer method basis adjustments ​ $ 350.9 ​ $ 417.0 ​ $ 976.4 ​ $ 1,239.7 ​ $ 198.5 ​ $ 433.3 ​ ​ 3,615.8 Unallocated portfolio layer method basis adjustment (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (8.4) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,607.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 84.2 ​ $ 61.9 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 146.1 Non-performing ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.2 Total ​ $ 84.3 ​ $ 61.9 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 146.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable and deposit receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 19,493.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ 2023 2022 2021 2020 2019 Prior Total ​ ​ ​ (in millions) Commercial mortgage loans: ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 664.8 ​ $ 1,277.1 ​ $ 2,364.0 ​ $ 1,587.3 ​ $ 1,954.4 ​ $ 5,576.6 ​ $ 13,424.2 BBB+ thru BBB- ​ ​ 282.4 ​ ​ 356.0 ​ ​ 374.8 ​ ​ 212.0 ​ ​ 337.3 ​ ​ 911.7 ​ ​ 2,474.2 BB+ thru BB- ​ ​ 110.5 ​ ​ 142.2 ​ ​ 16.7 ​ ​ 2.7 ​ ​ 35.2 ​ ​ 234.2 ​ ​ 541.5 B+ and below ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 83.4 ​ ​ 58.5 ​ ​ 141.9 Total ​ $ 1,057.7 ​ $ 1,775.3 ​ $ 2,755.5 ​ $ 1,802.0 ​ $ 2,410.3 ​ $ 6,781.0 ​ $ 16,581.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct financing leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 1.1 ​ $ 122.0 ​ $ 12.4 ​ $ 56.7 ​ $ 1.3 ​ $ 207.3 ​ $ 400.8 BBB+ thru BBB- ​ ​ 2.8 ​ ​ 23.5 ​ ​ 20.8 ​

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2024
Derivative Financial Instruments
Derivative Financial Instruments	5. Derivative Financial Instruments Derivatives are generally used to hedge or reduce exposure to market risks associated with assets held or expected to be purchased or sold and liabilities incurred or expected to be incurred. Derivatives are used to change the characteristics of our asset/liability mix consistent with our risk management activities. Derivatives are also used in asset replication and income generation 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 use interest rate swaps to hedge against changes in the value of assets we anticipate acquiring and other anticipated transactions and commitments. We use interest rate swaps to hedge against cash variability related to forecasted transactions. Interest rate swaps are used to hedge against changes in the value of the guaranteed minimum withdrawal benefit (“GMWB”) MRB. 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. Additionally, we utilize interest rate swaps to replicate the returns of floating rate assets. 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 have purchased 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 use exchange-traded interest rate futures to hedge against changes in value of the GMWB MRB in addition to the economic exposure to certain fund closures in process. Interest rate forwards, including to be announced (“TBA”) forwards, bond forwards and treasury forwards, are contracts to take delivery of a fixed income security at a specified price at a future date. TBA forwards deliver government guaranteed mortgage-backed securities. Bond forwards and treasury forwards deliver corporate or municipal and U.S. Treasury bonds, respectively. At inception of the TBA and certain treasury forward contracts we do not intend to take physical delivery. We intend to take delivery of the bond forwards referencing corporate, municipal and certain treasury bonds. We have used TBA forwards to gain exposure to the investment risk and return of agency mortgage-backed security pools in order to reduce asset and liability duration mismatch. Treasury forwards are used to hedge against changes in the value of the GMWB MRB and to more closely match the interest rate characteristics of assets and liabilities. Bond forwards are used to gain leverage through synthetic exposure during the forward period and fix the purchase price of a bond at a specified date in future. 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 foreign-denominated real estate funds in our domestic operations and net equity investments in foreign operations, including certain sponsored investment funds. 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 equity put options to hedge against changes in the value of the GMWB MRB related to the GMWB rider on our variable annuity products. We also use equity options to hedge returns credited to policyholder accounts related to our RILA products. The premium associated with certain options is paid quarterly over the life of the option contract. We use exchange-traded equity futures to hedge against changes in the value of the GMWB MRB and returns credited to policyholder accounts related to our RILA products. We have used equity futures to hedge the economic exposure to certain fund closures in process. We use equity total return swaps to hedge for income enhancement. Total return swaps are contracts in which we agree with other parties to periodically exchange the total return on a referenced security for an agreed-upon reference rate or spread based on specified notional amounts. 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. We also use credit total return swaps for income enhancement. In the case of a predefined credit event, total return swaps require the total return receiver to pay for the decline in the price of the referenced security. In cases where we sell protection, we also buy a quality cash bond to match against the 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 swap. Other Contracts Embedded Derivatives. We offer group annuity contracts that have guaranteed separate accounts as an investment option. We have fixed deferred annuities, RILAs and universal life products that credit interest based on changes in an external equity index. We have a funds withheld payable associated with coinsurance with funds withheld reinsurance agreements. The funds withheld payable has an embedded total return swap as the total return of the funds withheld assets are transferred to the reinsurer, which is not based on our own creditworthiness. 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 $533.7 million and $544.2 million in cash and securities under collateral arrangements as of December 31, 2024 and December 31, 2023, respectively, to satisfy collateral and initial margin requirements associated with our derivative credit support agreements and FCM agreements. Certain of our derivative instruments contain provisions that require us to maintain an investment grade rating from each of the major credit rating agencies on our debt. If the ratings on our debt were to fall below investment grade, it would be in violation of these provisions and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization on derivative instruments in net liability positions. The aggregate fair value, inclusive of accrued interest, of all derivative instruments with credit-risk-related contingent features that were in a liability position without regard to netting under derivative credit support annex agreements as of December 31, 2024 and December 31, 2023, was $472.3 million and $482.3 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 provisions, we posted collateral and initial margin of $533.7 million and $544.2 million as of December 31, 2024 and December 31, 2023, respectively, in the normal course of business, which reflects netting under derivative agreements. If the credit-risk-related contingent features underlying these agreements were triggered on December 31, 2024, we would be required to post up to an additional $95.7 million of collateral to our counterparties. As of December 31, 2024 and December 31, 2023, we had received $358.9 million and $103.3 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ ​ (in millions) ​ Notional amounts of derivative instruments ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 60,776.6 ​ $ 57,792.2 ​ Interest rate options ​ ​ 4,735.0 ​ ​ 4,498.4 ​ Interest rate forwards ​ ​ 2,125.6 ​ ​ 1,990.8 ​ Interest rate futures ​ ​ 845.0 ​ ​ 1,205.0 ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ Currency swaps ​ ​ 2,883.8 ​ ​ 2,105.8 ​ Currency forwards ​ ​ 981.2 ​ ​ 1,062.5 ​ Equity contracts: ​ ​ ​ ​ ​ ​ ​ Equity options ​ ​ 4,380.1 ​ ​ 2,331.3 ​ Equity futures ​ ​ 852.5 ​ ​ 568.4 ​ Total return swaps ​ ​ 775.3 ​ ​ — ​ Credit contracts: ​ ​ ​ ​ ​ ​ ​ Credit default swaps ​ ​ 375.0 ​ ​ 305.0 ​ Total return swaps ​ ​ 250.0 ​ ​ — ​ Other contracts: ​ ​ ​ ​ ​ ​ ​ Embedded derivatives ​ ​ 22,592.0 ​ ​ 22,511.7 ​ Total notional amounts at end of period ​ $ 101,572.1 ​ $ 94,371.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit exposure of derivative instruments ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 10.0 ​ $ 42.9 ​ Interest rate options ​ ​ 28.1 ​ ​ 37.0 ​ Interest rate forwards ​ ​ — ​ ​ 4.2 ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ Currency swaps ​ ​ 191.4 ​ ​ 120.9 ​ Currency forwards ​ ​ 7.6 ​ ​ 20.8 ​ Equity contracts: ​ ​ ​ ​ ​ ​ ​ Equity options ​ ​ 388.1 ​ ​ 83.8 ​ Total return swaps ​ ​ 20.8 ​ ​ — ​ Credit contracts: ​ ​ ​ ​ ​ ​ ​ Credit default swaps ​ ​ 4.0 ​ ​ 4.7 ​ Total return swaps ​ ​ 14.3 ​ ​ — ​ Total gross credit exposure ​ ​ 664.3 ​ ​ 314.3 ​ Less: collateral received ​ ​ 450.3 ​ ​ 148.7 ​ Net credit exposure ​ $ 214.0 ​ $ 165.6 ​ ​ The fair value of our derivative instruments classified as assets and liabilities was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets (1) ​ Derivative liabilities (2) ​ ​ December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 ​ ​ (in millions) ​ Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ — ​ $ 9.0 ​ $ 83.0 ​ $ 72.6 ​ Foreign exchange contracts ​ ​ 170.4 ​ 84.6 ​ ​ 20.7 ​ 39.6 ​ Total derivatives designated as hedging instruments ​ $ 170.4 ​ $ 93.6 ​ $ 103.7 ​ $ 112.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ 35.4 ​ $ 70.3 ​ $ 246.9 ​ $ 284.3 ​ Foreign exchange contracts ​ ​ 20.0 ​ 51.9 ​ ​ 34.8 ​ 22.2 ​ Equity contracts ​ ​ 405.0 ​ 83.8 ​ ​ 119.8 ​ 74.2 ​ Credit contracts ​ ​ 17.4 ​ 4.6 ​ ​ 1.0 ​ 1.1 ​ Other contracts ​ ​ — ​ — ​ ​ (2,436.1) ​ (2,451.6) ​ Total derivatives not designated as hedging instruments ​ ​ 477.8 ​ 210.6 ​ ​ (2,033.6) ​ (2,069.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivative instruments ​ $ 648.2 ​ $ 304.2 ​ $ (1,929.9) ​ $ (1,957.6) ​ (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 $578.4 million and $115.5 million as of December 31, 2024 and December 31, 2023, respectively, are reported with contractholder funds on the consolidated statements of financial position. Embedded derivatives with a net (asset) liability fair value of $(3,014.5) million and $(2,567.1) million as of December 31, 2024 and December 31, 2023, respectively, are reported with funds withheld payable 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” or “single name total return swaps”). These instruments are either referenced in an OTC credit derivative transaction or embedded within an investment structure that has been fully consolidated into our financial statements. These credit derivative transactions are subject to events of default defined within the terms of the contract, which normally consist of bankruptcy, failure to pay, or modified restructuring of the reference entity and/or issue. If a default event occurs for a reference name or security, we are obligated to pay the counterparty an amount equal to the notional amount of the credit derivative transaction. As a result, our maximum future payment is equal to the notional amount of the credit derivative. In certain cases, we also may have purchased credit protection with identical underlyings to certain of our sold protection transactions. As of December 31, 2024 and December 31, 2023, 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 derivative 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. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ ​ Notional ​ Fair ​ future ​ expected life ​ ​ amount value payments (in years) ​ ​ ​ (in millions) ​ ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 40.0 ​ $ 0.2 ​ $ 40.0 0.5 ​ BBB ​ 160.0 ​ 3.6 ​ 160.0 2.1 ​ Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ ​ 20.0 ​ ​ 0.1 ​ ​ 20.0 ​ 0.5 ​ Total single name credit default swaps ​ ​ 220.0 ​ ​ 3.9 ​ ​ 220.0 ​ 1.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single name total return swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government/municipalities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA ​ ​ 40.0 ​ ​ 2.3 ​ ​ 40.0 ​ 30.6 ​ AA ​ ​ 130.0 ​ ​ 6.4 ​ ​ 130.0 ​ 26.5 ​ A ​ ​ 80.0 ​ ​ 4.8 ​ ​ 80.0 ​ 30.7 ​ Total single name total return swaps ​ ​ 250.0 ​ ​ 13.5 ​ ​ 250.0 ​ 28.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total credit derivatives sold ​ $ 470.0 ​ $ 17.4 ​ $ 470.0 15.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ ​ Notional ​ Fair ​ future ​ expected life ​ ​ amount value payments (in years) ​ ​ ​ (in millions) ​ ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 40.0 ​ $ 0.3 ​ $ 40.0 1.5 ​ BBB ​ 140.0 ​ 3.8 ​ 140.0 3.0 ​ BB ​ 20.0 ​ 0.2 ​ 20.0 3.5 ​ Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ ​ 20.0 ​ ​ 0.2 ​ ​ 20.0 ​ 1.5 ​ Total credit derivatives sold ​ $ 220.0 ​ $ 4.5 ​ $ 220.0 2.7 ​ ​ ​ 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 also use 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. We enter into currency exchange swap agreements to convert certain foreign denominated assets into U.S. dollar denominated instruments to hedge the exposure to future currency volatility on those items. The net interest effect of interest rate swap and currency 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 currency related impacts of currency swap transactions for derivatives in fair value hedges is recorded as an adjustment to net realized capital gains or losses 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 ​ ​ ​ ​ ​ ​ ​ increase/(decrease) included in the of financial position in which the ​ Carrying amount of hedged item ​ carrying amount of the hedged item hedged item is included December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 ​ ​ (in millions) Fixed maturities, available-for-sale (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 3,208.4 ​ $ 3,510.1 ​ $ (33.1) ​ $ (87.0) Discontinued hedging relationships ​ ​ 528.6 ​ ​ 304.7 ​ ​ (7.0) ​ ​ (5.2) Total fixed maturities, available-for-sale in active or discontinued hedging relationships ​ $ 3,737.0 ​ $ 3,814.8 ​ $ (40.1) ​ $ (92.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans (2): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 1,707.1 ​ $ — ​ $ (8.4) ​ $ — Total mortgage loans in active or discontinued hedging relationships ​ $ 1,707.1 ​ $ — ​ $ (8.4) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 2,769.6 ​ $ 300.5 ​ $ (22.0) ​ $ 0.4 Total investment contracts in active or discontinued hedging relationships ​ $ 2,769.6 ​ $ 300.5 ​ $ (22.0) ​ $ 0.4 (1) These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of December 31, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $2,849.3 million and $3,178.5 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(55.7) million and $(62.2) million, respectively, and the amount of the designated hedged items were $1,160.0 million and $1,395.0 million, respectively. (2) These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of December 31, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1,707.1 million and $0.0 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(8.4) million and $0.0 million, respectively, and the amount of the designated hedged items were $220.0 million and $0.0 million, respectively. For the years ended December 31, 2024, 2023 and 2022, $(0.9) million, $(1.8) million and $0.0 million, respectively, of the derivative instruments’ gains (losses) were excluded from the assessment of hedge effectiveness. ​ Cash Flow Hedges We utilize floating-to-fixed rate interest rate swaps to eliminate the variability in cash flows of recognized financial assets and liabilities. 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. We use bond forwards and floating-to-fixed rate interest rate swaps to hedge forecasted transactions. The net interest effect of interest rate swap and currency swap transactions for derivatives in cash flow hedges is recorded as an adjustment to income or expense of the underlying hedged item in our consolidated statements of operations. The maximum length of time we are hedging our exposure to the variability in future cash flows for forecasted transactions, excluding those related to the payments of variable interest on existing financial assets and liabilities, is 2.2 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 ​ Derivatives in cash flow ​ ​ ​ for the year ended December 31, ​ hedging relationships Related hedged item 2024 2023 2022 ​ ​ ​ ​ (in millions) ​ Interest rate contracts ​ Fixed maturities, available-for-sale ​ $ (10.8) ​ $ 30.4 ​ $ (102.1) ​ Interest rate contracts ​ Investment contracts ​ ​ (9.0) ​ (11.0) ​ 15.9 ​ Foreign exchange contracts ​ Fixed maturities, available-for-sale ​ ​ 92.2 ​ (64.0) ​ 84.2 ​ Total ​ ​ ​ $ 72.4 ​ $ (44.6) ​ $ (2.0) ​ ​ We expect to reclassify net gains of $28.1 million from AOCI into net income in the next twelve months, which includes both net deferred gains on discontinued hedges and net gains on periodic settlements of active hedges. Actual amounts may vary from this amount as a result of market conditions. Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations The following tables show the effect of derivatives in fair value and cash flow hedging relationships and the related hedged items on the consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available-for-sale ​ available- ​ investment ​ and mortgage loans for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 4,449.2 ​ $ (27.3) ​ $ 8,072.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ Loss recognized on hedged item ​ $ (4.0) ​ $ — ​ $ (22.3) ​ Gain recognized on derivatives ​ ​ 6.1 ​ — ​ 25.8 ​ Amortization of hedged item basis adjustments ​ ​ 2.6 ​ ​ — ​ ​ — ​ Amounts related to periodic settlements on derivatives ​ 59.0 ​ ​ — ​ ​ (23.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss recognized on hedged item ​ — ​ ​ (11.7) ​ ​ — ​ Gain recognized on derivatives ​ ​ — ​ 11.7 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ 3.1 ​ ​ — ​ ​ — ​ Total gain (loss) recognized for fair value hedging relationships ​ $ 66.8 ​ $ — ​ $ (19.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 3.4 ​ $ — ​ $ (0.2) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 0.5 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ 9.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ Loss reclassified from AOCI on derivatives ​ — ​ (0.2) ​ — ​ Amounts related to periodic settlements on derivatives ​ 26.1 ​ — ​ — ​ Total gain recognized for cash flow hedging relationships ​ $ 29.5 ​ $ 0.3 ​ $ 9.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available-for-sale ​ available- ​ investment ​ and mortgage loans for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 4,091.9 ​ $ (72.2) ​ $ 7,788.2 ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on fair value hedging relationships: ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ $ 45.3 ​ $ — ​ $ 0.4 ​ Loss recognized on derivatives ​ (43.9) ​ — ​ (2.1) ​ Amounts related to periodic settlements on derivatives ​ 60.5 ​ — ​ (2.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ ​ — ​ ​ 3.7 ​ ​ — ​ Loss recognized on derivatives ​ ​ — ​ ​ (3.7) ​ ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ 0.6 ​ ​ — ​ ​ — ​ Total gain (loss) recognized for fair value hedging relationships ​ $ 62.5 ​ $ — ​ $ (4.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 4.1 ​ $ — ​ $ (0.1) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 1.9 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ 14.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 1.5 ​ — ​ Amounts related to periodic settlements on derivatives ​ 21.4 ​ — ​ — ​ Total gain recognized for cash flow hedging relationships ​ $ 25.5 ​ $ 3.4 ​ $ 14.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ 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 ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available-for-

Closed Block

Closed Block	12 Months Ended
	Dec. 31, 2024
Closed Block
Closed Block	6. Closed Block In connection with the 1998 MIHC formation, Principal Life formed a Closed Block to provide reasonable assurance to policyholders included therein that, after the formation of the MIHC, assets would be available to maintain dividends in aggregate in accordance with the 1997 policy dividend scales, if the experience underlying such scales continued. Assets of Principal Life were allocated to the Closed Block in an amount that produces cash flows which, together with anticipated revenue from policies and contracts included in the Closed Block, were expected to be sufficient to support the Closed Block policies. This includes, but is not limited to, provisions for payment of claims, certain expenses, charges and taxes, and to provide for continuation of policy and contract dividends in aggregate in accordance with the 1997 dividend scales, if the experience underlying such scales continues, and to allow for appropriate adjustments in such scales, if such experience changes. Due to adjustable life policies being included in the Closed Block, the Closed Block is charged with amounts necessary to properly fund for certain adjustments, such as face amount and premium increases, that are made to these policies after the Closed Block inception date. These amounts are referred to as Funding Adjustment Charges. Assets allocated to the Closed Block inure solely to the benefit of the holders of policies included in the Closed Block. Closed Block assets and liabilities are carried on the same basis as other similar assets and liabilities. Principal Life will continue to pay guaranteed benefits under all policies, including the policies within the Closed Block, in accordance with their terms. If the assets allocated to the Closed Block, the investment cash flows from those assets and the revenues from the policies included in the Closed Block, including investment income thereon, prove to be insufficient to pay the benefits guaranteed under the policies included in the Closed Block, Principal Life will be required to make such payments from its general funds. No additional policies were added to the Closed Block, nor was the Closed Block affected in any other way, as a result of the demutualization. A policyholder dividend obligation (“PDO”) is required to be established for higher than expected earnings in the Closed Block that will need to be paid as dividends unless future performance of the Closed Block is less favorable than originally expected. A model of the Closed Block was established to produce the pattern of expected earnings, assets and liabilities in the Closed Block. These projections are utilized to determine ratios that will allow us to compare actual cumulative earnings to expected cumulative earnings and determine the amount of the PDO. As of December 31, 2024 and 2023, the PDO was $0.0 million and $0.0 million, respectively. Closed Block liabilities and assets designated to the Closed Block were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ (in millions) Closed Block liabilities ​ ​ ​ ​ ​ ​ ​ Future policy benefits and claims ​ $ 2,850.0 ​ $ 2,982.9 ​ Other policyholder funds ​ ​ 4.4 ​ ​ 5.1 ​ Policyholder dividends payable ​ ​ 155.1 ​ ​ 157.2 ​ Income taxes currently payable ​ ​ 1.3 ​ ​ 4.0 ​ Other liabilities ​ ​ 27.6 ​ ​ 23.2 ​ Total Closed Block liabilities ​ ​ 3,038.4 ​ ​ 3,172.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets designated to the Closed Block ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ ​ 1,752.0 ​ ​ 1,766.7 ​ Fixed maturities, trading ​ ​ 0.7 ​ ​ 2.0 ​ Equity securities ​ ​ 0.9 ​ ​ 0.9 ​ Mortgage loans ​ ​ 413.3 ​ ​ 469.5 ​ Policy loans ​ ​ 353.6 ​ ​ 379.9 ​ Other investments ​ ​ 61.2 ​ ​ 61.2 ​ Total investments ​ ​ 2,581.7 ​ ​ 2,680.2 ​ Cash and cash equivalents ​ ​ — ​ ​ 6.1 ​ Accrued investment income ​ ​ 32.3 ​ ​ 32.6 ​ Reinsurance recoverable and deposit receivable ​ ​ 3.5 ​ ​ 3.5 ​ Premiums due and other receivables ​ ​ — ​ ​ 3.4 ​ Deferred tax asset ​ ​ 51.6 ​ ​ 52.1 ​ Other assets ​ ​ 2.0 ​ ​ 5.3 ​ Total assets designated to the Closed Block ​ ​ 2,671.1 ​ ​ 2,783.2 ​ Excess of Closed Block liabilities over assets designated to the Closed Block ​ ​ 367.3 ​ ​ 389.2 ​ Amounts included in accumulated other comprehensive income ​ ​ (66.2) ​ ​ (69.6) ​ Maximum future earnings to be recognized from Closed Block assets and liabilities ​ $ 301.1 ​ $ 319.6 ​ ​ ​ Closed Block revenues and expenses were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ 153.0 ​ $ 166.1 ​ $ 178.0 ​ Net investment income ​ ​ 130.6 ​ ​ 127.3 ​ ​ 129.1 ​ Net realized capital losses ​ ​ (11.2) ​ ​ (10.0) ​ ​ (21.2) ​ Total revenues ​ ​ 272.4 ​ ​ 283.4 ​ ​ 285.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ ​ 151.1 ​ ​ 161.6 ​ ​ 184.3 ​ Dividends to policyholders ​ ​ 97.4 ​ ​ 86.8 ​ ​ 92.5 ​ Operating expenses ​ ​ 1.9 ​ ​ 2.6 ​ ​ 2.2 ​ Total expenses ​ ​ 250.4 ​ ​ 251.0 ​ ​ 279.0 ​ Closed Block revenues, net of Closed Block expenses, before income taxes ​ ​ 22.0 ​ ​ 32.4 ​ ​ 6.9 ​ Income taxes ​ ​ 4.2 ​ ​ 6.1 ​ ​ 0.7 ​ Closed Block revenues, net of Closed Block expenses and income taxes ​ ​ 17.8 ​ ​ 26.3 ​ ​ 6.2 ​ Funding adjustments and other transfers ​ ​ 0.7 ​ ​ (1.4) ​ ​ 28.5 ​ Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments ​ $ 18.5 ​ $ 24.9 ​ $ 34.7 ​ ​ The change in maximum future earnings of the Closed Block was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Beginning of year ​ $ 319.6 ​ $ 344.5 ​ $ 379.2 ​ End of year ​ ​ 301.1 ​ ​ 319.6 ​ ​ 344.5 ​ Change in maximum future earnings ​ $ (18.5) ​ $ (24.9) ​ $ (34.7) ​ ​ Principal Life charges the Closed Block with U.S. federal income taxes, payroll taxes, state and local premium taxes and other state or local taxes, licenses and fees as provided in the plan of reorganization.

Deferred Acquisition Costs and

Deferred Acquisition Costs and Other Actuarial Balances	12 Months Ended
	Dec. 31, 2024
Deferred Acquisition Costs and Other Actuarial Balances
Deferred Acquisition Costs and Other Actuarial Balances	7. Deferred Acquisition Costs and Other Actuarial Balances Deferred Acquisition Costs Incremental direct costs of contract acquisition as well as certain costs directly related to acquisition activities (underwriting, policy issuance and processing, medical and inspection and sales force contract selling) for the successful acquisition of new and renewal insurance policies and investment contracts are capitalized in the period they are incurred. Maintenance costs and acquisition costs that are not deferrable are charged to operating expenses as incurred. For our long-duration insurance products and certain investment contracts, DAC is amortized on a constant level basis over the expected life of the contracts using groupings and assumptions consistent with those used in computing policyholder liabilities. For each of our long-duration insurance products, we select an inforce measure as a basis for amortization that will result in a constant level amortization pattern for the expected life of the contract. If our actual contract terminations differ from our expectation, the amortization pattern is adjusted on a prospective basis. Some of our life and disability products within the Benefits and Protection segment have renewal commissions resulting in new DAC capitalizations in the years following the initial capitalization. We also have life products that allow for underwritten death benefit increases and cost of living adjustments, resulting in an immaterial amount of new DAC capitalizations each year. The new capitalizations are added to the existing DAC balance when incurred and amortized over the remaining life of the business. DAC on short-duration group benefits contracts is amortized over the estimated life of the underlying contracts. We review and update actuarial experience assumptions (such as mortality, surrenders, lapse, and premium persistency) serving as inputs to the models that establish the expected life for DAC and other actuarial balances during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. We make model refinements as necessary, and any changes resulting from these assumption updates are applied prospectively. DAC amortization expense of $392.5 million, $389.8 million and $386.9 million related to our long-duration and short-duration contracts was recorded in operating expenses on the consolidated statements of operations for the years ended December 31, 2024, 2023 and 2022, respectively. The following tables summarize disaggregated DAC amounts and reconcile the totals to those reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ Workplace savings and retirement solutions $ 515.5 ​ $ 506.4 Individual variable annuities ​ ​ 323.4 ​ 279.5 Pension risk transfer ​ ​ 21.1 ​ 15.4 Individual fixed deferred annuities ​ ​ 84.2 ​ 106.1 Investment only ​ ​ 13.0 ​ 11.5 Total Retirement and Income Solutions ​ ​ 957.2 ​ 918.9 Benefits and Protection: ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ Individual disability ​ ​ 696.9 ​ 667.7 Life Insurance: ​ ​ ​ ​ ​ Universal life ​ ​ 1,527.7 ​ 1,545.3 Term life ​ ​ 710.8 ​ 695.1 Participating life ​ ​ 77.8 ​ 84.7 Total Benefits and Protection ​ ​ 3,013.2 ​ 2,992.8 Short-duration contracts ​ ​ 30.6 ​ 31.1 Other balances (1) ​ ​ 5.9 ​ 7.7 Total DAC per consolidated statements of financial position $ 4,006.9 ​ $ 3,950.5 (1) Includes insignificant balances for long-duration contracts. Retirement and Income Solutions The balances and changes in DAC were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Workplace ​ ​ ​ ​ Individual ​ ​ ​ savings and ​ Individual ​ Pension ​ fixed ​ ​ ​ ​ ​ retirement ​ variable ​ risk ​ deferred ​ Investment ​ ​ solutions ​ annuities ​ transfer ​ annuities ​ only ​ ​ (in millions) Balances as of January 1, 2023 ​ $ 498.0 ​ $ 278.0 ​ $ 8.1 ​ $ 131.0 ​ $ 14.9 Costs deferred ​ 48.1 ​ ​ 27.4 ​ ​ 7.9 ​ ​ — ​ ​ 1.3 Amortized to expense ​ (39.7) ​ ​ (25.9) ​ ​ (0.6) ​ ​ (24.9) ​ ​ (4.7) Balances as of December 31, 2023 ​ 506.4 ​ ​ 279.5 ​ ​ 15.4 ​ ​ 106.1 ​ ​ 11.5 Costs deferred ​ ​ 47.7 ​ ​ 72.7 ​ ​ 6.6 ​ ​ — ​ ​ 6.5 Amortized to expense ​ ​ (38.6) ​ ​ (28.8) ​ ​ (0.9) ​ ​ (21.9) ​ ​ (5.0) Balances as of December 31, 2024 ​ $ 515.5 ​ $ 323.4 ​ $ 21.1 ​ $ 84.2 ​ $ 13.0 ​ Benefits and Protection The balances and changes in DAC were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits Life Insurance ​ ​ Individual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ disability ​ Universal life ​ Term life ​ Participating life ​ ​ (in millions) Balances as of January 1, 2023 ​ $ 626.1 ​ $ 1,569.7 ​ $ 685.7 ​ $ 93.0 Costs deferred ​ 86.7 ​ ​ 70.7 ​ ​ 71.3 ​ ​ 1.4 Amortized to expense ​ (45.1) ​ ​ (95.1) ​ ​ (61.9) ​ ​ (9.7) Balances as of December 31, 2023 ​ 667.7 ​ ​ 1,545.3 ​ ​ 695.1 ​ ​ 84.7 Costs deferred ​ ​ 79.0 ​ ​ 76.7 ​ ​ 78.3 ​ ​ 1.7 Amortized to expense ​ ​ (49.8) ​ ​ (94.3) ​ ​ (62.6) ​ ​ (8.6) Balances as of December 31, 2024 ​ $ 696.9 ​ $ 1,527.7 ​ $ 710.8 ​ $ 77.8 ​ ​ Unearned Revenue Liability An unearned revenue liability is established when we collect fees or other policyholder assessments, inclusive of cost of insurance charges, administrative charges and other similar fees, for services to be provided in future periods. These unearned front-end fees are deferred and the amortization is recorded using an approach consistent with DAC. The unearned revenue liability is included within other policyholder funds in the consolidated statements of financial position. The following table summarizes disaggregated unearned revenue liability amounts and reconciles the totals to those reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Benefits and Protection – Life Insurance: ​ ​ Universal life $ 510.1 ​ $ 485.5 Other balances (1) ​ ​ 5.3 ​ 7.2 Total unearned revenue liability $ 515.4 ​ $ 492.7 (1) Includes insignificant balances for long-duration contracts. Benefits and Protection The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Balance at beginning of period ​ $ 485.5 ​ $ 459.0 Deferrals ​ ​ 56.1 ​ 56.3 Revenue recognized ​ ​ (31.5) ​ (29.8) Balance at end of period ​ ​ 510.1 ​ 485.5 Reinsurance impact ​ ​ (220.8) ​ (225.1) Balance at end of period after reinsurance ​ $ 289.3 ​ $ 260.4 ​

Separate Account Balances

Separate Account Balances	12 Months Ended
	Dec. 31, 2024
Separate Account Balances
Separate Account Balances	8. Separate Account Balances The separate accounts are legally segregated and are not subject to 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. Refer to Note 18, Fair Value Measurements, for further information on the valuation methodologies. 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. The Retirement and Income Solutions segment offers variable annuity contracts that allow the policyholder to allocate deposits into various investment options in a separate account. The variable annuity contracts can also include GMWB riders and guaranteed minimum death benefit (“GMDB”) riders that are accounted for as MRBs. Retirement and Income Solutions also offers certain group annuity contracts that have separate accounts as an investment option. The Principal Asset Management segment offers retirement pension schemes in Asia that offer various non-guaranteed constituent fund investment options to customers and has previously offered various guaranteed constituent funds. The guaranteed constituent funds included a guaranteed rate of return to the customer or a minimum guarantee on withdrawals under certain qualifying events. The minimum guarantee on withdrawals under certain qualifying events was accounted for as an MRB. The guaranteed constituent funds were closed in the fourth quarter of 2023 and the second quarter of 2024. Principal Asset Management separate account assets and liabilities also include certain retirement accumulation products in Latin America where the segregated funds and associated obligation to the client are consolidated within the financial statements. We have determined that summary totals are the most meaningful presentation for these funds. The Benefits and Protection segment offers variable universal life products with separate account investment options. Refer to Note 11, Market Risk Benefits, for further information on the MRBs associated with the contracts mentioned above. As of December 31, 2024 and December 31, 2023, the separate accounts included a separate account valued at $79.8 million and $88.2 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. Separate Account Assets The aggregate fair value of assets, by major investment category, supporting separate accounts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Fixed maturities: ​ ​ U.S. government and agencies $ 7,537.1 ​ $ 8,467.3 Non-U.S. governments ​ ​ 8,461.5 ​ 8,522.3 States and political subdivisions ​ ​ 170.1 ​ 205.1 Corporate ​ ​ 12,590.9 ​ 13,386.4 Residential mortgage-backed pass-through securities ​ ​ 3,746.0 ​ 4,126.1 Commercial mortgage-backed securities ​ ​ 201.4 ​ 221.1 Other debt obligations ​ ​ 594.1 ​ 575.6 Total fixed maturities ​ ​ 33,301.1 ​ 35,503.9 Equity securities ​ ​ 126,575.0 ​ 118,073.7 Real estate ​ ​ 441.3 ​ 494.6 Other investments ​ ​ 8,160.2 ​ 9,436.2 Cash and cash equivalents ​ ​ 4,021.7 ​ 3,332.8 Other assets ​ ​ 827.8 ​ 764.4 Total separate account assets per consolidated statements of financial position $ 173,327.1 ​ $ 167,605.6 ​ Separate Account Liabilities The following tables summarize disaggregated separate account liability amounts and reconcile the totals to separate account liabilities reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ Group retirement contracts $ 125,103.1 ​ $ 117,518.5 Individual variable annuities ​ ​ 8,334.9 ​ 9,131.9 Total Retirement and Income Solutions ​ ​ 133,438.0 ​ 126,650.4 Principal Asset Management – International Pension: ​ ​ ​ ​ ​ Latin America: ​ ​ ​ ​ ​ Pension ​ ​ 32,802.2 ​ 34,580.6 Asia: ​ ​ ​ ​ ​ Guaranteed pension (1) ​ ​ — ​ 144.2 Total Principal Asset Management – International Pension ​ ​ 32,802.2 ​ 34,724.8 Benefits and Protection - Life Insurance: ​ ​ ​ ​ ​ Universal life ​ ​ 6,806.7 ​ 5,982.5 Other balances (2) ​ ​ 280.2 ​ 247.9 Total separate account liabilities per consolidated statements of financial position $ 173,327.1 ​ $ 167,605.6 (1) The guaranteed constituent funds in Asia closed in the fourth quarter of 2023 and the second quarter of 2024. (2) Includes insignificant balances for long-duration contracts. ​ Retirement and Income Solutions The balances and the changes in separate account liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Group ​ Individual ​ Group ​ Individual ​ ​ retirement ​ variable ​ retirement ​ variable ​ ​ contracts ​ annuities ​ contracts ​ annuities ​ ​ (in millions) Balance at beginning of period ​ $ 117,518.5 ​ $ 9,131.9 ​ $ 107,240.1 ​ $ 8,659.0 Premiums and deposits (1) ​ ​ 16,573.1 ​ ​ 344.5 ​ 11,379.0 ​ 328.5 Policy charges ​ ​ (365.6) ​ ​ (197.6) ​ (366.0) ​ (204.5) Surrenders, withdrawals and benefit payments (1) ​ ​ (19,191.4) ​ ​ (1,977.7) ​ (13,916.8) ​ (1,018.2) Investment performance ​ ​ 14,632.1 ​ ​ 1,079.0 ​ 15,820.7 ​ 1,315.1 Net transfers (to) from general account (1) ​ ​ (4,148.3) ​ ​ (2.1) ​ (2,461.1) ​ 30.4 Other (2) ​ ​ 84.7 ​ ​ (43.1) ​ (177.4) ​ 21.6 Balance at end of period ​ $ 125,103.1 $ 8,334.9 ​ $ 117,518.5 ​ $ 9,131.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value (3) ​ $ 123,965.4 $ 8,219.1 ​ $ 116,522.1 ​ $ 9,011.5 (1) Within the policyholder account balances rollforwards in Note 9, Contractholder Funds, amounts in these lines for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in net transfers from (to) separate account. (2) Includes amounts to be settled between the separate account and general account due to the timing of trade settlements as of the reporting date. (3) Cash surrender value represents the amount of the contractholders ’ account balances distributable at the end of the reporting period less surrender charges. Principal Asset Management – International Pension The balances and the changes in separate account liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Latin America ​ Asia ​ Latin America ​ Asia ​ ​ ​ ​ ​ Guaranteed ​ ​ ​ ​ Guaranteed ​ ​ Pension ​ pension ​ Pension ​ pension ​ (in millions) Balance at beginning of period $ 34,580.6 $ 144.2 $ 33,316.7 $ 915.0 Premiums and deposits ​ 3,347.7 ​ 31.9 ​ 3,628.6 ​ 217.2 Policy charges ​ (16.6) ​ (1.2) ​ (17.8) ​ (16.9) Surrenders, withdrawals and benefit payments (1) ​ (3,638.0) ​ (142.8) ​ (4,191.7) ​ (1,006.8) Investment performance ​ 2,890.1 ​ 3.3 ​ 2,733.7 ​ 37.7 Other (2) ​ 22.8 ​ (35.3) ​ 7.6 ​ (0.3) Foreign currency translation adjustment ​ (4,384.4) ​ (0.1) ​ (896.5) ​ (1.7) Balance at end of period ​ $ 32,802.2 ​ $ — ​ $ 34,580.6 ​ $ 144.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value ​ $ 32,802.2 ​ $ — ​ $ 34,580.6 ​ $ 144.2 (1) Includes amounts related to the closure of guaranteed constituent funds in Asia in the fourth quarter of 2023 and the second quarter of 2024 . (2) Includes the removal of insignificant balances for non-guaranteed investment options in Asia from the rollforward in 2024. Benefits and Protection The balances and the changes in separate account liabilities for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Balance at beginning of period $ 5,982.5 $ 5,011.0 Premiums and deposits (1) ​ 557.2 ​ 532.1 Policy charges ​ (132.7) ​ (129.0) Surrenders, withdrawals and benefit payments (1) ​ (492.2) ​ (342.1) Investment performance ​ 880.5 ​ 902.8 Net transfers (to) from general account (1) ​ 11.4 ​ 7.7 Balance at end of period ​ $ 6,806.7 ​ $ 5,982.5 ​ ​ ​ ​ ​ ​ ​ Cash surrender value (2) ​ $ 6,869.5 ​ $ 6,041.9 (1) Within the policyholder account balances rollforwards in Note 9, Contractholder Funds, amounts in these lines are reflected in net transfers from (to) separate account. (2) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. Certain products include surrender value enhancement riders that result in cash surrender values greater than account balances.

Contractholder Funds

Contractholder Funds	12 Months Ended
	Dec. 31, 2024
Contractholder Funds
Contractholder Funds	9. Contractholder Funds Contractholder funds include policyholder account balances related to contracts with significant insurance risk and investment contracts. The following tables summarize disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ $ 13,982.8 ​ $ 12,721.5 ​ Individual variable annuities ​ ​ 1,746.0 ​ ​ 514.2 ​ Individual fixed deferred annuities ​ ​ 4,462.3 ​ ​ 5,538.3 ​ Total Retirement and Income Solutions ​ ​ 20,191.1 ​ ​ 18,774.0 ​ Benefits and Protection – Life Insurance: ​ ​ ​ ​ ​ ​ ​ Universal life ​ ​ 6,930.4 ​ ​ 6,910.4 ​ Corporate: ​ ​ ​ ​ ​ ​ ​ Inter-segment eliminations ​ ​ (361.2) ​ ​ (362.2) ​ Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue ​ ​ 26,760.3 ​ ​ 25,322.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ ​ ​ ​ ​ ​ Investment contracts without significant fee revenue (1) ​ ​ 15,805.8 ​ ​ 15,784.5 ​ Embedded derivatives and other balances (2) ​ ​ 533.5 ​ ​ 394.4 ​ Total contractholder funds per consolidated statements of financial position ​ $ 43,099.6 ​ $ 41,501.1 ​ (1) Includes GICs, funding agreements, individual fixed income annuities and guaranteed pension contracts. These contracts are not included within the disaggregated rollforward or guaranteed minimum interest rate (“GMIR”) disclosures below. (2) Includes insignificant balances for long-duration contracts, embedded derivative (assets) liabilities, including associated host contract (asset) liability adjustments, and amounts that are not accrued to the benefit of the contractholder and, therefore, are not included within the disaggregated rollforward or GMIR disclosures below. Refer to Note 18, Fair Value Measurements, for details on the changes in Level 3 fair value measurements of embedded derivatives. GICs and Funding Agreements Our GICs and funding agreements contain provisions limiting or prohibiting early surrenders, which typically include penalties for early surrenders, minimum notice requirements or, in the case of funding agreements with survivor options, minimum pre-death holding periods and specific maximum amounts. Funding agreements include those issued directly to nonqualified institutional investors and those issued to the FHLB Des Moines under their membership funding programs. As of December 31, 2024 and 2023, $3,976.5 million and $3,981.8 million, respectively, of liabilities were outstanding with respect to issuances under the program with FHLB Des Moines. In addition, we have five separate programs where the funding agreements have been issued directly or indirectly to unconsolidated special purpose entities. Claims for principal and interest under funding agreements are afforded equal priority to claims of life insurance and annuity policyholders under insolvency provisions of Iowa Insurance Laws. Principal Life was authorized to issue up to $4.0 billion of funding agreements under a program established in 1998 to support the prospective issuance of medium term notes by an unaffiliated entity in non-U.S. markets. As of December 31, 2024 and 2023, $75.8 million and $75.9 million, respectively, of liabilities were outstanding with respect to the issuance outstanding under this program. In addition, Principal Life was authorized to issue up to $7.0 billion of funding agreements under a program established in 2001 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. As of December 31, 2024 and 2023, $202.0 million and $201.9 million, respectively, of liabilities were being held with respect to issuances outstanding under this program. Principal Life does not anticipate any new issuance activity under this program, given our December 2005 termination of the dealership agreement for this program and the availability of the program established in 2011 described below. Additionally, Principal Life was authorized to issue up to $5.0 billion of funding agreements under a program that was originally established in 2011 to support the prospective issuance of medium term notes by an unaffiliated entity in both domestic and international markets. The unaffiliated entity is an unconsolidated special purpose entity. In June 2015, this program was amended to authorize issuance of up to an additional $4.0 billion. In November 2017, this program was amended to authorize issuance of up to an additional $4.0 billion. In February 2021, this program was amended to authorize issuance of up to an additional $4.0 billion. In November 2023, this program was amended to authorize issuance of up to an additional $4.0 billion. As of December 31, 2024 and 2023, $8,335.8 million and $8,072.6 million, respectively, of liabilities were being held with respect to issuances outstanding under this program. Principal Life’s payment obligations on each funding agreement issued under this program are guaranteed by PFG. The program established in 2011 is not registered with the United States Securities and Exchange Commission (“SEC”). Policyholder Account Balances Retirement and Income Solutions The changes in policyholder account balances were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ For the year ended December 31, 2023 ​ ​ Workplace ​ Workplace ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ savings and ​ Individual ​ Individual ​ savings and ​ Individual ​ Individual ​ ​ retirement ​ variable ​ fixed deferred ​ retirement ​ variable ​ fixed deferred ​ solutions annuities annuities (1) solutions annuities annuities (1) ​ ​ ($ in millions) Balance at beginning of period ​ $ 12,721.5 ​ $ 514.2 ​ $ 5,538.3 ​ $ 12,154.7 ​ $ 381.4 ​ $ 7,228.3 ​ Premiums and deposits ​ 4,945.1 ​ 1,686.5 ​ 43.2 ​ 4,441.7 ​ 586.7 ​ 36.8 ​ Policy charges ​ (36.7) ​ — ​ — ​ (31.6) ​ — ​ — ​ Surrenders, withdrawals and benefit payments ​ (3,791.8) ​ (2,098.2) ​ (1,255.7) ​ (4,356.6) ​ (1,123.0) ​ (1,888.4) ​ Net transfers from (to) separate account (2) ​ (220.5) ​ 1,635.3 ​ — ​ 264.8 ​ 659.3 ​ — ​ Interest credited ​ 395.9 ​ 8.0 ​ 136.5 ​ 280.2 ​ 9.8 ​ 161.6 ​ Other ​ (30.7) ​ 0.2 ​ — ​ (31.7) ​ — ​ — ​ Balance at end of period ​ $ 13,982.8 ​ $ 1,746.0 ​ $ 4,462.3 ​ $ 12,721.5 ​ $ 514.2 ​ $ 5,538.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average crediting rate (3) ​ 3.26 % 3.39 % 3.09 % 2.54 % 3.22 % 2.84 % Cash surrender value (4) ​ $ 12,524.6 ​ $ 1,778.7 ​ $ 4,208.5 ​ $ 11,211.9 ​ $ 512.6 ​ $ 5,434.4 ​ (1) We use the deposit method of accounting for the reinsurance of this exited business. (2) Within the separate account liabilities rollforwards in Note 8, Separate Account Balances, these transfers for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account. (3) The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value. (4) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. The cash surrender value for RILA products also includes an equity and bond adjustment that may result in cash surrender value being greater than account balance. The net amount at risk for policyholder account balances for Individual variable annuities is equal to the MRB net amount at risk, as reported in Note 11, Market Risk Benefits. Workplace savings and retirement solutions and Individual fixed deferred annuities do not have guarantees that provide for benefits in excess of the current policyholder account balances. ​ Benefits and Protection The changes in policyholder account balances for Life Insurance – Universal life were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ($ in millions) Balance at beginning of period $ 6,910.4 $ 6,947.9 ​ Premiums and deposits ​ 1,283.7 ​ 1,260.5 ​ Policy charges ​ (877.1) ​ (858.1) ​ Surrenders, withdrawals and benefit payments ​ (591.7) ​ (483.6) ​ Net transfers from (to) separate account (1) ​ (76.4) ​ (197.7) ​ Interest credited ​ 282.6 ​ 242.1 ​ Other ​ ​ (1.1) ​ ​ (0.7) ​ Balance at end of period ​ 6,930.4 ​ 6,910.4 ​ Reinsurance impact ​ (3,232.8) ​ (3,396.8) ​ Balance at end of period after reinsurance ​ $ 3,697.6 ​ $ 3,513.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average crediting rate (2) ​ 4.13 % 4.01 % Net amount at risk (3) ​ $ 86,141.3 ​ $ 86,671.0 ​ Cash surrender value (4) ​ $ 6,052.5 ​ $ 5,953.0 ​ (1) Within the separate account liabilities rollforwards in Note 8, Separate Account Balances, these transfers are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account. (2) The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value, including indexed credits. (3) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the death benefit in excess of the current account balance or the fixed death benefit at the consolidated statement of financial position date. (4) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. ​ Guaranteed Minimum Interest Rate The account values, for contracts with significant insurance risk and investment contracts with significant fee revenue by range of GMIR and the related range of difference, in basis points, between rates credited to policyholders and the respective GMIR were as follows. The amounts are before reinsurance impacts of our exited U.S. retail fixed annuity and ULSG businesses. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Excess of crediting rates over GMIR ​ ​ ​ ​ ​ Up to 0.50% ​ 0.51% to 1.00% ​ 1.01% to 2.00% ​ 2.01% or more ​ ​ ​ ​ ​ At GMIR ​ above GMIR ​ above GMIR ​ above GMIR ​ above GMIR ​ Total ​ (in millions) Retirement and Income Solutions ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ ​ ​ ​ ​ ​ Up to 1.00% $ — $ — $ — $ 1,041.7 $ 445.2 $ 1,486.9 1.01% - 2.00% ​ 3,727.0 ​ — ​ — ​ 1,056.3 ​ — ​ 4,783.3 2.01% - 3.00% ​ 4.6 ​ 186.9 ​ 1.8 ​ 2,900.0 ​ 2,740.1 ​ 5,833.4 3.01% - 4.00% ​ 7.6 ​ — ​ — ​ — ​ — ​ 7.6 4.01% and above ​ 13.9 ​ — ​ — ​ — ​ — ​ 13.9 Subtotal ​ 3,753.1 ​ 186.9 ​ 1.8 ​ 4,998.0 ​ 3,185.3 ​ 12,125.1 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,857.7 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,982.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ ​ ​ ​ ​ ​ Up to 1.00% $ 19.2 $ — $ — $ — $ — $ 19.2 1.01% - 2.00% ​ 3.8 ​ — ​ — ​ — ​ — ​ 3.8 2.01% - 3.00% ​ 231.5 ​ — ​ — ​ — ​ — ​ 231.5 3.01% - 4.00% ​ — ​ — ​ — ​ — ​ — ​ — 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 254.5 ​ — ​ — ​ — ​ — ​ 254.5 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,491.5 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,746.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual fixed deferred annuities ​ ​ ​ ​ ​ ​ Up to 1.00% $ 213.1 $ 27.5 $ 56.0 $ 196.9 $ 1,093.2 $ 1,586.7 1.01% - 2.00% ​ 78.8 ​ 0.3 ​ 4.8 ​ 48.2 ​ 7.4 ​ 139.5 2.01% - 3.00% ​ 2,416.4 ​ — ​ — ​ — ​ — ​ 2,416.4 3.01% - 4.00% ​ 142.0 ​ — ​ — ​ — ​ — ​ 142.0 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 2,850.3 ​ 27.8 ​ 60.8 ​ 245.1 ​ 1,100.6 ​ 4,284.6 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 177.7 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,462.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance ​ ​ ​ ​ ​ ​ Universal life ​ ​ ​ ​ ​ ​ Up to 1.00% $ — $ — $ 1.5 $ 14.9 $ 4.9 $ 21.3 1.01% - 2.00% ​ 268.6 ​ — ​ 424.0 ​ 518.6 ​ 452.3 ​ 1,663.5 2.01% - 3.00% ​ 646.0 ​ 632.2 ​ 771.9 ​ 368.7 ​ 6.3 ​ 2,425.1 3.01% - 4.00% ​ 1,559.7 ​ 56.7 ​ 34.5 ​ 105.4 ​ 7.0 ​ 1,763.3 4.01% and above ​ 23.5 ​ 2.5 ​ 7.0 ​ 18.9 ​ — ​ 51.9 Subtotal ​ 2,497.8 ​ 691.4 ​ 1,238.9 ​ 1,026.5 ​ 470.5 ​ 5,925.1 No GMIR ​ ​ ​ ​ ​ ​ 1,005.3 Total ​ ​ ​ ​ ​ $ 6,930.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Excess of crediting rates over GMIR ​ ​ ​ ​ ​ Up to 0.50% ​ 0.51% to 1.00% ​ 1.01% to 2.00% ​ 2.01% or more ​ ​ ​ ​ ​ At GMIR ​ above GMIR ​ above GMIR ​ above GMIR ​ above GMIR ​ Total ​ (in millions) Retirement and Income Solutions ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ — ​ $ 3.3 ​ $ 101.8 ​ $ 1,006.0 ​ $ 312.8 ​ $ 1,423.9 1.01% - 2.00% ​ 5,135.0 ​ 3.8 ​ 1,153.1 ​ — ​ 874.6 ​ 7,166.5 2.01% - 3.00% ​ 357.1 ​ 0.1 ​ 0.8 ​ 59.1 ​ 1,701.2 ​ 2,118.3 3.01% - 4.00% ​ 7.4 ​ — ​ — ​ — ​ — ​ 7.4 4.01% and above ​ 16.9 ​ — ​ — ​ — ​ — ​ 16.9 Subtotal ​ 5,516.4 ​ 7.2 ​ 1,255.7 ​ 1,065.1 ​ 2,888.6 ​ 10,733.0 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,988.5 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,721.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ 22.6 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 22.6 1.01% - 2.00% ​ 4.6 ​ — ​ — ​ — ​ — ​ 4.6 2.01% - 3.00% ​ 273.5 ​ — ​ — ​ — ​ — ​ 273.5 3.01% - 4.00% ​ — ​ — ​ — ​ — ​ — ​ — 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 300.7 ​ — ​ — ​ — ​ — ​ 300.7 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 213.5 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 514.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual fixed deferred annuities ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ 305.5 ​ $ 115.4 ​ $ 121.8 ​ $ 449.4 ​ $ 999.5 ​ $ 1,991.6 1.01% - 2.00% ​ 100.8 ​ 0.9 ​ 26.3 ​ 123.5 ​ 2.4 ​ 253.9 2.01% - 3.00% ​ 2,897.7 ​ — ​ — ​ — ​ — ​ 2,897.7 3.01% - 4.00% ​ 156.9 ​ — ​ — ​ — ​ — ​ 156.9 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 3,460.9 ​ 116.3 ​ 148.1 ​ 572.9 ​ 1,001.9 ​ 5,300.1 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 238.2 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,538.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance ​ ​ ​ ​ ​ ​ Universal life ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ — ​ $ — ​ $ 16.1 ​ $ 1.0 ​ $ 2.4 ​ $ 19.5 1.01% - 2.00% ​ 294.1 ​ — ​ 418.1 ​ 485.6 ​ 415.4 ​ 1,613.2 2.01% - 3.00% ​ 729.7 ​ 677.2 ​ 836.3 ​ 350.6 ​ 3.0 ​ 2,596.8 3.01% - 4.00% ​ 1,657.0 ​ 49.8 ​ 37.6 ​ 36.4 ​ 3.2 ​ 1,784.0 4.01% and above ​ 40.5 ​ 3.9 ​ 8.3 ​ 1.5 ​ — ​ 54.2 Subtotal ​ 2,721.3 ​ 730.9 ​ 1,316.4 ​ 875.1 ​ 424.0 ​ 6,067.7 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ 842.7 Total ​ ​ ​ ​ ​ ​ ​ ​ $ 6,910.4 ​

Future Policy Benefits and Clai

Future Policy Benefits and Claims	12 Months Ended
	Dec. 31, 2024
Future Policy Benefits and Claims
Future Policy Benefits and Claims	10. Future Policy Benefits and Claims Future policy benefits and claims include reserves for short-duration contracts and long-duration contracts as well as certain reinsurance balances, when in a liability position. The following tables summarize disaggregated amounts included in future policy benefit and claims and reconcile the totals to those reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Liability for future policy benefits by segment (1): ​ ​ Retirement and Income Solutions: ​ ​ Pension risk transfer ​ $ 24,958.1 ​ $ 23,855.8 Individual fixed income annuities ​ 4,504.6 ​ 4,914.1 Total Retirement and Income Solutions ​ 29,462.7 ​ 28,769.9 Principal Asset Management – International Pension: ​ ​ Latin America: ​ ​ Individual fixed income annuities ​ 4,126.9 ​ 4,593.7 Benefits and Protection: ​ ​ ​ Specialty Benefits: ​ ​ ​ Individual disability ​ 1,829.0 ​ 1,898.4 Life Insurance: ​ ​ ​ Term life ​ 1,248.0 ​ 1,085.9 Total Benefits and Protection ​ 3,077.0 ​ 2,984.3 Corporate: ​ ​ Long-term care insurance ​ 164.8 ​ 166.7 Total liability for future policy benefits ​ 36,831.4 ​ 36,514.6 ​ ​ ​ ​ ​ ​ ​ Additional liability for certain benefit features by segment (2): ​ ​ ​ Benefits and Protection – Life Insurance: ​ ​ ​ Universal life ​ 6,037.2 ​ 5,326.5 Total additional liability for certain benefit features ​ 6,037.2 ​ 5,326.5 ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ Participating contracts ​ 2,924.2 ​ 3,060.5 Short-duration contracts ​ 1,267.4 ​ 1,283.4 Cost of reinsurance liability ​ 958.1 ​ 424.6 Reinsurance recoverable liability ​ 60.3 ​ 45.2 Other (3) ​ 100.8 ​ 171.7 Future policy benefits and claims per consolidated statements of financial position ​ $ 48,179.4 ​ $ 46,826.5 (1) Amounts include the deferred profit liability. (2) Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years. (3) Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features. ​ 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 year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Balance at beginning of period ​ $ 1,405.9 ​ $ 1,395.0 ​ $ 1,370.9 ​ Less: reinsurance recoverable ​ ​ 67.8 ​ ​ 68.6 ​ ​ 68.7 ​ Net balance at beginning of period ​ ​ 1,338.1 ​ ​ 1,326.4 ​ ​ 1,302.2 ​ Incurred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year ​ ​ 1,749.4 ​ ​ 1,650.4 ​ 1,581.8 ​ Prior years ​ ​ (111.2) ​ ​ (95.4) ​ (44.4) ​ Total incurred ​ ​ 1,638.2 ​ ​ 1,555.0 ​ 1,537.4 ​ Payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year ​ ​ 1,288.0 ​ ​ 1,189.2 ​ 1,138.0 ​ Prior years ​ ​ 369.6 ​ ​ 354.1 ​ 375.2 ​ Total payments ​ ​ 1,657.6 ​ ​ 1,543.3 ​ 1,513.2 ​ Net balance at end of period ​ ​ 1,318.7 ​ ​ 1,338.1 ​ ​ 1,326.4 ​ Plus: reinsurance recoverable ​ ​ 61.2 ​ ​ 67.8 ​ ​ 68.6 ​ Balance at end of period ​ $ 1,379.9 ​ $ 1,405.9 ​ $ 1,395.0 ​ ​ Incurred liability adjustments relating to prior years, which affected current operations during 2024, 2023 and 2022, resulted in part from developed claims for prior years being different than were anticipated when the liabilities for unpaid claims were originally estimated. These trends have been considered in establishing the current year liability for unpaid claims. Short-Duration Contracts Future policy benefits and claims include reserves for group life and disability insurance that provide periodic income payments. These reserves are computed using assumptions of mortality, morbidity and investment performance. These assumptions are based on our experience, industry results, emerging trends and future expectations. Future policy benefits and claims also include reserves for incurred but unreported group disability, dental, vision, critical illness, accident, PFML, hospital indemnity and life insurance claims. We recognize claims costs in the period the service was provided to our policyholders. However, claims costs incurred in a particular period are not known with certainty until after we receive, process and pay the claims. We determine the amount of this liability using actuarial methods based on historical claim payment patterns as well as emerging cost trends, where applicable, to determine our estimate of claim liabilities. Premium deficiency reserves may be established for short-duration contracts to provide for expected future losses. The premium deficiency reserve calculation considers, among other factors, anticipated investment income. We have defined claim frequency as follows for each short-duration product: ● LTD: Claim frequency is based on submitted reserve claim counts. ● Group Life Waiver: Claim frequency is based on submitted reserve claim counts, consistent with LTD. ● Dental and Vision: Claim frequency is based on the claim form, which may include one or more procedures. ● STD, Critical Illness, Accident, Hospital Indemnity and PFML: Claim frequency is based on submitted claims. ● Group Life: Claim frequency is based on submitted life claims (lives, not coverages). We did not make any significant changes to our methodologies or assumptions used to calculate the liability for unpaid claims for short-duration contracts during 2024. Claims Development The following tables present undiscounted information about claims development by incurral year, including separate information about incurred claims and paid claims net of reinsurance for the periods indicated. The tables also include information on incurred but not reported claims and the cumulative number of reported claims. The tables present information for the number of years for which claims incurred typically remain outstanding, but do not exceed ten years. The data is disaggregated into groupings of claims with similar characteristics, such as duration of the claim payment period and average claim amount, and with consideration to the overall size of the groupings. Outstanding liabilities equal total net incurred claims less total net paid claims plus outstanding liabilities for net unpaid claims of prior years. LTD and Group Life Waiver Claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ reported ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ claims ​ ​ ​ December 31, ​ ​ 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2024 2024 ​ ​ ​ ($ in millions) ​ Incurral ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2015 ​ $ 231.0 ​ $ 227.2 ​ $ 217.2 ​ $ 215.3 ​ $ 208.2 ​ $ 210.0 ​ $ 211.8 ​ $ 210.5 ​ $ 208.3 ​ $ 208.5 ​ $ 0.1 ​ ​ 7,184 ​ 2016 ​ ​ ​ ​ ​ 229.8 ​ ​ 228.4 ​ ​ 219.4 ​ ​ 219.5 ​ ​ 214.4 ​ ​ 218.7 ​ ​ 221.9 ​ ​ 219.0 ​ ​ 218.0 ​ ​ 0.1 ​ ​ 6,172 ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ 238.4 ​ ​ 239.7 ​ ​ 243.1 ​ ​ 245.8 ​ ​ 245.2 ​ ​ 246.5 ​ ​ 248.9 ​ ​ 248.7 ​ ​ 0.1 ​ ​ 6,092 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 239.4 ​ ​ 245.1 ​ ​ 239.2 ​ ​ 239.8 ​ ​ 235.3 ​ ​ 238.0 ​ ​ 241.9 ​ ​ 0.1 ​ ​ 5,784 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 255.2 ​ ​ 248.4 ​ ​ 240.4 ​ ​ 240.2 ​ ​ 238.6 ​ ​ 243.4 ​ ​ 0.1 ​ ​ 5,962 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 252.1 ​ ​ 231.0 ​ ​ 221.1 ​ ​ 217.7 ​ ​ 211.3 ​ ​ 0.1 ​ ​ 5,942 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 259.7 ​ ​ 244.5 ​ ​ 221.6 ​ ​ 221.2 ​ ​ 6.2 ​ ​ 5,586 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 274.3 ​ ​ 240.5 ​ ​ 227.6 ​ ​ 8.5 ​ ​ 5,646 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 267.4 ​ ​ 245.2 ​ ​ 15.2 ​ ​ 5,354 ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 263.9 ​ ​ 96.7 ​ ​ 2,953 ​ Total net incurred claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,329.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative paid claims (1) ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ​ ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ ​ Incurral ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2015 ​ $ 16.9 ​ $ 67.0 ​ $ 98.0 ​ $ 114.6 ​ $ 126.8 ​ $ 137.1 ​ $ 146.5 ​ $ 154.0 ​ $ 160.3 ​ $ 166.5 ​ ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ 16.2 ​ ​ 70.6 ​ ​ 105.6 ​ ​ 124.9 ​ ​ 136.8 ​ ​ 147.2 ​ ​ 157.1 ​ ​ 165.3 ​ ​ 171.5 ​ ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ 17.8 ​ ​ 76.5 ​ ​ 115.0 ​ ​ 135.9 ​ ​ 151.7 ​ ​ 165.4 ​ ​ 176.8 ​ ​ 185.6 ​ ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.1 ​ ​ 79.9 ​ ​ 115.7 ​ ​ 135.7 ​ ​ 150.3 ​ ​ 163.3 ​ ​ 173.3 ​ ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.2 ​ ​ 79.7 ​ ​ 117.5 ​ ​ 136.4 ​ ​ 150.6 ​ ​ 163.6 ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.6 ​ ​ 78.8 ​ ​ 113.1 ​ ​ 130.0 ​ ​ 140.8 ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.8 ​ ​ 79.0 ​ ​ 113.2 ​ ​ 128.6 ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.6 ​ ​ 76.6 ​ ​ 111.4 ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.0 ​ ​ 77.3 ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 24.5 ​ ​ ​ ​ ​ ​ Total net paid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,343.1 ​ ​ ​ ​ ​ ​ All outstanding liabilities for unpaid claims prior to 2015 net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 249.3 ​ ​ ​ ​ ​ ​ Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,235.9 ​ ​ ​ ​ ​ ​ (1) 2015-2023 unaudited. ​ Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML Claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ number of ​ ​ ​ ​ ​ reported ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ claims ​ ​ ​ December 31, ​ ​ 2023 2024 2024 2024 ​ ​ ($ in millions) ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 1,032.3 ​ $ 1,022.1 ​ $ — ​ ​ 4,774,225 ​ 2024 ​ ​ ​ ​ ​ 1,129.3 ​ ​ 66.9 ​ ​ 4,787,967 ​ Total net incurred claims ​ ​ ​ ​ $ 2,151.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ paid claims (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 ​ ​ ​ ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 954.0 ​ $ 1,021.3 ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ 1,039.9 ​ ​ ​ ​ ​ ​ ​ Total net paid claims ​ ​ ​ ​ ​ 2,061.2 ​ ​ ​ ​ ​ ​ ​ All outstanding liabilities for unpaid claims prior to 2023 net of reinsurance ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ ​ ​ $ 90.2 ​ ​ ​ ​ ​ ​ ​ (1) 2023 unaudited. Group Life Claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ number of ​ ​ ​ ​ ​ reported ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ claims ​ ​ ​ December 31, ​ ​ 2023 2024 2024 2024 ​ ​ ($ in millions) ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 284.8 ​ $ 283.1 ​ $ 0.9 ​ ​ 5,814 ​ 2024 ​ ​ ​ ​ ​ 285.1 ​ ​ 29.6 ​ ​ 5,265 ​ Total net incurred claims ​ ​ ​ ​ $ 568.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ paid claims (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 ​ ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 215.1 ​ $ 277.2 ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ 223.7 ​ ​ ​ ​ ​ ​ ​ Total net paid claims ​ ​ ​ ​ ​ 500.9 ​ ​ ​ ​ ​ ​ ​ All outstanding liabilities for unpaid claims prior to 2023 net of reinsurance ​ ​ ​ ​ ​ 6.1 ​ ​ ​ ​ ​ ​ ​ Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ ​ ​ $ 73.4 ​ ​ ​ ​ ​ ​ ​ (1) 2023 unaudited. Reconciliation of Unpaid Claims to Liability for Unpaid Claims Our reconciliation of net outstanding liabilities for unpaid claims of short-duration contracts to the liability for unpaid claims follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ ​ ​ ​ ​ ​ Waiver Indemnity and PFML Group Life Consolidated ​ ​ (in millions) ​ Net outstanding liabilities for unpaid claims ​ $ 1,235.9 ​ $ 90.2 ​ $ 73.4 ​ $ 1,399.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable on unpaid claims ​ ​ 35.1 ​ ​ — ​ ​ 0.2 ​ ​ 35.3 ​ Impact of discounting ​ ​ (226.6) ​ ​ — ​ ​ — ​ ​ (226.6) ​ Loss adjustment expense liability ​ ​ 17.7 ​ ​ 4.1 ​ ​ 10.3 ​ ​ 32.1 ​ Liability for unpaid claims - short-duration contracts ​ $ 1,062.1 ​ $ 94.3 ​ $ 83.9 ​ ​ 1,240.3 ​ Insurance contracts other than short-duration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 139.6 ​ Liability for unpaid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,379.9 ​ ​ Claim Duration and Payout Our historical average percentage of claims paid in each year from incurral was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 (1) ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ Year Waiver Indemnity and PFML Group Life ​ 1 ​ 8.4 % 92.2 % 78.4 % 2 ​ 24.9 ​ 7.6 ​ 19.5 ​ 3 ​ 15.5 ​ ​ ​ ​ ​ 4 ​ 8.0 ​ ​ ​ ​ ​ 5 ​ 5.8 ​ ​ ​ ​ ​ 6 ​ 5.2 ​ ​ ​ ​ ​ 7 ​ 4.4 ​ ​ ​ ​ ​ 8 ​ 3.6 ​ ​ ​ ​ ​ 9 ​ 2.9 ​ ​ ​ ​ ​ 10 ​ 2.9 ​ ​ ​ ​ ​ (1) Unaudited. ​ Discounting The following table provides the carrying amount of liabilities reported at present value for short-duration contract unpaid claims. We use a range of discount rates to derive the present value of the unpaid claims. The ranges of discount rates as well as the aggregate amount of discount deducted to derive the liabilities for unpaid claims and interest accretion recognized are also disclosed. Interest accretion is included in benefits, claims and settlement expenses within our consolidated statements of operations. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ ​ ​ ​ ​ Waiver Indemnity and PFML Group Life ​ ​ ​ ($ in millions) ​ Carrying amount of liabilities for unpaid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ $ ​ ​ 1,062.1 ​ $ ​ ​ 94.3 ​ $ ​ ​ 83.9 ​ December 31, 2023 ​ ​ ​ ​ 1,082.6 ​ ​ ​ ​ 83.7 ​ ​ ​ ​ 97.1 ​ Range of discount rates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ 2.8 - 7.0 % ​ — - — % ​ — - — % December 31, 2023 ​ ​ 2.8 - 7.0 ​ ​ — - — ​ ​ — - — ​ Aggregate amount of discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ $ ​ ​ 226.6 ​ $ ​ ​ — ​ $ ​ ​ — ​ December 31, 2023 ​ ​ ​ ​ 215.0 ​ ​ ​ ​ — ​ ​ ​ ​ — ​ Interest accretion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ $ ​ ​ 34.7 ​ $ ​ ​ — ​ $ ​ ​ — ​ December 31, 2023 ​ ​ ​ ​ 34.7 ​ ​ ​ ​ — ​ ​ ​ ​ — ​ December 31, 2022 ​ ​ ​ ​ 33.0 ​ ​ ​ ​ — ​ ​ ​ ​ — ​ ​ ​ Long-Duration Contracts Gross Premiums or Assessments and Interest Accretion The amount of gross premiums or assessments and interest accretion recognized by segment in the consolidated statements of operations was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross premiums or assessments (1) ​ Interest accretion (2) ​ ​ For the year ended ​ For the year ended ​ ​ December 31, ​ December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ Pension risk transfer ​ $ 3,103.1 ​ $ 2,905.9 ​ $ 1,941.0 ​ $ 1,135.1 ​ $ 1,008.6 ​ $ 935.7 Individual fixed income annuities ​ 46.6 ​ 42.5 ​ 30.1 ​ 208.4 ​ 219.1 ​ 229.7 Total Retirement and Income Solutions ​ 3,149.7 ​ 2,948.4 ​ 1,971.1 ​ 1,343.5 ​ 1,227.7 ​ 1,165.4 Principal Asset Management – International Pension: ​ ​ ​ ​ ​ ​ ​ ​ ​ Latin America: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual fixed income annuities (3) ​ 29.0 ​ 29.7 ​ 78.8 ​ 330.2 ​ 385.8 ​ 662.0 Benefits and Protection: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual disability ​ 640.0 ​ 624.6 ​ 601.0 ​ 99.8 ​ 94.5 ​ 90.2 Life Insurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ Universal life ​ 715.3 ​ 681.8 ​ 577.7 ​ 253.3 ​ 209.2 ​ 171.2 Term life ​ 673.3 ​ 649.1 ​ 630.5 ​ 57.0 ​ 48.2 ​ 43.9 Total Benefits and Protection ​ 2,028.6 ​ 1,955.5 ​ 1,809.2 ​ 410.1 ​ 351.9 ​ 305.3 Corporate: ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term care insurance ​ 4.9 ​ 5.1 ​ 5.2 ​ 9.3 ​ 9.6 ​ 9.8 Total per consolidated statements of operations ​ $ 5,212.2 ​ $ 4,938.7 ​ $ 3,864.3 ​ $ 2,093.1 ​ $ 1,975.0 ​ $ 2,142.5 (1) Gross premiums are included within premiums and other considerations on the consolidated statements of operations. Assessments, which are only applicable to the Life Insurance – Universal life level of aggregation, are included within fees and other revenues on the consolidated statements of operations. (2) Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations. (3) Includes inflation adjustments included within the liability for future policy benefits rollforward for interest accretion. ​ Liability for Future Policy Benefits The liability for future policy benefits (“LFPB”) for individual and group annuities is generally equal to the present value of expected future policy benefit payments. The reserves are computed using assumptions for mortality and interest. The LFPB for non-participating term life insurance, individual disability income contracts and individual and group long-term care contracts is generally equal to the present value of expected future policy benefit payments less the present value of expected net premiums. The reserves are computed using assumptions for mortality, interest, morbidity and lapse. Cohorts are used as the unit of account for liability measurement. Actual cash flows are grouped into issue-year cohorts for the liability calculation and updated quarterly. We review and update, if necessary, assumptions used to measure cash flows for the LFPB during the third quarter of each year, or more frequently if evidence suggests assumptions should be revised. The change in our liability estimate as a result of updating cash flow assumptions is recognized in net income. An interest accretion rate is determined for an identified cohort and remains unchanged after the issue year. For policies issued on or prior to December 31, 2020, the interest accretion rate is based on the assumed investment yield when the business was issued. For policies issued after December 31, 2020, the interest accretion rate is based on the upper-medium grade fixed-income instrument yields, which is generally equivalent to a single-A rated bond yield matched to the duration of our insurance liabilities, when the business was issued. The LFPB is remeasured to reflect current upper-medium grade fixed-income instrument yields as of each reporting date. The liability is calculated by discounting cash flows using rate curves reflecting the currency and duration of the insurance liabilities. For discount rate tenors, or points on the curves, where the upper-medium grade fixed-income instrument yields are not liquid or limited observable market data is available, we use various estimation techniques consistent with fair value measurement guidance. For our individual fixed income annuities in Latin America, the discount rate methodology is designed to prioritize observable inputs based on market data available in the local debt markets where the respective policies are issued in the currency in which the policies are denominated. For discount rate tenors where upper-medium grade fixed-income instrument yields based on international rating standards are not liquid or limited observable market data is available, estimation techniques are used to determine a curve in the appropriate currency. Further details regarding reference rates used are included under “Interest Accretion and Current Discount Rates.” Retirement and Income Solutions The balances and the changes in the present value for expected future policy benefits were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Pension ​ Individual ​ Pension ​ Individual ​ ​ risk ​ fixed income ​ risk ​ fixed income ​ ​ transfer annuities transfer annuities ​ ($ in millions) Present value of expected future policy benefit payments ​ ​ ​ ​ Balance at beginning of period ​ $ 23,855.8 ​ $ 4,914.1 ​ $ 21,211.4 ​ $ 5,019.4 Effect of changes in discount rate assumptions at beginning of period ​ 1,036.1 ​ 296.7 ​ 1,799.6 ​ 439.0 Balance at beginning of period at original discount rate ​ 24,891.9 ​ 5,210.8 ​ 23,011.0 ​ 5,458.4 Effect of changes in cash flow assumptions ​ (3.4) ​ (38.4) ​ (53.4) ​ (1.3) Effect of actual variances from expected experience ​ (1.5) ​ (1.7) ​ (14.6) ​ (0.1) Adjusted beginning of period balance at original discount rate ​ 24,887.0 ​ 5,170.7 ​ 22,943.0 ​ 5,457.0 Interest accrual ​ 1,135.1 ​ 208.4 ​ 1,008.6 ​ 219.1 Benefit payments ​ (2,238.1) ​ (500.2) ​ (1,981.4) ​ (507.3) Issuances ​ 3,112.9 ​ 46.1 ​ 2,921.7 ​ 42.0 Balance at end of period at original discount rate ​ 26,896.9 ​ 4,925.0 ​ 24,891.9 ​ 5,210.8 Effect of changes in discount rate assumptions at end of period ​ (1,938.8) ​ (420.4) ​ (1,036.1) ​ (296.7) Future policy benefits ​ 24,958.1 ​ 4,504.6 ​ 23,855.8 ​ 4,914.1 Reinsurance impact ​ — ​ (4,469.4) ​ — ​ (4,869.1) Future policy benefits after reinsurance ​ $ 24,958.1 ​ $ 35.2 ​ $ 23,855.8 ​ $ 45.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (1) ​ 8.0 ​ 7.2 ​ 8.5 ​ 7.9 (1) Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort. Principal Asset Management – International Pension The balances and the changes in the present value for expected future policy benefits for Latin America – Individual fixed income annuities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ($ in millions) Present value of expected future policy benefit payments ​ ​ Balance at beginning of period ​ $ 4,593.7 ​ $ 5,042.3 Effect of changes in discount rate assumptions at beginning of period ​ (351.8) ​ (754.6) Balance at beginning of period at original discount rate ​ 4,241.9 ​ 4,287.7 Effect of actual variances from expected experience ​ 1.1 ​ 0.9 Adjusted beginning of period balance at original discount rate ​ 4,243.0 ​ 4,288.6 Interest accrual (1) ​ 330.2 ​ 385.8 Benefit payments ​ (326.7) ​ (355.9) Issuances ​ 29.4 ​ 30.0 Foreign currency translation adjustment ​ (517.4) ​ (106.6) Balance at end of period at original discount rate ​ 3,758.5 ​ 4,241.9 Effect of changes in discount rate assumptions at end of period ​ 368.4 ​ 351.8 Future policy benefits ​ $ 4,126.9 ​ $ 4,593.7 ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (2) ​ 9.8 ​ 9.9 (1) Includes inflation adjustments. (2) Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort. ​ Benefits and Protection The balances and the changes in the present value for expected net premiums and expected future policy benefits were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Specialty ​ Life ​ Specialty ​ Life ​ ​ Benefits ​ Insurance ​ Benefits ​ Insurance ​ ​ Individual ​ ​ ​ ​ Individual ​ ​ ​ ​ disability Term life disability Term life ​ ​ ($ in millions) Present value of expected net premiums ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 2,552.3 ​ $ 3,793.7 ​ $ 2,341.8 ​ $ 3,423.2 Effect of changes in discount rate assumptions at beginning of period ​ 313.7 ​ 100.1 ​ 395.2 ​ 196.0 Balance at beginning of period at original discount rate ​ 2,866.0 ​ 3,893.8 ​ 2,737.0 ​ 3,619.2 Effect of changes in cash flow assumptions ​ ​ 183.9 ​ ​ 419.9 ​ (37.6) ​ 143.5 Effect of actual variances from expected experience ​ ​ 168.3 ​ ​ 42.5 ​ 244.3 ​ 103.3 Adjusted beginning of period balance at original discount rate ​ ​ 3,218.2 ​ ​ 4,356.2 ​ 2,943.7 ​ 3,866.0 Interest accrual ​ ​ 103.5 ​ ​ 190.9 ​ 95.6 ​ 171.9 Net premiums collected ​ ​ (289.1) ​ ​ (390.8) ​ (273.4) ​ (359.8) Issuances ​ ​ 84.4 ​ ​ 241.0 ​ 100.1 ​ 215.7 Balance at end of period at original discount rate ​ ​ 3,117.0 ​ ​ 4,397.3 ​ 2,866.0 ​ 3,893.8 Effect of changes in discount rate assumptions at end of period ​ ​ (436.4) ​ ​ (290.1) ​ (313.7) ​ (100.1) Balance at end of period ​ $ 2,680.6 ​ $ 4,107.2 ​ $ 2,552.3 ​ $ 3,793.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 4,450.7 ​ $ 4,879.6 ​ $ 4,040.6 ​ $ 4,332.2 Effect of changes in discount rate assumptions at beginning of period ​ 903.5 ​ 124.5 ​ 1,021.4 ​ 251.6 Balance at beginning of period at original discount rate ​ 5,354.2 ​ 5,004.1 ​ 5,062.0 ​ 4,583.8 Effect of changes in cash flow assumptions ​ 216.2 ​ 488.1 ​ (51.5) ​ 181.8 Effect of actual variances from expected experience ​ 173.2 ​ 45.1 ​ 260.8 ​ 116.8 Adjusted beginning of period balance at original discount rate ​ 5,743.6 ​ 5,537.3 ​ 5,271.3 ​ 4,882.4 Interest accrual ​ 203.3 ​ 247.9 ​ 190.1 ​ 220.1 Benefit payments ​ (219.0) ​ (321.6) ​ (210.0) ​ (330.4) Issuances ​ 84.5 ​ 257.6 ​ 102.8 ​ 232.0 Balance at end of period at original discount rate ​ 5,812.4 ​ 5,721.2 ​ 5,354.2 ​ 5,004.1 Effect of changes in discount rate assumptions at end of period ​ (1,302.8) ​ ​ (366.0) ​ (903.5) ​ (124.5) Balance at end of period ​ $ 4,509.6 ​ $ 5,355.2 ​ $ 4,450.7 ​ $ 4,879.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 1,829.0 ​ $ 1,248.0 ​ $ 1,898.4 ​ $ 1,085.9 Reinsurance impact ​ (412.1) ​ 19.5 ​ (421.6) ​ 45.2 Future policy benefits after reinsurance ​ $ 1,416.9 ​ $ 1,267.5 ​ $ 1,476.8 ​ $ 1,131.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (2) ​ ​ 18.3 ​ 8.4 ​ ​ 18.4 ​ ​ 9.4 (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums. (2) Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort. ​ ​ We updated our actuarial assumptions during the third quarter of 2024, resulting in a $32.3 million increase in the LFPB and an $18.2 million decrease to income before taxes, net of reinsurance, for Individual disability. This was primarily due to unfavorable updates to termination and lapse assumptions. The updates also resulted in a $68.2 million increase in the LFPB and a $52.9 million decrease to income before taxes, net of reinsurance, for Term life. This was primarily due to unfavorable updates to mortality and lapse assumptions. We updated our actuarial assumptions during the third quarter of 2023, resulting in a $13.9 million decrease in the LFPB and a $10.2 million increase to income before taxes, net of reinsurance, for Individual disability. This was primarily due to favorable updates to claim incidence assumptions. The updates also resulted in a $38.3 million increase in the LFPB and a $25.4 million decrease to income before taxes, net of reinsurance, for Term life. This was primarily due to unfavorable updates to mortality assumptions. Additional Liability for Certain Benefit Features The LFPB also includes an additional reserve on certain universal life contracts where benefit features result in gains in early years followed by losses in later years. The liability for these future losses is accrued in relation to estimated contract assessments. A premium deficiency exists if the net liabilities together with future premiums are determined to be insufficient to provide for expected future policy benefits. Premium deficiency testing considers, among other factors, anticipated investment income and does not include a provision for adverse deviation. We did not have a premium deficiency reserve as of December 31, 2024 or December 31, 2023. The balances and the changes in the additional liability for certain benefit features for Life Insurance – Universal life contracts, excluding the impact of unrealized gains (losses), were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ December 31, 2024 December 31, 2023 ​ ($ in millions) Balance at beginning of period ​ $ 5,326.5 ​ $ 4,095.2 Effect of changes in cash flow assumptions ​ 151.9 ​ 725.4 Effect of actual variances from expected experience ​ 28.0 ​ 45.2 Interest accrual ​ 253.3 ​ 209.2 Net assessments collected ​ 425.2 ​ 378.1 Benefit payments ​ (147.7) ​ (126.6) Balance at end of period ​ 6,037.2 ​ 5,326.5 Reinsurance impact ​ (6,011.3) ​ (5,306.2) Balance at end of period after reinsurance ​ $ 25.9 ​ $ 20.3 ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for additional liability (years) (1) ​ 23.3 ​ 26.2 (1) Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort. We updated our actuarial assumptions during the third quarter of 2024, resulting in a $151.9 million increase in the additional liability for certain benefit features primarily due to mortality assumptions related to ULSG products, resulting in a $0.3 million decrease to income before taxes, net of reinsurance. We updated our actuarial assumptions during the third quarter of 2023, resulting in a $725.4 million increase in the additional liability for certain benefit features primarily due to policyholder lapse behavior assumptions related to ULSG products, resulting in a $13.1 million decrease to income before taxes, net of reinsurance. Corporate The balances and the changes in the present value for expected net premiums and expected future policy benefits for long-term care insurance were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ December 31, 2024 December 31, 2023 ​ ($ in millions) Present value of expected net premiums ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 42.8 ​ $ 64.6 Effect of changes in discount rate assumptions at beginning of period ​ (3.0) ​ (3.6) Balance at beginning of period at original discount rate ​ 39.8 ​ 61.0 Effect of changes in cash flow assumptions ​ (5.3) ​ ​ (13.3) Effect of actual variances from expected experience ​ (2.2) ​ ​ (5.7) Adjusted beginning of period balance at original discount rate ​ 32.3 ​ ​ 42.0 Interest accrual ​ 1.9 ​ ​ 2.9 Net premiums collected ​ (4.7) ​ ​ (5.1) Balance at end of period at original discount rate ​ 29.5 ​ ​ 39.8 Effect of changes in discount rate assumptions at end of period ​ 1.3 ​ ​ 3.0 Balance at end of period ​ $ 30.8 ​ $ 42.8 ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 209.5 ​ $ 248.1 Effect of changes in discount rate assumptions at beginning of period ​ (20.0) ​ (18.9) Balance at beginning of period at original discount rate ​ 189.5 ​ 229.2 Effect of changes in cash flow assumptions ​ (1.2) ​ (40.5) Effect of actual variances from expected experience ​ 2.5 ​ 2.5 Adjusted beginning of period balance at original discount rate ​ 190.8 ​ 191.2 Interest accrual ​ 11.2 ​ 12.5 Benefit payments ​ (15.2) ​ (14.2) Balance at end of period at original discount rate ​ 186.8 ​ 189.5 Effect of changes in discount rate assumptions at end of period ​ 8.8 ​ 20.0 Balance at end of period ​ $ 195.6 ​ $ 209.5 ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 164.8 ​ $ 166.7 Reinsurance impact ​ (164.8) ​ (166.7) Future policy benefits after reinsurance ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (2) ​ 9.3 ​ 10.4 (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums. (2) Represents the average of cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort . ​ Expected Future Gross Premiums and Benefit Payments The amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums, utilizing the current upper-medium fixed-income instrument

Market Risk Benefits

Market Risk Benefits	12 Months Ended
	Dec. 31, 2024
Market Risk Benefits
Market Risk Benefits	11. Market Risk Benefits Contracts or contract features that provide protection to the policyholder from capital market risk, including equity, interest rate or foreign exchange risk, and expose us to other-than-nominal capital market risk are classified as MRBs. We issue certain annuity contracts and other investment contracts that include MRBs that have been bifurcated from the host contract. The Retirement and Income Solutions segment offers variable annuity products with GMWB riders and GMDB riders, including return-of-premium GMDB and GMWB riders for its RILA products. The Principal Asset Management segment offered defined contribution plans in Asia with a guarantee on the minimum account balance under certain qualifying events. These were closed in the second quarter of 2024. MRBs are measured at fair value at the contract level and can be in either an asset or liability position, depending on certain inputs at the reporting date. MRB assets and liabilities are presented separately within the consolidated statements of financial position. Increases to an asset or decreases to a liability are described as favorable changes to fair value. Changes in fair value are reported in MRB remeasurement (gain) loss on the consolidated statements of operations. However, the change in fair value related to our own nonperformance risk is reported in OCI. For contracts that contain multiple MRB features, the MRBs are valued on a combined basis using an integrated model. MRBs are classified as Level 3 fair value measurements as the fair value is based on unobservable inputs. The key assumptions for calculating the fair value of the MRBs 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 MRBs are valued using stochastic models that incorporate a spread reflecting our own nonperformance risk. The assumption for our own nonperformance risk for MRBs is based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Increases (decreases) in our own nonperformance risk, which impacts the rates used to discount future cash flows, could lead to favorable (unfavorable) changes in the fair value of the MRBs. Long-term interest rates are used as the mean return when projecting the growth in the value of the associated account value and impact the discount rate used in the discounted future cash flows valuation. The amount of claims will increase if account value is not sufficient to cover guaranteed withdrawals. An increase (decrease) in risk-free rates could cause a favorable (unfavorable) change in the fair value of the MRBs. A decrease (increase) in market volatilities could cause a favorable (unfavorable) change in the fair value of the MRBs. An increase (decrease) in mortality rates or the overall lapse rate assumptions could cause a favorable (unfavorable) change in the fair value of the MRBs. The lapse rate assumption may vary dynamically based on the relationship between the guarantee and associated account value. A weaker (stronger) dynamic lapse rate assumption could lead to favorable (unfavorable) changes in the fair value of the MRBs. The utilization rate assumption includes how many contractholders will take withdrawals, when they will take them and how much of their benefit they will take. A decrease (increase) in the number of contractholders taking withdrawals, contractholders taking withdrawals earlier versus later, or contractholders taking more versus less of their benefit could lead to favorable (unfavorable) changes in the fair value of the MRBs. The following tables summarize disaggregated MRB amounts in an asset and liability position reported in the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Net asset ​ ​ ​ ​ ​ ​ ​ Net asset ​ Asset Liability ​ (liability) Asset Liability (liability) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ $ 199.5 ​ $ 62.1 ​ $ 137.4 ​ $ 153.4 ​ $ 111.9 ​ $ 41.5 Principal Asset Management – International Pension: ​ ​ ​ ​ ​ ​ Asia: ​ ​ ​ ​ ​ ​ Guaranteed pension (1) ​ ​ — ​ — ​ — ​ — ​ 21.3 ​ (21.3) Total MRB per consolidated statements of financial position ​ $ 199.5 ​ $ 62.1 ​ $ 137.4 ​ $ 153.4 ​ $ 133.2 ​ $ 20.2 (1) The guaranteed pension funds were closed in the second quarter of 2024. Retirement and Income Solutions The net asset (liability) balances and the changes in the valuation of the MRBs for Individual variable annuities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ($ in millions) Balance at beginning of period ​ $ 41.5 ​ $ (72.2) Effect of changes in nonperformance risk at beginning of period ​ 7.7 ​ (31.7) Adjusted balance at beginning of period ​ 49.2 ​ (103.9) Effect of: ​ ​ ​ Interest accrual and expected policyholder behavior ​ (66.8) ​ (80.9) Benefit payments ​ 0.6 ​ 0.4 Changes in interest rates ​ 100.4 ​ 39.9 Changes in equity markets ​ 92.4 ​ 155.1 Changes in equity index volatility ​ 12.0 ​ 47.9 Actual policyholder behavior different from expected behavior ​ (12.7) ​ (4.0) Changes in future expected policyholder behavior ​ (20.2) ​ — Changes in other future expected assumptions ​ 1.5 ​ (5.3) Adjusted balance at end of period ​ 156.4 ​ 49.2 Effect of changes in nonperformance risk at end of period ​ (19.0) ​ (7.7) Balance at end of period ​ $ 137.4 ​ $ 41.5 ​ ​ ​ ​ ​ ​ ​ Weighted-average attained age of policyholders (years) (1) ​ 67.4 ​ 67.7 Net amount at risk (2) ​ $ 46.8 ​ $ 111.2 (1) The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders. (2) The net amount at risk for our GMDB riders is defined as the current GMDB amount in excess of the current account balance. The net amount at risk for our GMWB riders is defined as the greater of the present value of the GMWB payments less the current account balance or zero. For contracts with both GMDB and GMWB riders, the net amount at risk is the greater of the GMDB or GMWB net amount at risk. We had a decrease in the net amount at risk in 2024 primarily as a result of increases in the equity markets. Significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement shown above were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ ​ Change in net ​ ​ ​ Change in net ​ ​ Change in input MRB asset (liability) Change in input MRB asset (liability) ​ Long-term interest rate ​ Increased ​ Favorable ​ Increased ​ Favorable Equity markets ​ Increased ​ Favorable ​ Increased ​ Favorable ​ Equity market volatilities ​ Decreased ​ Favorable ​ Decreased ​ Favorable ​ Own nonperformance risk ​ Decreased ​ Unfavorable ​ Decreased ​ Unfavorable ​ ​ See “Unobservable Inputs for Fair Value Measurement” for additional details on the inputs. Principal Asset Management – International Pension The net asset (liability) balances and the changes in the valuation of the MRBs for Asia – Guaranteed pension were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ($ in millions) Balance at beginning of period ​ $ (21.3) ​ $ (26.0) Effect of changes in nonperformance risk at beginning of period ​ 1.0 ​ 1.2 Adjusted balance at beginning of period ​ (20.3) ​ (24.8) Effect of: ​ ​ Interest accrual and expected policyholder behavior ​ (0.2) ​ (10.1) Benefit payments (1) ​ 20.2 ​ 13.8 Changes in interest rates ​ (0.6) ​ 1.2 Changes in equity markets ​ 0.7 ​ 0.2 Actual policyholder behavior different from expected behavior ​ 0.2 ​ (0.6) Adjusted balance at end of period ​ — ​ (20.3) Effect of changes in nonperformance risk at end of period ​ — ​ (1.0) Balance at end of period ​ $ — ​ $ (21.3) ​ ​ ​ ​ ​ ​ ​ Weighted-average attained age of policyholders (years) (2) ​ — ​ 54.0 Net amount at risk (3) ​ $ — ​ $ 25.1 (1) The guaranteed pension funds were closed in the second quarter of 2024. (2) The weighted-average attained age is calculated at the contract level using the guarantee amounts and the age of the underlying members of the contracts. (3) The net amount at risk for the minimum guarantee on withdrawal is defined as the current guaranteed balance in excess of the current account balance. Unobservable Inputs for Fair Value Measurement The following table provides quantitative information about the significant unobservable inputs used for fair value measurements of MRBs. The utilization rate and mortality rate inputs are omitted from the table as a range does not provide meaningful presentation. The utilization rate represents the number of contractholders taking withdrawals in addition to the amount and timing of the withdrawals. The mortality rate is an input based on an appropriate industry mortality table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ December 31, 2023 ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Weighted- ​ Range of inputs Average ​ Range of inputs Average Retirement and Income Solutions: ​ Individual variable annuities ​ ​ Long-term interest rate (1) ​ 4.78 - 4.85 % 4.81 % 4.00 - 4.20 % 4.10 % Long-term equity market volatility ​ 18.10 - 35.53 % 21.76 % 18.00 - 33.00 % 22.00 % Nonperformance risk ​ 0.40 - 1.10 % 0.89 % 0.80 - 1.60 % 1.30 % Lapse rate ​ 0.90 - 55.00 % 5.79 % 1.10 - 55.00 % 5.90 % Principal Asset Management – International Pension: ​ ​ Asia: ​ ​ Guaranteed pension (2) ​ ​ Long-term interest rate (1) ​ N/A ​ N/A ​ 4.54 - 4.70 % 4.61 % Long-term equity market volatility ​ N/A ​ N/A ​ 16.39 - 23.75 % 19.64 % Nonperformance risk ​ N/A ​ N/A ​ 0.90 - 1.77 % 1.51 % Lapse rate ​ N/A ​ N/A ​ 4.95 - 19.35 % 16.80 % (1) Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates. (2) The guaranteed pension funds were closed in the second quarter of 2024.

Reinsurance

Reinsurance	12 Months Ended
	Dec. 31, 2024
Reinsurance
Reinsurance	12. Reinsurance We reinsure a portion of the insurance risks associated with our individual disability, traditional life, universal life, medical and long-term care insurance as well as retail fixed annuity contracts with significant life insurance risk through reinsurance agreements with unaffiliated reinsurance companies, primarily on a quota share, excess loss, yearly renewable term (“YRT”) or coinsurance basis. We have coinsurance with funds withheld reinsurance agreements in which we cede our U.S. retail fixed annuity and ULSG blocks of business using both the reinsurance and deposit methods of accounting. We are contingently liable with respect to reinsurance ceded to other companies in the event the reinsurer is unable to meet the obligations it has assumed. As of December 31, 2024 and 2023, we had $14,592.6 million and $14,533.1 million of reinsurance recoverable assets, respectively, included in reinsurance recoverable and deposit receivable on the consolidated statements of financial position, which does not reflect potentially offsetting impacts of collateral. As of December 31, 2024 and 2023, we had $60.3 million and $45.2 million of reinsurance recoverable liabilities, respectively, included in future policy benefits and claims on the consolidated statements of financial position. As of December 31, 2024 and 2023, $14,371.7 million, or 99%, and $14,404.5 million, or 99%, were with our five largest ceded reinsurers, respectively. The effects of reinsurance on premiums and other considerations and policy and contract benefits were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ (in millions) Premiums and other considerations: ​ ​ ​ Direct ​ $ 7,381.8 ​ $ 6,962.2 ​ $ 5,796.1 Ceded ​ (531.6) ​ (491.3) ​ (456.4) Net premiums and other considerations ​ $ 6,850.2 ​ $ 6,470.9 ​ $ 5,339.7 Benefits, claims and settlement expenses: ​ ​ ​ ​ ​ Direct ​ $ 10,131.5 ​ $ 9,365.4 ​ $ 8,103.6 Ceded (1) ​ (2,058.9) ​ (1,577.2) ​ (1,472.3) Net benefits, claims and settlement expenses ​ $ 8,072.6 ​ $ 7,788.2 ​ $ 6,631.3 Liability for future policy benefits remeasurement (gain) loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct ​ $ 252.7 ​ $ 737.4 ​ $ (179.5) Ceded (1) ​ 418.7 ​ (789.0) ​ (85.0) Net liability for future policy benefits remeasurement (gain) loss ​ $ 671.4 ​ $ (51.6) ​ $ (264.5) (1) Includes the one-time impact of YRT reinsurance transactions in 2024. As of December 31, 2024 and December 31, 2023, we had a $4,897.5 million and $6,078.6 million reinsurance deposit receivable, respectively. Refer to Note 4, Investments, for information on our financing receivables valuation allowance related to the reinsurance recoverable and deposit receivable. ​ Cost of Reinsurance A reinsurance asset or liability is established to spread the expected net reinsurance costs or profits over the expected term of the contracts. The cost of reinsurance asset and liability are reported in premiums due and other receivables and liability for future policy benefits and claims, respectively, on the consolidated statements of financial position. The cost of reinsurance asset and liability included on the consolidated statements of financial position were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ (in millions) Cost of reinsurance asset $ 3,187.6 $ 3,275.5 ​ ​ ​ ​ ​ ​ ​ Cost of reinsurance liability ​ $ 958.1 ​ $ 424.6 ​ Cost of reinsurance amortization, including the impact of remeasurement, of $631.6 million, $17.7 million and $19.3 million for the years ended December 31, 2024, 2023 and 2022, respectively, was reported in benefits, claims and settlement expenses and liability for future policy benefits remeasurement (gain) loss on the consolidated statements of operations. The 2024 impacts of remeasurement include the one-time impact of YRT reinsurance transactions. Funds Withheld The following assets were held in support of our reserves associated with our coinsurance with funds withheld agreements and are reported in the line items shown on the consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ 13,519.6 ​ $ 15,587.5 Fixed maturities, trading ​ ​ 299.4 ​ ​ 316.8 Equity securities ​ ​ 0.3 ​ ​ 0.3 Mortgage loans ​ ​ 2,212.4 ​ ​ 2,385.9 Other investments ​ ​ 1,142.8 ​ ​ 621.4 Cash and cash equivalents ​ ​ 1,080.1 ​ ​ 818.4 Accrued interest income ​ ​ 166.2 ​ ​ 187.0 Net other liabilities ​ ​ (99.4) ​ ​ (77.8) Net assets ​ $ 18,321.4 ​ $ 19,839.5 ​ Certain assets are reported at amortized cost while the fair value of those assets is reflected in the funds withheld payable. As of December 31, 2024 and December 31, 2023, we had a $18,103.7 million and $19,629.5 million funds withheld payable, which was net of a $3,014.6 million and $2,567.1 million embedded derivative asset, respectively. The change in fair value of the embedded derivative was a gain (loss) of $447.4 million, $(1,085.7) million and $3,652.8 million for the years ended December 31, 2024, 2023 and 2022, respectively. While the economic benefits of the funds withheld assets flow to the reinsurer, we retain legal ownership of the assets within the funds withheld account. Guidelines are in place to ensure the investment risk is appropriately managed. Net investment income and net realized capital gains (losses) related to the assets on the consolidated statements of operations is reported net of the amounts that flow to the reinsurer. The realized gains and losses that do not flow to the reinsurer are reported in net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations. ​ Following are the components of net investment income on the funds withheld assets that were passed to the reinsurer. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ 825.9 ​ $ 856.9 ​ $ 745.9 Fixed maturities, trading ​ ​ 21.5 ​ 11.9 ​ 2.0 Equity securities ​ ​ — ​ 0.2 ​ 0.6 Mortgage loans ​ ​ 114.7 ​ 119.0 ​ 98.4 Cash and cash equivalents ​ ​ 52.8 ​ 57.9 ​ 18.2 Other ​ ​ 88.2 ​ 64.0 ​ 4.8 Total ​ ​ 1,103.1 ​ 1,109.9 ​ 869.9 Investment expenses ​ ​ (35.8) ​ (23.7) ​ (20.5) Net investment income ​ $ 1,067.3 ​ $ 1,086.2 ​ $ 849.4 ​ Following are the components of net realized capital gains (losses) on the funds withheld assets that were passed to the reinsurer. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ (60.5) ​ $ (229.7) ​ $ (235.5) Fixed maturities, trading ​ — ​ (0.1) ​ (6.4) Equity securities ​ — ​ (1.2) ​ (2.4) Mortgage loans ​ (1.8) ​ (34.1) ​ (24.8) Derivatives ​ 0.2 ​ 7.2 ​ 2.7 Other ​ — ​ — ​ 3.3 Net realized capital losses ​ $ (62.1) ​ $ (257.9) ​ $ (263.1) ​

Debt

Debt	12 Months Ended
	Dec. 31, 2024
Debt
Debt	13. Debt Short-Term Debt The components of short-term debt were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Financing ​ ​ ​ ​ ​ ​ Short-term debt Obligor/Applicant structure Maturity Capacity outstanding ​ ​ ​ ​ ​ ​ (in millions) Principal Life Credit facility October 2027 ​ $ 800.0 ​ $ — Principal Compañía de Seguros de Vida ​ ​ ​ ​ Chile S.A. ​ Unsecured lines of credit ​ ​ ​ ​ 77.0 ​ ​ 31.1 Principal International de Chile S.A. Unsecured lines of credit ​ 21.8 ​ 2.6 ​ ​ Secured subscription ​ ​ ​ ​ ​ ​ ​ ​ Principal Credit Real Estate Income Trust ​ facility ​ ​ ​ ​ 126.0 ​ ​ 119.0 Total ​ $ 1,024.8 ​ $ 152.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Financing ​ ​ ​ ​ ​ ​ Short-term debt Obligor/Applicant structure Maturity Capacity outstanding ​ ​ ​ ​ ​ ​ (in millions) Principal Life Credit facility October 2027 ​ $ 800.0 ​ $ — Principal Compañía de Seguros de Vida ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chile S.A. ​ Unsecured lines of credit ​ ​ ​ ​ 97.3 ​ ​ 58.4 Principal International de Chile S.A. Unsecured lines of credit ​ 33.6 ​ 0.2 Other short-term borrowings ​ Uncollateralized debt ​ ​ ​ ​ 2.5 ​ ​ 2.5 Total ​ ​ ​ ​ ​ $ 933.4 ​ $ 61.1 ​ Our revolving credit facility is committed and available for general corporate purposes. This credit facility also provides 100% back-stop support for our commercial paper program, of which we had no outstanding balances as of December 31, 2024 and 2023. The weighted-average interest rate on short-term borrowings as of December 31, 2024 and 2023, was 7.6% and 15.6%, respectively. The unsecured lines of credit can be used for repurchase agreements or other borrowings. Each line has a maturity of less than one year. The secured subscription facility provides for revolving loans, up to a maximum aggregate availability of $150.0 million, which are secured by outstanding capital commitments of Principal Life and an unaffiliated insurance company. Borrowings are permitted for any purpose under the borrowers’ constituent documents and are required to be repaid within twelve months of issuance. The weighted-average interest rate on short-term borrowings as of December 31, 2024, was 6.84%. Long-Term Debt The components of long-term debt were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ Principal Net unamortized discount, premium and debt issuance costs Carrying amount ​ ​ (in millions) 3.4% notes payable, due 2025 ​ $ 400.0 ​ $ (0.2) ​ $ 399.8 ​ 3.1% notes payable, due 2026 ​ ​ 350.0 ​ ​ (0.7) ​ 349.3 ​ 3.7% notes payable, due 2029 ​ ​ 500.0 ​ ​ (3.1) ​ ​ 496.9 ​ 2.125% notes payable, due 2030 ​ ​ 600.0 ​ ​ (2.8) ​ ​ 597.2 ​ 5.375% notes payable, due 2033 ​ ​ 400.0 ​ ​ (3.5) ​ ​ 396.5 ​ 6.05% notes payable, due 2036 ​ ​ 505.6 ​ ​ (2.0) ​ 503.6 ​ 4.625% notes payable, due 2042 ​ ​ 300.0 ​ ​ (2.7) ​ 297.3 ​ 4.35% notes payable, due 2043 ​ ​ 300.0 ​ ​ (2.8) ​ 297.2 ​ 4.3% notes payable, due 2046 ​ ​ 300.0 ​ ​ (2.9) ​ ​ 297.1 ​ 5.5% notes payable, due 2053 ​ ​ 300.0 ​ ​ (4.3) ​ ​ 295.7 ​ Secured credit facilities ​ ​ 21.8 ​ ​ — ​ ​ 21.8 ​ Non-recourse mortgages and notes payable ​ ​ 3.0 ​ (0.1) ​ 2.9 ​ Total long-term debt ​ $ 3,980.4 ​ $ (25.1) ​ $ 3,955.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Principal Net unamortized discount, premium and debt issuance costs Carrying amount ​ ​ (in millions) ​ 3.4% notes payable, due 2025 ​ $ 400.0 ​ $ (0.7) ​ $ 399.3 ​ 3.1% notes payable, due 2026 ​ ​ 350.0 ​ ​ (1.1) ​ 348.9 ​ 3.7% notes payable, due 2029 ​ ​ 500.0 ​ ​ (3.8) ​ ​ 496.2 ​ 2.125% notes payable, due 2030 ​ ​ 600.0 ​ ​ (3.2) ​ ​ 596.8 ​ 5.375% notes payable, due 2033 ​ ​ 400.0 ​ ​ (3.8) ​ ​ 396.2 ​ 6.05% notes payable, due 2036 ​ ​ 505.6 ​ ​ (2.1) ​ 503.5 ​ 4.625% notes payable, due 2042 ​ ​ 300.0 ​ ​ (2.8) ​ 297.2 ​ 4.35% notes payable, due 2043 ​ ​ 300.0 ​ ​ (2.9) ​ 297.1 ​ 4.3% notes payable, due 2046 ​ ​ 300.0 ​ ​ (3.0) ​ ​ 297.0 ​ 5.5% notes payable, due 2053 ​ ​ 300.0 ​ ​ (4.3) ​ 295.7 ​ Non-recourse mortgages and notes payable ​ 3.1 ​ (0.1) ​ 3.0 ​ Total long-term debt ​ $ 3,958.7 ​ $ (27.8) ​ $ 3,930.9 ​ ​ Net discount, premium and issuance costs associated with issuing these notes are amortized to expense over the respective terms using the interest method. On March 8, 2023, we issued $700.0 million of senior notes. We issued a $400.0 million series of notes that bear interest at 5.375% and will mature in 2033 and a $300.0 million series of notes that bear interest at 5.5% and will mature in 2053. Interest on the notes is payable semi-annually on March 15 and September 15 each year, beginning on September 15, 2023. The proceeds from these notes were used to redeem our floating rate notes payable due in 2055 and to repay at maturity our 3.125% notes payable due in 2023. We incurred a one-time cost to extinguish this debt before the scheduled maturity date, which was recorded in operating expenses on the consolidated statements of operations. On June 12, 2020, we issued $500.0 million of senior notes at a discount. On August 3, 2020, we issued an additional $100.0 million of senior notes at a premium. These notes bear interest at 2.125% and will mature in 2030. Interest on the notes is payable semi-annually on June 15 and December 15 each year, beginning on December 15, 2020. The proceeds from these notes were used for general corporate purposes. On May 7, 2019, we issued $500.0 million of senior notes. The notes bear interest at 3.7% and will mature in 2029. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2019. The proceeds from these notes, along with available cash, were used to fund the acquisition of an institutional retirement and trust business. On November 10, 2016, we issued $650.0 million of senior notes. We issued a $350.0 million series of notes that bear interest at 3.1% and will mature in 2026 and a $300.0 million series of notes that bear interest at 4.3% and will mature in 2046. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on May 15, 2017. The proceeds from these notes were used to redeem our notes payable due in 2017 and 2019. We incurred a one-time cost to extinguish this debt before the scheduled maturity date. On May 7, 2015, we issued $400.0 million of junior subordinated notes, which were subordinated to all our senior debt. The notes became callable in 2020 and had a maturity date in 2055. The notes initially bore a fixed rate of interest at 4.7% and converted to a floating rate at the date the notes became callable. Interest on the notes was payable semi-annually on May 15 and November 15 each year. After the call date the notes bore interest at 3-month LIBOR plus 3.044%, reset quarterly and payable in arrears in February, May, August and November each year. We had the right to defer interest payments on the junior subordinated notes for up to 5 years without resulting in a default, during which time interest will be compounded. The junior subordinated notes were repaid following our March 2023 debt issuance. In addition, on May 7, 2015, we issued $400.0 million of senior notes. The notes bear interest at 3.4% and will mature in 2025. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on November 15, 2015. The proceeds from both the junior subordinated notes and the senior notes were used to redeem preferred stock, with the remainder available for general corporate purposes. On November 16, 2012, we issued $900.0 million of senior notes. We issued a $300.0 million series of notes that bore interest at 1.85% and were to mature in 2017. These notes were repaid following our November 2016 debt issuance. We issued a $300.0 million series of notes that bore interest at 3.125% and matured in 2023 and a $300.0 million series of notes that bear interest at 4.35% and will mature in 2043. Interest on the notes is payable semi-annually on May 15 and November 15 each year, beginning on May 15, 2013. The proceeds were used to fund our acquisition of Cuprum. On September 5, 2012, we issued a $300.0 million series of senior notes that bear interest at 4.625% and will mature in 2042. Interest on the notes is payable semi-annually on March 15 and September 15 each year, beginning on March 15, 2013. The proceeds were used for the repayment of the $400.0 million aggregate principal amount of notes due in 2014 and to partially fund our acquisition of Cuprum. On October 16 and December 5, 2006, we issued $500.0 million and $100.0 million, respectively, of senior notes. The notes bear interest at a rate of 6.05% per year. Interest on the notes is payable semi-annually on April 15 Our secured credit facilities are primarily financings for real estate loans. As of December 31, 2024, the outstanding principal balance was $21.8 million for one loan with an interest rate of 6.47%. Outstanding debt is secured by the underlying real estate loans, which were reported as mortgage loans on our consolidated statements of financial position with a carrying value of $29.0 million as of December 31, 2024. The non-recourse mortgages and notes payable are primarily financings for a real estate development. As of December 31, 2024 and 2023, the notes had outstanding principal balances of $2.9 million and $3.0 million, respectively, with an interest rate of 4.0%. Outstanding debt is secured by the underlying real estate properties, which were reported as real estate on our consolidated statements of financial position with a carrying value of $14.3 million and $321.7 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024, future annual maturities of long-term debt were as follows (in millions): ​ ​ ​ ​ ​ ​ Year ending December 31: ​ 2025 ​ $ 421.6 ​ 2026 ​ ​ 349.3 ​ 2027 ​ ​ 0.1 ​ 2028 ​ ​ 2.8 ​ 2029 ​ ​ 496.9 ​ Thereafter ​ ​ 2,684.6 ​ Total future maturities of long-term debt ​ $ 3,955.3 ​ ​ Contingent Funding Agreements for Senior Debt Issuance On March 8, 2018, we entered into two contingent funding agreements: (1) a 10-year contingent funding agreement with a Delaware trust (“2028 Trust”) formed by us in connection with the sale by the trust of $400.0 million pre-capitalized trust securities redeemable February 15, 2028 (“2028 P-Caps”) in a Rule 144A private placement and (2) a 30-year contingent funding agreement with a Delaware trust (“2048 Trust”) formed by us in connection with the sale by the trust of $350.0 million pre-capitalized trust securities redeemable February 15, 2048 (“2048 P-Caps”) in a Rule 144A private placement. The trusts invested the proceeds from the sale of the 2028 P-Caps and 2048 P-Caps in a portfolio of principal and interest strips of U.S. Treasury securities. The contingent funding agreements provide us a put option that gives us the right to sell at any time: (1) to the 2028 Trust up to $400.0 million of its 4.111% Senior Notes due 2028 (“4.111% Senior Notes”) and (2) to the 2048 Trust up to $350.0 million of its 4.682% Senior Notes due 2048 (“4.682% Senior Notes”) and receive in exchange a corresponding amount of the principal and interest strips of U.S. Treasury securities held by the trusts. The 4.111% Senior Notes and 4.682% Senior Notes will not be issued unless and until a put option is exercised. We agreed to pay a semi-annual put premium of 1.275% and 1.580% per annum on the unexercised portion of the put option to the 2028 Trust and 2048 Trust, respectively, and to reimburse the trusts for expenses. The put option premiums are recorded in operating expenses in the consolidated statements of operations. The 4.111% Senior Notes and 4.682% Senior Notes will be fully, irrevocably and unconditionally guaranteed by Principal Financial Services, Inc. (“PFS”). In addition, our obligations under the put option agreement and the expense reimbursement agreement with the trusts are also guaranteed by PFS. The contingent funding agreements with the trusts provide us with a source of liquid assets, which could be used to meet future financial obligations or to provide additional capital. The put options described above will be exercised automatically in full if we fail to make certain payments to the trusts, including any failure to pay the put option premium or expense reimbursements when due, if such failure is not cured within 30 days, and upon certain bankruptcy events involving us or PFS. We are also required to exercise the put option in full: (i) if we reasonably believe that our consolidated shareholders’ equity, calculated in accordance with U.S. GAAP but excluding AOCI and noncontrolling interest, has fallen below $4.0 billion, subject to adjustment in certain cases; (ii) upon the occurrence of an event of default under the 4.111% Senior Notes and 4.682% Senior Notes; and (iii) if certain events occur relating to each trust’s status as an “investment company” under the Investment Company Act of 1940. In addition, we are required to purchase from the trusts any principal and interest strips of U.S. Treasury securities that are due and not paid. We have an unlimited right to unwind a prior voluntary exercise of the put options by repurchasing all of the 4.111% Senior Notes and 4.682% Senior Notes held by the trusts in exchange for a corresponding amount of principal and interest strips of U.S. Treasury securities. If the put options have been fully exercised, the 4.111% Senior Notes and 4.682% Senior Notes issued may be redeemed by us prior to their maturity at par or, if greater, at a make-whole redemption price, in each case plus accrued and unpaid interest to the date of redemption. The 2028 P-Caps are to be redeemed by the 2028 Trust on February 15, 2028, or upon any early redemption of the 4.111% Senior Notes. The 2048 P-Caps are to be redeemed by the 2048 Trust on February 15, 2048, or upon any early redemption of the 4.682% Senior Notes.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2024
Income Taxes
Income Taxes	14. Income Taxes Income Taxes (Benefits) Our income taxes (benefits) were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Current income taxes (benefits): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ 217.8 ​ $ 81.5 ​ $ (56.3) ​ State ​ ​ 33.3 ​ ​ 20.1 ​ 20.7 ​ Foreign ​ ​ 37.0 ​ ​ 38.8 ​ 53.1 ​ Tax benefit of operating loss carryforward ​ ​ (3.7) ​ ​ (14.5) ​ (9.5) ​ Total current income taxes ​ ​ 284.4 ​ ​ 125.9 ​ 8.0 ​ Deferred income taxes (benefits): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ ​ (12.1) ​ ​ (63.2) ​ 1,189.7 ​ State ​ ​ 12.7 ​ ​ 0.1 ​ 8.0 ​ Foreign ​ ​ 6.7 ​ ​ 5.9 ​ (16.2) ​ Total deferred income taxes (benefits) ​ ​ 7.3 ​ ​ (57.2) ​ 1,181.5 ​ Income taxes ​ $ 291.7 ​ $ 68.7 ​ $ 1,189.5 ​ ​ Our income before income taxes was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Domestic $ 1,662.1 $ 412.8 $ 5,766.1 ​ Foreign ​ ​ 227.5 ​ ​ 326.0 ​ ​ 220.9 ​ Total income before income taxes $ 1,889.6 $ 738.8 $ 5,987.0 ​ ​ 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 year ended December 31, ​ 2024 2023 2022 U.S. corporate income tax rate 21 % 21 % 21 % Dividends received deduction ​ (4) ​ (10) ​ (1) ​ Tax credits ​ (4) ​ (8) ​ (1) ​ Impact of equity method presentation ​ (1) ​ (4) ​ — ​ Interest exclusion from taxable income ​ (1) ​ (3) ​ — ​ Foreign currency inflation ​ — ​ (1) ​ — ​ Impact of noncontrolling interest presentation ​ — ​ (1) ​ — ​ Low income housing tax credit amortization ​ 2 ​ 5 ​ — ​ State income taxes ​ 2 ​ 2 ​ — ​ Valuation allowance ​ 1 ​ 1 ​ — ​ Global Intangible Low-Taxed Income ​ — ​ 7 ​ 1 ​ Other ​ (1) ​ — ​ — ​ Effective income tax rate ​ 15 % 9 % 20 % ​ ​ Unrecognized Tax Benefits Our changes in unrecognized tax benefits were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Balance at beginning of period ​ $ 39.3 ​ $ 42.2 ​ $ 45.5 ​ Additions based on tax positions related to the current year ​ ​ 0.3 ​ ​ 0.3 ​ — ​ Reductions for tax positions related to the current year ​ ​ (3.2) ​ ​ (3.2) ​ (3.3) ​ Balance at end of period (1) ​ $ 36.4 ​ $ 39.3 ​ $ 42.2 ​ (1) If recognized, $1.6 million of the amount of unrecognized tax benefits would reduce our 2024 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations. As of December 31, 2024 and 2023, we had recognized $2.0 million and $1.8 million of accumulated pre-tax interest and penalties related to unrecognized tax benefits, respectively. We do not believe there is a reasonable possibility the total amount of the unrecognized tax benefits will significantly increase or decrease in the next twelve months considering recent settlements and the status of current and pending Internal Revenue Service (“IRS”) examinations. Net Deferred Income Taxes Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Our significant components of net deferred income taxes were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ ​ (in millions) Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating and capital loss carryforwards ​ $ 107.4 ​ $ 123.0 ​ Tax credit carryforwards ​ ​ 15.2 ​ ​ 64.2 ​ Net unrealized losses on available-for-sale securities ​ ​ 1,250.2 ​ ​ 1,092.9 ​ Employee benefits ​ ​ 334.3 ​ ​ 315.4 ​ Gross deferred income tax assets ​ ​ 1,707.1 ​ ​ 1,595.5 ​ Valuation allowance ​ ​ (71.4) ​ ​ (58.8) ​ Total deferred income tax assets ​ ​ 1,635.7 ​ ​ 1,536.7 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred acquisition costs ​ ​ (689.7) ​ ​ (679.2) ​ Investments, including derivatives ​ ​ (217.1) ​ ​ (240.9) ​ Funds withheld embedded derivative ​ ​ (651.7) ​ ​ (575.5) ​ Real estate ​ ​ (127.1) ​ ​ (136.7) ​ Intangible assets ​ ​ (355.5) ​ ​ (384.2) ​ Insurance liabilities ​ ​ (1,008.1) ​ ​ (886.1) ​ Other deferred income tax liabilities ​ ​ (85.4) ​ ​ (6.3) ​ Total deferred income tax liabilities ​ ​ (3,134.6) ​ ​ (2,908.9) ​ Total net deferred income tax liabilities ​ $ (1,498.9) ​ $ (1,372.2) ​ ​ Our net deferred income taxes by jurisdiction were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ ​ (in millions) Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ State ​ $ 61.9 ​ $ 77.9 ​ Foreign ​ ​ 145.2 ​ ​ 163.2 ​ Net deferred income tax assets ​ ​ 207.1 ​ ​ 241.1 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ ​ (1,416.1) ​ ​ (1,312.9) ​ Foreign ​ ​ (289.9) ​ ​ (300.4) ​ Net deferred income tax liabilities ​ ​ (1,706.0) ​ ​ (1,613.3) ​ Total net deferred income tax liabilities ​ $ (1,498.9) ​ $ (1,372.2) ​ ​ In management’s judgment, total deferred income tax assets are more likely than not to be realized. Included in the deferred income tax asset are federal net operating loss, capital loss and tax credit carryforwards available to offset future taxable income or income taxes. As of December 31, 2024 and 2023, we had net operating loss carryforwards for U.S. federal income tax purposes of $16.9 million and $0.0 million, respectively, which may be carried forward indefinitely. In addition, as of December 31, 2024 and 2023, we had federal capital loss carryforwards of $69.9 million and $155.2 million, respectively. If unused, these federal capital loss carryforwards will expire in 2028. Furthermore, as of December 31, 2024 and 2023, we had federal tax credit carryforwards of $15.2 million and $64.2 million, respectively. As of December 31, 2024, these carryforwards are anticipated to be utilized and can be carried forward indefinitely; therefore, no valuation allowance has been provided for the related deferred income tax asset. As of December 31, 2024 and 2023, state net operating loss carryforwards were $288.3 million and $312.3 million, respectively, and will expire between 2032 and 2040. As of December 31, 2024 and 2023, foreign net operating loss carryforwards were $264.3 million and $257.3 million, respectively, with some expiring in 2024 while others never expire. We maintain valuation allowances by jurisdiction against the deferred income tax assets related to some of these carryforwards and other items, as utilization of these income tax benefits fail the more likely than not criteria in certain jurisdictions. As of December 31, 2024 and 2023, valuation allowances of $71.4 million and $58.8 million, respectively, had been recorded against the income tax benefits associated primarily with foreign net operating loss carryforwards and net unrealized capital losses on benefit plan trusts. Adjustments to the valuation allowance will be made if there is a change in management’s assessment of the amount of the deferred income tax assets that are more likely than not to be realized. Deferred tax liabilities are recognized for taxes payable on the unremitted earnings from foreign operations of our subsidiaries, except where it is our intention to indefinitely reinvest a portion or all of these undistributed earnings. As of December 31, 2024 and 2023, any applicable taxes that would be due upon repatriation were not provided on approximately $1,276.3 million and $1,362.6 million, respectively, of such accumulated but undistributed earnings from operations of foreign subsidiaries. We currently do not intend to repatriate these unremitted earnings because we have several liquidity options to fund our domestic operations and obligations. These options include investing and financing activities, such as issuing debt, as well as cash flow and dividends from domestic operations. As of December 31, 2024 and 2023, it was not practicable to determine the amount of the unrecognized deferred tax liability that would arise if foreign earnings were remitted, due to the complexity of our international holding company structure, and other significant tax attributes and varying state tax laws. Taxes on remittances would be limited to foreign currency gains or losses, foreign withholding taxes and state income taxes, which we would anticipate to be immaterial. As of December 31, 2024, deferred taxes were also not provided on the approximately $106.2 million of excess book carrying value over tax basis with respect to the original investment in our foreign subsidiaries. A tax liability will be recognized when we no longer plan to indefinitely reinvest a portion or all of these earnings or when we plan to sell a portion or all of our ownership interest. Effects of Tax Legislation We are currently monitoring global enactments of the Pillar Two model rules proposed by the Organisation for Economic Co-operation and Development, which brings forward a 15% global minimum tax. Generally, a company is required to consider the impact of new tax law on realizability of its deferred tax assets (“DTAs”), including determination of whether a change to its valuation allowance amounts is necessary. We made an accounting policy election to disregard the Pillar Two model rules when evaluating DTAs and rather recognize a current period tax expense when incurred. The Inflation Reduction Act of 2022 (“IRA 2022”) was enacted by the U.S. government on August 16, 2022. The IRA 2022 implements a new corporate alternative minimum tax (“CAMT”) effective January 1, 2023. We are an “Applicable Corporation,” which requires computation of the U.S. federal income tax liability under two systems, the U.S. regular corporate tax (“RCT”) and the CAMT. Although the CAMT may apply in any given year when tentative minimum tax (“TMT”) exceeds the RCT liability, as a “prepayment” the CAMT generates a corresponding alternative minimum tax credit (“AMTC”). The AMTC is accounted for as a DTA with an indefinite carryover life recoverable in years when the RCT liability exceeds TMT. The tax accounting consequences of a change in tax law is required to be recognized in the period legislation is enacted. Generally, a company is also required to consider the impact of new tax law on realizability of its DTAs, including determination of whether a change to its valuation allowance amounts is necessary. We made an accounting policy election to disregard our CAMT status when evaluating DTAs under the RCT system associated with the IRA 2022. Other Tax Information Income tax returns are filed in U.S. federal jurisdiction as well as various states and foreign jurisdictions where we and one or more of our subsidiaries conduct business. Although determined by jurisdiction, with few exceptions our tax uncertainties relate primarily to U.S. federal income tax matters. The IRS has completed examination of our consolidated U.S. federal income tax returns for years prior to 2015. The U.S. federal statute of limitations has expired for years prior to 2015. The IRS is currently auditing our U.S. federal income tax returns for tax years 2015-2018 and 2019-2022. The statutes remain open through normal statute extensions. We do not expect the results of these audits, subsequent related adjustments or developments in other tax areas for all open tax years to significantly change the possible increase in the amount of unrecognized tax benefits, but the outcome of tax reviews is uncertain and unforeseen results can occur. We believe we have adequate defenses against, or sufficient provisions for, contested issues, but final resolution could take several years depending on whether legal remedies are pursued. Consequently, we do not believe issues that might arise in tax years subsequent to 2014 will have a material impact on our net income.

Employee and Agent Benefits

Employee and Agent Benefits	12 Months Ended
	Dec. 31, 2024
Employee and Agent Benefits
Employee and Agent Benefits	15. Employee and Agent Benefits We provide a U.S. qualified defined benefit pension plan, covering U.S. employees that meet certain eligibility requirements and certain agents contracted on or before December 31, 2018. A final average pay benefit formula has been in place for plan participants employed prior to January 1, 2002. For agents, this formula ended on December 31, 2018, and for employees the formula ended on December 31, 2022. The final average pay benefit is based on the years of service and generally the employee’s or agent’s average annual compensation during the last five years prior to the earliest of termination, retirement or the formula end date. A cash balance benefit was added on January 1, 2002. A participant’s cash balance account is credited with an amount based on the participant’s salary, age and service. These credits accrue with interest. For plan participants hired on and after January 1, 2002, only the cash balance benefit applies. For pre-2002 participants, the pension benefit earned prior to the final average pay formula end date is the greater of the final average pay benefit or the cash balance benefit earned before the end date. They will also earn a new cash balance benefit for service after the formula end date. In addition, we sponsor non-qualified defined benefit plans subject to Section 409A of the Internal Revenue Code. This plan is for certain highly compensated employees and agents to replace the benefit that cannot be provided by the qualified defined benefit pension plan due to IRS limits. These nonqualified plans generally parallel the qualified plan but offer different payment options. No agent has been able to become a new participant in the nonqualified plan after 2018. We provide certain health care, life insurance and long-term care benefits for retired employees, their beneficiaries and covered dependents (“other postretirement benefits”). While virtually all U.S. employees continue to have access to the postretirement health care and life insurance benefits, only those U.S. employees that were hired prior to January 1, 2002, and retired prior to January 1, 2011, (post-65 medical) or January 1, 2020, (life insurance and pre-65 medical) were eligible to receive subsidized benefits. All others pay the full cost of coverage. The long-term care plan was subsidized only for those who retired prior to January 1, 2000, and is no longer accessible. The subsidy level for all benefits varies by plan, age, service and retirement date. The funding policy for all employee benefit plans is to fund the cost of providing pension benefits in the years that the employees and agents are providing service, taking into account the funding status of the trust. For the qualified defined benefit plan, this policy will be subject to an amount no lower than the minimum annual contribution required under the Employee Retirement Income Security Act (“ERISA”), and, generally, not greater than the maximum amount that can be deducted for U.S. federal income tax purposes. While we designate assets to cover the computed liability of the nonqualified pension plan, the assets are not included as part of the asset balances presented in this footnote as they do not qualify as plan assets in accordance with U.S. GAAP. Obligations and Funded Status The plans’ combined funded status, reconciled to amounts recognized in the consolidated statements of financial position, was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement ​ ​ Pension benefits ​ benefits ​ ​ December 31, ​ December 31, ​ 2024 2023 2024 2023 ​ ​ (in millions) Change in benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefit obligation at beginning of year ​ $ (3,390.9) ​ $ (3,209.4) ​ $ (68.4) ​ $ (71.0) ​ Service cost ​ ​ (59.2) ​ (55.6) ​ ​ — ​ — ​ Interest cost ​ ​ (161.5) ​ (160.1) ​ ​ (3.2) ​ (3.4) ​ Actuarial gain (loss) ​ ​ 199.3 ​ (119.7) ​ ​ 2.5 ​ (2.9) ​ Participant contributions ​ ​ — ​ — ​ ​ (6.1) ​ (6.1) ​ Benefits paid ​ ​ 165.0 ​ 153.9 ​ ​ 13.6 ​ 15.0 ​ Settlement ​ ​ 1.4 ​ ​ — ​ ​ — ​ ​ — ​ Benefit obligation at end of year ​ $ (3,245.9) ​ $ (3,390.9) ​ $ (61.6) ​ $ (68.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 2,909.6 ​ $ 2,726.3 ​ $ 99.8 ​ $ 94.4 ​ Actual return on plan assets ​ ​ (14.4) ​ 258.5 ​ ​ 8.4 ​ 12.7 ​ Employer contribution ​ ​ 84.9 ​ 78.7 ​ ​ 1.3 ​ 1.6 ​ Participant contributions ​ ​ — ​ — ​ ​ 6.1 ​ 6.1 ​ Benefits paid ​ ​ (165.0) ​ (153.9) ​ ​ (13.6) ​ (15.0) ​ Settlement ​ ​ (1.4) ​ ​ — ​ ​ — ​ ​ — ​ Fair value of plan assets at end of year ​ $ 2,813.7 ​ $ 2,909.6 ​ $ 102.0 ​ $ 99.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ $ — ​ $ — ​ $ 40.4 ​ $ 31.4 ​ Other liabilities ​ ​ (432.2) ​ (481.3) ​ ​ — ​ — ​ Total ​ $ (432.2) ​ $ (481.3) ​ $ 40.4 ​ $ 31.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in accumulated other comprehensive (income) loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net actuarial (gain) loss ​ $ 371.7 ​ $ 425.4 ​ $ (29.9) ​ $ (24.4) ​ Prior service benefit ​ ​ (53.9) ​ (70.6) ​ ​ (3.2) ​ (4.3) ​ Pre-tax accumulated other comprehensive (income) loss ​ $ 317.8 ​ $ 354.8 ​ $ (33.1) ​ $ (28.7) ​ ​ The accumulated benefit obligation for all defined benefit pension plans was $3,245.9 million and $3,390.9 million as of December 31, 2024 and 2023, respectively. Employer contributions to the pension plans include contributions made directly to the qualified pension plan assets and contributions from corporate assets to pay nonqualified pension benefits. Benefits paid from the pension plans include both qualified and nonqualified plan benefits. Nonqualified pension plan assets are not included as part of the asset balances presented in this footnote. The nonqualified pension plan assets are held in Rabbi trusts for the benefit of all nonqualified plan participants. The assets held in a Rabbi trust are available to satisfy the claims of general creditors only in the event of bankruptcy. Therefore, these assets are fully consolidated in our consolidated statements of financial position and are not reflected in our funded status as they do not qualify as plan assets under U.S. GAAP. The market value of assets held in these trusts was $348.8 million and $342.2 million as of December 31, 2024 and 2023, respectively. Pension Plan Changes and Plan Gains/Losses For the year ended December 31, 2024, the pension plans had an actuarial gain primarily due to an increase in discount rate. For the year ended December 31, 2023, the pension plans had an actuarial loss primarily due to a decrease in discount rate. Other Postretirement Plan Changes and Plan Gains/Losses For the year ended December 31, 2024, the other postretirement benefit plans had an actuarial gain primarily due to an increase in discount rates. For the year ended December 31, 2023, the other postretirement benefit plans had an actuarial loss primarily due to a decrease in the discount rates and actual medical claims costs being higher than previously expected. Information for Pension Plans With an Accumulated Benefit Obligation in Excess of Plan Assets For 2024 and 2023, both the qualified and nonqualified plans had accumulated benefit obligations in excess of plan assets. As noted previously, the nonqualified plans have assets that are deposited in trusts that fail to meet the U.S. GAAP requirements to be included in plan assets; however, these assets are included in our consolidated statements of financial position. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ ​ (in millions) Projected benefit obligation ​ $ 3,245.9 ​ $ 3,390.9 ​ Accumulated benefit obligation ​ ​ 3,245.9 ​ 3,390.9 ​ Fair value of plan assets ​ ​ 2,813.7 ​ 2,909.6 ​ ​ We did not have any other postretirement benefit plans with an accumulated postretirement benefit obligation in excess of plan assets. ​ Components of Net Periodic Benefit Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension benefits ​ Other postretirement benefits ​ ​ For the year ended December 31, ​ 2024 2023 2022 2024 2023 2022 ​ ​ (in millions) Service cost ​ $ 59.2 ​ $ 55.6 ​ $ 78.4 ​ $ — ​ $ — ​ $ — ​ Interest cost ​ ​ 161.5 ​ ​ 160.1 ​ ​ 112.8 ​ ​ 3.2 ​ ​ 3.4 ​ ​ 2.3 ​ Expected return on plan assets ​ ​ (170.4) ​ ​ (163.2) ​ ​ (178.9) ​ ​ (4.5) ​ ​ (4.6) ​ ​ (4.9) ​ Amortization of prior service benefit ​ ​ (16.7) ​ ​ (16.8) ​ ​ (16.8) ​ ​ (1.1) ​ ​ (0.8) ​ ​ (1.1) ​ Recognized net actuarial (gain) loss ​ ​ 39.0 ​ ​ 41.0 ​ ​ 55.7 ​ ​ (0.9) ​ ​ (1.0) ​ ​ (1.1) ​ Settlement ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Net periodic benefit cost (income) ​ $ 72.8 ​ $ 76.7 ​ $ 51.2 ​ $ (3.3) ​ $ (3.0) ​ $ (4.8) ​ ​ We use the fair market value of assets to determine components of net periodic benefit cost. The components of net periodic benefit cost including the service cost component are included in operating expenses on the consolidated statements of operations. The pension plans’ actuarial gains and losses are amortized using a straight-line amortization method over the average remaining service period of plan participants. The other postretirement plans use a straight-line amortization over the average future lifetime of its remaining covered group of retirees. For the qualified pension plan, gains and losses are amortized without use of the 10% allowable corridor. For the nonqualified pension plans and other postretirement benefit plans, the corridors allowed are used. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension benefits ​ Other postretirement benefits ​ ​ For the year ended December 31, ​ 2024 2023 2024 2023 ​ ​ (in millions) Other changes recognized in accumulated other comprehensive (income) loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net actuarial (gain) loss ​ $ (14.5) ​ $ 24.4 ​ $ (6.4) ​ $ (5.2) Amortization of gain (loss) ​ ​ (39.0) ​ (41.0) ​ ​ 0.9 ​ 1.0 Amortization of prior service benefit ​ ​ 16.7 ​ 16.8 ​ ​ 1.1 ​ 0.8 Settlement ​ ​ (0.2) ​ ​ — ​ ​ — ​ ​ — Total recognized in pre-tax accumulated other comprehensive (income) loss ​ $ (37.0) ​ $ 0.2 ​ $ (4.4) ​ $ (3.4) Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss ​ $ 35.8 ​ $ 76.9 ​ $ (7.7) ​ $ (6.4) ​ Net actuarial (gain) loss and net prior service cost benefit have been recognized in AOCI. Assumptions Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension benefits ​ ​ ​ December 31, ​ ​ 2024 2023 ​ Discount rate ​ 5.50 % 4.90 % Interest crediting rate - cash balance benefit ​ 5.00 % 5.00 % Rate of compensation increase ​ 4.52 % 4.56 % ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement benefits ​ ​ ​ December 31, ​ ​ 2024 2023 ​ Discount rate ​ 5.35 % 4.80 % Rate of compensation increase ​ N/A ​ N/A ​ ​ Weighted average assumptions used to determine net periodic benefit cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension benefits ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ Discount rate ​ 4.90 % 5.10 % 2.75 % Expected long-term return on plan assets ​ 6.10 % 6.20 % 5.20 % Interest crediting rate - cash balance benefit ​ 5.00 % 5.00 % 5.00 % Rate of compensation increase: ​ ​ ​ ​ ​ ​ ​ Cash balance benefit ​ 4.52 % 4.53 % 4.59 % Traditional benefit ​ N/A % N/A % N/A % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement benefits ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ Discount rate ​ 4.80 % 5.00 % 2.50 % Expected long-term return on plan assets ​ 4.65 % 5.05 % 4.25 % Rate of compensation increase ​ N/A ​ N/A ​ N/A ​ ​ ​ The assumed salary growth rates used to project benefits for the projected benefit obligation are age-based for home office employees. The rate labeled cash balance benefit (relative to employees accruing a cash balance) is the lifecount-weighted average rate of salary growth in the coming year only, as the impact of salary assumption for cash balance benefits are limited to the upcoming year service cost. The rate labeled traditional benefit (relative to employees still accruing a final average pay benefit) is the lifecount-weighted average (at each age) of the single annual growth rate at the age that is equivalent to applying the scale from that age to assumed termination or retirement ages. For the pension benefit obligation, one average rate of compensation increase is disclosed for all participants as the traditional benefit is frozen as of December 31, 2022. For the pension benefits, the discount rate is determined by projecting future benefit payments inherent in the projected benefit obligation and discounting those cash flows using a spot yield curve for high quality corporate bonds. The plans’ expected benefit payments are discounted to determine a present value using the yield curve and the discount rate is the level rate that produces the same present value. The expected return on plan assets is the long-term rate we expect to be earned based on the long-term investment policy of the plans and the various classes of invested funds. A weighted average rate was developed based on those overall rates and the target asset allocation of the plans. For other postretirement benefits, the discount rate is determined by projecting future benefit payments inherent in the accumulated postretirement benefit obligation and discounting those cash flows using a spot yield curve for high quality corporate bonds. The plans’ expected benefit payments are discounted to determine a present value using the yield curve and the discount rate is the level rate that produces the same present value. The 4.65% expected long-term return on plan assets for 2024 was based on the weighted average expected long-term asset returns for the plans. The expected long-term rates for the home office and agent pre-65 medical/life plans and post-65 medical plans were 4.70% and 4.55%, respectively. Assumed Health Care Cost Trend Rates Used to Determine Net Periodic Benefit Cost ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ Health care cost trend rate assumed for next year under age 65 ​ 7.50 % 7.50 % Health care cost trend rate assumed for next year age 65 and over ​ 6.50 % 6.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) ​ 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate (under age 65) ​ 2033 ​ 2032 ​ Year that the rate reaches the ultimate trend rate (65 and older) ​ 2032 ​ 2031 ​ ​ Pension Plan and Other Postretirement Benefit Plan Assets Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. ● Level 1 – Fair values are based on unadjusted quoted prices in active markets for identical assets. ● Level 2 – Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset, either directly or indirectly. ● Level 3 – Fair values are based on significant unobservable inputs for the asset. Our pension plan assets consist of investments in pooled separate accounts and single client separate accounts. Net asset value (“NAV”) of the pooled separate accounts is calculated in a manner consistent with U.S. GAAP for investment companies and is determinative of their fair value. Several of the pooled separate accounts invest in publicly quoted mutual funds or actively managed stocks. The fair value of the underlying mutual funds or stocks is used to determine the NAV of the separate account, which is not publicly quoted. Some of the pooled separate accounts also invest in fixed income securities. The fair value of the underlying securities is based on quoted prices of similar assets and used to determine the NAV of the separate account. Some of the pooled separate accounts invest in real estate properties. The fair value is based on discounted cash flow valuation models that utilize public real estate market data inputs such as transaction prices, market rent growth, vacancy levels, leasing absorption, market capitalization rates and discount rates. The single client separate accounts invest in fixed income securities, hedge funds, a pooled separate account investment and other assets. The fixed income securities include U.S. Treasury bonds for which the fair value is based on quoted prices of identical assets in active markets. The fair value of the other fixed income securities is determined either from prices obtained from third party pricing vendors who use observable market information to determine prices or from internal models using substantially all observable inputs or a matrix pricing valuation approach. The hedge funds are measured at fair value using the NAV per share (or its equivalent) practical expedient and have not been classified in the fair value hierarchy. The NAV of the pooled separate account investment is calculated in a manner consistent with U.S. GAAP for investment companies and is determinative of its fair value. The carrying amounts of other assets, which are highly liquid in nature, are used to approximate fair value. Our other postretirement benefit plan assets consist of cash, investments in fixed income security portfolios and investments in equity security portfolios. Because of the nature of cash, its carrying amount approximates fair value. The fair value of fixed income investment funds, U.S. equity portfolios and international equity portfolios is based on quoted prices in active markets for identical assets. Pension Plan Assets The fair value of the qualified pension plan’s assets by asset category as of the most recent measurement date was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ Assets ​ Amount ​ Fair value hierarchy level ​ ​ ​ measured at ​ measured at ​ ​ ​ ​ fair value net asset value Level 1 Level 2 Level 3 ​ ​ ​ (in millions) ​ Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pooled separate account investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. large cap equity portfolios (1) ​ $ 236.5 ​ $ — ​ $ — ​ $ 236.5 ​ $ — ​ U.S. small/mid cap equity portfolios (2) ​ 98.4 ​ ​ — ​ — ​ 98.4 ​ — ​ Balanced asset portfolios (3) ​ 135.0 ​ ​ — ​ — ​ 135.0 ​ — ​ International equity portfolios (4) ​ 135.9 ​ ​ — ​ — ​ 135.9 ​ — ​ Fixed income security portfolios (5) ​ ​ 26.8 ​ ​ — ​ ​ — ​ ​ 26.8 ​ ​ — ​ Real estate investment portfolios (6) ​ 133.6 ​ ​ — ​ — ​ 133.6 ​ — ​ Single client separate account investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ ​ 93.7 ​ ​ — ​ ​ 93.7 ​ ​ — ​ ​ — ​ States and political subdivisions ​ ​ 15.5 ​ ​ — ​ ​ — ​ ​ 15.5 ​ ​ — ​ Corporate ​ ​ 1,387.2 ​ ​ — ​ ​ — ​ ​ 1,387.2 ​ ​ — ​ Hedge funds (7) ​ ​ 3.6 ​ ​ 3.6 ​ ​ — ​ ​ — ​ ​ — ​ Mutual funds ​ ​ 109.9 ​ ​ — ​ ​ 109.9 ​ ​ — ​ ​ — ​ Pooled separate account investment (8) ​ ​ 423.0 ​ ​ — ​ ​ — ​ ​ 423.0 ​ ​ — ​ Other (9) ​ ​ 14.6 ​ ​ — ​ ​ — ​ ​ 14.6 ​ ​ — ​ Total ​ $ 2,813.7 ​ $ 3.6 ​ $ 203.6 ​ $ 2,606.5 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Assets ​ Amount ​ Fair value hierarchy level ​ ​ measured at ​ measured at ​ ​ ​ fair value net asset value Level 1 Level 2 Level 3 ​ ​ (in millions) Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pooled separate account investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. large cap equity portfolios (1) ​ $ 290.9 ​ $ — ​ $ — ​ $ 290.9 ​ $ — ​ U.S. small/mid cap equity portfolios (2) ​ 49.5 ​ ​ — ​ — ​ 49.5 ​ — ​ Balanced asset portfolios (3) ​ 97.0 ​ ​ — ​ — ​ 97.0 ​ — ​ International equity portfolios (4) ​ 141.8 ​ ​ — ​ — ​ 141.8 ​ — ​ Fixed income security portfolios (5) ​ 27.9 ​ ​ — ​ — ​ 27.9 ​ — ​ Real estate investment portfolios (6) ​ ​ 204.1 ​ ​ — ​ ​ — ​ ​ 204.1 ​ ​ — ​ Single client separate account investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ ​ 124.9 ​ ​ — ​ ​ 124.9 ​ ​ — ​ ​ — ​ States and political subdivisions ​ ​ 27.0 ​ ​ — ​ ​ — ​ ​ 27.0 ​ ​ — ​ Corporate ​ ​ 1,394.2 ​ ​ — ​ ​ — ​ ​ 1,394.2 ​ ​ — ​ Pooled separate account investment (8) ​ ​ 497.9 ​ ​ — ​ ​ — ​ ​ 497.9 ​ ​ — ​ Other (9) ​ ​ 54.4 ​ ​ — ​ ​ — ​ ​ 54.4 ​ ​ — ​ Total ​ $ 2,909.6 ​ $ — ​ $ 124.9 ​ $ 2,784.7 ​ $ — ​ (1) The portfolios invest primarily in publicly traded equity securities of large U.S. companies. (2) The portfolios invest primarily in publicly traded equity securities of mid-sized and small U.S. companies. (3) The portfolios are a combination of underlying fixed income and equity investment options. These investment options may include balanced, asset allocation, target-date and target-risk investment options. Although typically lower risk than investment options that invest solely in equities, all investment options in this category have the potential to lose value. (4) The portfolios invest primarily in publicly traded equity securities of non-U.S. companies. (5) The portfolios invest primarily in fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations. (6) The portfolios invest primarily in U.S. commercial real estate properties through a separate account. (7) The hedge funds have varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these hedge funds. (8) The single client separate accounts invest in a money market pooled separate account. (9) Includes cash, net derivative assets (liabilities) and net receivables (payables) for the single client separate accounts. ​ We have established an investment policy that provides the investment objectives and guidelines for the pension plan. Our investment strategy is to achieve the following: ● Obtain a reasonable long-term return consistent with the level of risk assumed and at a cost of operation within prudent levels. Performance benchmarks are monitored. ● Ensure sufficient liquidity to meet the emerging benefit liabilities for the plan. ● Provide for diversification of assets in an effort to avoid the risk of large losses and maximize the investment return to the pension plan consistent with market and economic risk. In administering the qualified pension plan’s asset allocation strategy, we consider the projected liability stream of benefit payments, the relationship between current and projected assets of the plan and the projected actuarial liabilities streams, the historical performance of capital markets adjusted for the perception of future short- and long-term capital market performance and the perception of future economic conditions. According to our investment policy, the target asset allocation for the qualified plan is: ​ ​ ​ ​ ​ Asset category Target allocation ​ Fixed income security portfolios ​ 70 % Equity portfolios ​ 15 % Private investments ​ 15 % ​ Other Postretirement Benefit Plan Assets The fair value of the other postretirement benefit plans’ assets by asset category as of the most recent measurement date was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ Assets ​ Fair value hierarchy level ​ ​ ​ measured at ​ ​ ​ ​ fair value Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1.0 ​ $ 1.0 ​ $ — ​ $ — ​ Fixed income security portfolios (1) ​ 48.6 ​ 48.6 ​ — ​ — ​ U.S. equity portfolios (2) ​ 38.7 ​ 38.7 ​ — ​ — ​ International equity portfolios (3) ​ 13.7 ​ 13.7 ​ — ​ — ​ Total ​ $ 102.0 ​ $ 102.0 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ Assets ​ Fair value hierarchy level ​ ​ ​ measured at ​ ​ ​ ​ fair value Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1.3 ​ $ 1.3 ​ $ — ​ $ — ​ Fixed income security portfolios (1) ​ 47.9 ​ 47.9 ​ — ​ — ​ U.S. equity portfolios (2) ​ 36.7 ​ 36.7 ​ — ​ — ​ International equity portfolios (3) ​ 13.9 ​ 13.9 ​ — ​ — ​ Total ​ $ 99.8 ​ $ 99.8 ​ $ — ​ $ — ​ (1) The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations. (2) The portfolios invest primarily in publicly traded equity securities of large U.S. companies. (3) The portfolios invest primarily in publicly traded equity securities of non-U.S. companies. The investment strategies for the other postretirement benefit plans are similar to those employed by the qualified pension plan. According to our investment policy, the target asset allocation for the other postretirement benefit plans is: ​ ​ ​ ​ ​ Asset category Target allocation ​ Fixed income security portfolios ​ 50 % U.S. equity portfolios ​ 35 % International equity portfolios ​ 15 % ​ 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 ERISA and, generally, not greater than the maximum amount that can be deducted for U.S. federal income tax purposes. We do not anticipate contributions will be needed to satisfy the minimum funding requirements of ERISA for our qualified plan. We are unable to estimate the amount that may be contributed, but it is possible that we may fund the plans in 2025 up to $70.0 million. This includes funding for both our qualified and nonqualified pension plans. While we designate assets to cover the computed liability of the nonqualified plan, the assets are not included as part of the asset balances presented in this footnote as they do not qualify as plan assets in accordance with U.S. GAAP. We may contribute to our other postretirement benefit plans in 2025 pending future analysis. Estimated Future Benefit Payments The estimated future benefit payments, which reflect expected future service, are: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement ​ ​ ​ ​ ​ ​ benefits (gross benefit ​ ​ ​ ​ ​ ​ payments, including ​ ​ Pension benefits prescription drug benefits) ​ ​ (in millions) ​ Year ending December 31: ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 227.2 ​ $ 12.6 ​ 2026 ​ ​ 209.3 ​ ​ 11.4 ​ 2027 ​ ​ 219.2 ​ ​ 10.3 ​ 2028 ​ ​ 223.6 ​ ​ 9.2 ​ 2029 ​ ​ 230.8 ​ ​ 8.5 ​ 2030-2034 ​ ​ 1,273.2 ​ ​ 34.0 ​ ​ The above table reflects the total estimated future benefits to be paid from the plan, including both our share of the benefit cost and the participants’ share of the cost, which is funded by their contributions to the plan. The assumptions used in calculating the estimated future benefit payments are the same as those used to measure the benefit obligation for the year ended December 31, 2024. ​ Defined Benefit Pension Plans Supplemental Information Certain key summary data is shown below separately for qualified and nonqualified plans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 ​ 2023 ​ ​ Qualified ​ Nonqualified ​ ​ ​ ​ Qualified ​ Nonqualified ​ ​ ​ ​ Plan Plan Total Plan Plan Total ​ ​ (in millions) Amount recognized in statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ Other liabilities ​ ​ (34.9) ​ ​ (397.3) ​ ​ (432.2) ​ ​ (58.3) ​ ​ (423.0) ​ ​ (481.3) ​ Total ​ $ (34.9) ​ $ (397.3) ​ $ (432.2) ​ $ (58.3) ​ $ (423.0) ​ $ (481.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in accumulated other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net actuarial loss ​ $ 331.0 ​ $ 40.7 ​ $ 371.7 ​ $ 361.4 ​ $ 64.0 ​ $ 425.4 ​ Prior service benefit ​ ​ (47.4) ​ ​ (6.5) ​ ​ (53.9) ​ ​ (60.0) ​ ​ (10.6) ​ ​ (70.6) ​ Pre-tax accumulated other comprehensive loss ​ $ 283.6 ​ $ 34.2 ​ $ 317.8 ​ $ 301.4 ​ $ 53.4 ​ $ 354.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of net periodic benefit cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 55.2 ​ $ 4.0 ​ $ 59.2 ​ $ 51.6 ​ $ 4.0 ​ $ 55.6 ​ Interest cost ​ ​ 141.6 ​ ​ 19.9 ​ ​ 161.5 ​ ​ 139.7 ​ ​ 20.4 ​ ​ 160.1 ​ Expected return on plan assets ​ ​ (170.4) ​ ​ — ​ ​ (170.4) ​ ​ (163.2) ​ ​ — ​ ​ (163.2) ​ Amortization of prior service benefit ​ ​ (12.7) ​ ​ (4.0) ​ ​ (16.7) ​ ​ (12.6) ​ ​ (4.2) ​ ​ (16.8) ​ Recognized net actuarial loss ​ ​ 35.5 ​ ​ 3.5 ​ ​ 39.0 ​ ​ 38.8 ​ ​ 2.2 ​ ​ 41.0 ​ Settlement ​ ​ 0.2 ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ — ​ Net periodic benefit cost ​ $ 49.4 ​ $ 23.4 ​ $ 72.8 ​ $ 54.3 ​ $ 22.4 ​ $ 76.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes recognized in accumulated other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net actuarial (gain) loss ​ $ 5.2 ​ $ (19.7) ​ $ (14.5) ​ $ 9.5 ​ $ 14.9 ​ $ 24.4 ​ Amortization of net loss ​ ​ (35.4) ​ ​ (3.6) ​ ​ (39.0) ​ ​ (38.8) ​ ​ (2.2) ​ ​ (41.0) ​ Amortization of prior service benefit ​ ​ 12.7 ​ ​ 4.0 ​ ​ 16.7 ​ ​ 12.6 ​ ​ 4.2 ​ ​ 16.8 ​ Settlement ​ ​ (0.2) ​ ​ — ​ ​ (0.2) ​ ​ — ​ ​ — ​ ​ — ​ Total recognized in pre-tax accumulated other comprehensive (income) loss ​ $ (17.7) ​ $ (19.3) ​ $ (37.0) ​ $ (16.7) ​ $ 16.9 ​ $ 0.2 ​ Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive loss ​ $ 31.7 ​ $ 4.1 ​ $ 35.8 ​ $ 37.6 ​ $ 39.3 ​ $ 76.9 ​ ​ Defined Contribution and Deferred Compensation Plans In addition, we have defined contribution plans that are generally available to all U.S. employees and agents. Eligible participants could not contribute more than $23,000 of their compensation to the plans in 2024. For all participants, we match the participant’s contributions at a 75% contribution rate up to a maximum matching contribution of 6% of the participant’s compensation. The defined contribution plans allow employees to choose among various investment options, including our common stock, which is available through our Employee Stock Ownership Plan (“ESOP”). We contributed $75.4 million, $74.1 million and $70.3 million in 2024, 2023 and 2022, respectively, to our qualified defined contribution plans. ​ The number of shares of our common stock allocated to participants in the ESOP was 1.5 million and 1.7 million as of December 31, 2024 and 2023, respectively. As of December 31, 2024 and 2023, the fair value of the ESOP, which includes earned and unearned common stock, was $119.7 million and $135.6 million, respectively. The ESOP’s total assets include our common stock and cash. The ESOP purchases our common stock on the open market. The number of shares of our common stock held within the ESOP is treated as outstanding in both our basic and diluted earnings per share calculations. We also have nonqualified deferred compensation plans available to select employees and agents that allow them to defer compensation amounts in excess of limits imposed by U.S. federal tax law with respect to the qualified plans. For certain nonqualified deferred compensation plans that include an employer matching contribution, in 2024 we matched the Grandfathered Choice Participant’s deferral at a 50% match deferral rate up to a maximum matching deferral of 3% of the participant’s compensation. For all other participants in nonqualified deferred compensation plans that include an employer matching contribution, we matched the participant’s deferral at a 75% match deferral rate up to a maximum matching deferral of 6% of the participant’s compensation. We contributed $3.6 million, $3.1 million and $3.9 million in 2024, 2023 and 2022, respectively, to our nonqualified deferred compensation plans.

Contingencies, Guarantees, Inde

Contingencies, Guarantees, Indemnifications and Leases	12 Months Ended
	Dec. 31, 2024
Contingencies, Guarantees, Indemnifications and Leases
Contingencies, Guarantees, Indemnifications and Leases	16. Contingencies, Guarantees, Indemnifications and Leases Litigation and Regulatory Contingencies We are regularly involved in litigation, both as a defendant and as a plaintiff, but primarily as a defendant. Litigation naming us as a defendant ordinarily arises out of our business operations as a provider of asset management and accumulation products and services, individual life insurance, specialty benefits insurance and our investment activities. Some of the lawsuits may be class actions, or purport to be, and some may include claims for unspecified or substantial punitive and treble damages. We may discuss such litigation in one of three ways. We accrue a charge to income and disclose legal matters for which the chance of loss is probable and for which the amount of loss can be reasonably estimated. We may disclose contingencies for which the chance of loss is reasonably possible and provide an estimate of the possible loss or range of loss or a statement that such an estimate cannot be made. Finally, we may voluntarily disclose loss contingencies for which the chance of loss is remote in order to provide information concerning matters that potentially expose us to possible losses. In addition, regulatory bodies such as state insurance departments, the SEC, the Financial Industry Regulatory Authority (“FINRA”), the Department of Labor (“DOL”) and other regulatory agencies in the U.S. and in international locations in which we do business, regularly make inquiries and conduct examinations or investigations concerning our compliance with, among other things, insurance laws, securities laws, ERISA and laws governing the activities of broker-dealers. We receive requests from regulators and other governmental authorities relating to industry issues and may receive additional requests, including subpoenas and interrogatories, in the future. 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. 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 as of December 31, 2024. Guarantees and Indemnifications In the normal course of business, we have provided guarantees to third parties primarily related to former subsidiaries and joint ventures. The terms of these agreements range in duration and often are not explicitly defined. The maximum exposure under these agreements as of December 31, 2024, was approximately $74.0 million. At inception, the fair value of such guarantees was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. Should we be required to perform under these guarantees, we generally could recover a portion of the loss from third parties through recourse provisions included in agreements with such parties, the sale of assets held as collateral that can be liquidated in the event performance is required under the guarantees or other recourse generally available to us; therefore, such guarantees would not result in a material adverse effect on our business or financial position. While the likelihood is remote, such outcomes could materially affect net income in a particular quarter or annual period. Furthermore, in connection with our contingent funding agreements, we are required to purchase any principal and interest strips of U.S. Treasury securities that are due and not paid from the associated unconsolidated trusts. The maximum exposure under these agreements as of December 31, 2024, was $750.0 million. See Note 13, Debt, for further details. We manage mandatory privatized social security funds in Chile. By regulation, we have a required minimum guarantee on the funds’ relative return. Because the guarantee has no limitation with respect to duration or amount, the maximum exposure of the guarantee in the future is indeterminable. We are also subject to various other indemnification obligations issued in conjunction with divestitures, acquisitions, financing and reinsurance transactions whose terms range in duration and often are not explicitly defined. Certain portions of these indemnifications may be capped, while other portions are not subject to such limitations; therefore, the overall maximum amount of the obligation under the indemnifications cannot be reasonably estimated. At inception, the fair value of such indemnifications was insignificant. In addition, we believe the likelihood is remote that material payments will be required. Therefore, any liability accrued within our consolidated statements of financial position is insignificant. While we are unable to estimate with certainty the ultimate legal and financial liability with respect to these indemnifications, we believe that performance under these indemnifications would not result in a material adverse effect on our business or financial position. While the likelihood is remote, performance under these indemnifications could materially affect net income in a particular quarter or annual period. Guaranty Funds Under state insurance guaranty fund laws, insurers doing business in a state can be assessed, up to prescribed limits, for certain obligations of insolvent insurance companies to policyholders and claimants. A state’s fund assesses its members based on their pro rata market share of written premiums in the state for the classes of insurance for which the insolvent insurer was engaged. Some states permit member insurers to recover assessments paid through full or partial premium tax offsets. We accrue liabilities for guaranty fund assessments when an assessment is probable, can be reasonably estimated and when the event obligating us to pay has occurred. While we cannot predict the amount and timing of any future assessments, we have established reserves we believe are adequate for assessments relating to insurance companies that are currently subject to insolvency proceedings. As of December 31, 2024 and 2023, the liability balance for guaranty fund assessments, which is not discounted, was $29.3 million and $21.9 million, respectively, and was reported within other liabilities in the consolidated statements of financial position. As of December 31, 2024 and 2023, $17.5 million and $11.0 million, respectively, related to premium tax offsets were included in premiums due and other receivables in the consolidated statements of financial position. Leases As a lessee, we lease office space, data processing equipment, office furniture and office equipment under various operating leases. We also lease buildings and hardware storage equipment under finance leases. Lease assets and liabilities are recognized at the commencement of a lease based on the present value of lease payments over the lease term. We generally use our incremental borrowing rate based on the information available at the lease commencement date to determine the present value of lease payments. Lease term may include options to extend or terminate the lease when it is reasonably certain we will exercise the option. Leases with an initial term of twelve months or less are not recorded on the consolidated statements of financial position. We recognize lease expense for leases on a straight-line basis over the lease term. Some of our lease agreements include payments for property taxes, insurance, utilities or common area maintenance, which are not based on an index or rate. These payments are recognized in net income in the period in which the obligation has occurred. We sublease certain office space to third parties, which are primarily operating leases. We record sublease income on a straight-line basis over the lease term. The lease assets and liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in millions) Assets ​ ​ ​ ​ Operating lease assets (1) ​ $ 151.4 ​ $ 176.7 ​ Finance lease assets (1) ​ 67.6 ​ 73.9 ​ Total lease assets ​ $ 219.0 ​ $ 250.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ Operating lease liabilities (2) ​ $ 150.6 ​ $ 175.6 ​ Finance lease liabilities (2) ​ 69.0 ​ 74.8 ​ Total lease liabilities ​ $ 219.6 ​ $ 250.4 ​ (1) Operating and finance lease assets are primarily reported within property and equipment on the consolidated statements of financial position. (2) Operating and finance lease liabilities are reported within other liabilities on the consolidated statements of financial position. The lease cost was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in millions) Finance lease cost (1): ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 29.8 ​ $ 32.9 ​ $ 34.0 Interest on lease liabilities ​ ​ 2.6 ​ ​ 1.9 ​ ​ 1.2 Operating lease cost (1) ​ ​ 55.3 ​ ​ 56.1 ​ ​ 61.6 Other lease cost (1) (2) ​ ​ 9.2 ​ ​ 9.5 ​ ​ 12.4 Sublease income (3) ​ ​ (0.5) ​ ​ (0.3) ​ ​ (1.5) Total lease cost ​ $ 96.4 ​ $ 100.1 ​ $ 107.7 (1) Finance, operating and other lease costs are primarily included in operating expenses on the consolidated statements of operations. (2) Other lease cost primarily reflects variable and short-term lease costs. (3) Sublease income is included in fees and other revenues on the consolidated statements of operations. ​ ​ Payments for operating leases for the years ended December 31, 2024, 2023 and 2022, were $50.3 million, $60.1 million and $58.3 million, respectively. Payments for finance leases for the years ended December 31, 2024, 2023 and 2022, were $32.0 million, $34.3 million and $35.1 million, respectively. The following represents future payments due by period for lease obligations: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases Finance leases Total ​ ​ (in millions) ​ For the twelve months ending December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 46.1 ​ $ 29.1 ​ $ 75.2 ​ 2026 ​ ​ 41.2 ​ ​ 24.5 ​ ​ 65.7 ​ 2027 ​ ​ 32.8 ​ ​ 14.9 ​ ​ 47.7 ​ 2028 ​ ​ 18.6 ​ ​ 4.3 ​ ​ 22.9 ​ 2029 ​ ​ 8.5 ​ ​ — ​ ​ 8.5 ​ 2030 and thereafter ​ ​ 20.7 ​ ​ — ​ ​ 20.7 ​ Total lease payments ​ ​ 167.9 ​ ​ 72.8 ​ ​ 240.7 ​ Less: interest ​ ​ 17.3 ​ ​ 3.8 ​ ​ 21.1 ​ Present value of lease liabilities ​ $ 150.6 ​ $ 69.0 ​ $ 219.6 ​ ​ The weighted-average remaining lease term and weighted-average discount rates were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ Operating leases ​ 5.5 6.0 6.4 ​ Finance leases ​ 2.8 3.0 2.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ Operating leases ​ 3.7 % 3.6 % 3.6 % Finance leases ​ 4.0 % 3.5 % 1.7 % ​

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity
Stockholders' Equity	17. Stockholders’ Equity Common Stock Dividends ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 Dividends declared per common share ​ $ 2.85 ​ $ 2.60 ​ $ 2.56 ​ ​ Reconciliation of Outstanding Common Shares ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 Beginning balance ​ 236,438,294 ​ 243,549,782 ​ 261,673,076 ​ Shares issued ​ 2,455,503 ​ 2,469,841 ​ 4,937,910 ​ Treasury stock acquired ​ (12,668,636) ​ (9,581,329) ​ (23,061,204) ​ Ending balance ​ 226,225,161 ​ 236,438,294 ​ 243,549,782 ​ ​ In June 2021, our Board of Directors (“Board”) authorized a share repurchase program of up to $1.2 billion of our outstanding common stock, which was completed in August 2022. In January 2022, our Board authorized a $1.6 billion increase to the June 2021 share repurchase program authorization, which was completed in April 2024. In February 2024, our Board authorized a share repurchase program of up to $1.5 billion of our outstanding common stock, which has no expiration date. In February 2025, our Board authorized a share repurchase program of up to $1.5 billion of our outstanding common stock, which has no expiration date. Shares repurchased under these programs are accounted for as treasury stock, carried at cost and reflected as a reduction to stockholders’ equity. In March 2022, we entered into an accelerated share repurchase program with a third party financial institution to repurchase $700.0 million of common stock. We received approximately 8.5 million shares at an initial cost of $560.0 million from our counterparty as of March 31, 2022, which was recorded in treasury stock. The associated $140.0 million forward contract was recorded in additional paid-in capital. This program closed in June 2022, at which time an additional 1.4 million shares were delivered based on the $70.53 daily volume-weighted average price of our common stock, less a discount, during the term of the program. In August 2022, we entered into an accelerated share repurchase program with a third party financial institution to repurchase $400.0 million of common stock. We received approximately 4.1 million shares at an initial cost of $320.0 million from our counterparty as of August 16, 2022, which was recorded in treasury stock. This program closed in September 2022, at which time an additional 1.2 million shares were delivered based on the $76.48 daily volume-weighted average price of our common stock, less a discount, during the term of the program. Other Comprehensive Income (Loss) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized losses on available-for-sale securities during the period ​ $ (1,033.4) ​ $ 227.0 ​ $ (806.4) ​ Reclassification adjustment for losses included in net income (1) ​ 138.4 ​ (26.2) ​ 112.2 ​ Adjustments for assumed changes in amortization patterns ​ 9.8 ​ (2.1) ​ 7.7 ​ Adjustments for assumed changes in policyholder liabilities ​ 10.8 ​ (2.3) ​ 8.5 ​ Net unrealized losses on available-for-sale securities ​ (874.4) ​ 196.4 ​ (678.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains on derivative instruments during the period ​ 71.2 ​ ​ (15.0) ​ ​ 56.2 ​ Reclassification adjustment for gains included in net income (2) ​ (3.5) ​ ​ 0.8 ​ ​ (2.7) ​ Adjustments for assumed changes in amortization patterns ​ 0.5 ​ ​ (0.1) ​ ​ 0.4 ​ Net unrealized gains on derivative instruments ​ 68.2 ​ ​ (14.3) ​ ​ 53.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement gain (3) ​ ​ 1,281.9 ​ ​ (271.9) ​ ​ 1,010.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk remeasurement loss (4) ​ ​ (10.3) ​ ​ 2.2 ​ ​ (8.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment ​ ​ (301.5) ​ ​ 4.9 ​ ​ (296.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ 20.7 ​ ​ (5.1) ​ ​ 15.6 ​ Amortization of amounts included in net periodic benefit cost (6) ​ 20.3 ​ ​ (5.2) ​ ​ 15.1 ​ Net unrecognized postretirement benefit obligation ​ 41.0 ​ ​ (10.3) ​ ​ 30.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 204.9 ​ $ (93.0) ​ $ 111.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized gains on available-for-sale securities during the period ​ $ 1,986.8 ​ $ (419.8) ​ $ 1,567.0 ​ Reclassification adjustment for losses included in net income (1) ​ 351.1 ​ (73.5) ​ 277.6 ​ Adjustments for assumed changes in amortization patterns ​ (2.6) ​ 0.6 ​ (2.0) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.7 ​ (0.2) ​ 0.5 ​ Net unrealized gains on available-for-sale securities ​ 2,336.0 ​ (492.9) ​ 1,843.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized losses on derivative instruments during the period ​ (44.9) ​ ​ 9.4 ​ ​ (35.5) ​ Reclassification adjustment for gains included in net income (2) ​ (7.4) ​ ​ 1.6 ​ ​ (5.8) ​ Adjustments for assumed changes in amortization patterns ​ (0.9) ​ ​ 0.2 ​ ​ (0.7) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.2 ​ ​ — ​ ​ 0.2 ​ Net unrealized losses on derivative instruments ​ (53.0) ​ ​ 11.2 ​ ​ (41.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement loss (3) ​ ​ (365.9) ​ ​ 53.2 ​ ​ (312.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk remeasurement loss (4) ​ ​ (39.2) ​ ​ 8.3 ​ ​ (30.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment during the period ​ ​ 68.0 ​ ​ 5.1 ​ ​ 73.1 ​ Reclassification adjustment for losses included in net income (5) ​ ​ 0.6 ​ ​ — ​ ​ 0.6 ​ Foreign currency translation adjustment ​ 68.6 ​ ​ 5.1 ​ ​ 73.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ (19.3) ​ ​ 5.2 ​ ​ (14.1) ​ Amortization of amounts included in net periodic benefit cost (6) ​ 22.4 ​ ​ (5.9) ​ ​ 16.5 ​ Net unrecognized postretirement benefit obligation ​ 3.1 ​ ​ (0.7) ​ ​ 2.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 1,949.6 ​ $ (415.8) ​ $ 1,533.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized losses on available-for-sale securities during the period ​ $ (13,158.9) ​ $ 2,787.9 ​ $ (10,371.0) ​ Reclassification adjustment for losses included in net income (1) ​ 398.9 ​ (87.6) ​ 311.3 ​ Adjustments for assumed changes in amortization patterns ​ (3.7) ​ 0.7 ​ (3.0) ​ Adjustments for assumed changes in policyholder liabilities ​ 273.2 ​ (57.3) ​ 215.9 ​ Net unrealized losses on available-for-sale securities ​ (12,490.5) ​ 2,643.7 ​ (9,846.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized losses on derivative instruments during the period ​ (1.4) ​ ​ 0.3 ​ ​ (1.1) ​ Reclassification adjustment for gains included in net income (2) ​ (28.0) ​ ​ 5.8 ​ ​ (22.2) ​ Adjustments for assumed changes in amortization patterns ​ (0.1) ​ ​ — ​ ​ (0.1) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.4 ​ ​ (0.1) ​ ​ 0.3 ​ Net unrealized losses on derivative instruments ​ (29.1) ​ ​ 6.0 ​ ​ (23.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement gain (3) ​ ​ 6,030.4 ​ ​ (1,251.9) ​ ​ 4,778.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk remeasurement gain (4) ​ ​ 144.3 ​ ​ (30.2) ​ ​ 114.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment ​ ​ (26.9) ​ ​ 4.8 ​ ​ (22.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ 85.8 ​ ​ (22.3) ​ ​ 63.5 ​ Amortization of amounts included in net periodic benefit cost (6) ​ 36.7 ​ ​ (9.6) ​ ​ 27.1 ​ Net unrecognized postretirement benefit obligation ​ 122.5 ​ ​ (31.9) ​ ​ 90.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss ​ $ (6,249.3) ​ $ 1,340.5 ​ $ (4,908.8) ​ (1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations. (2) See Note 5, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details. (3) Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 10, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details. (4) See Note 11, Market Risk Benefits, for further details. (5) Relates to the release of cumulative translation adjustment from the dissolution of foreign subsidiaries. (6) 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 15, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details. Accumulated Other Comprehensive Loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MRB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized ​ Net unrealized ​ LFPB ​ nonperformance ​ Foreign ​ Unrecognized ​ Accumulated ​ ​ gains (losses) on ​ gains (losses) ​ discount rate ​ risk ​ currency ​ postretirement ​ other ​ ​ available-for-sale ​ on derivative ​ remeasurement ​ remeasurement ​ translation ​ benefit ​ comprehensive ​ securities (1) instruments gain (loss) gain (loss) adjustment obligation loss ​ ​ (in millions) Balances as of January 1, 2022 ​ $ 3,880.4 ​ $ 56.6 ​ $ (4,037.6) ​ $ (90.1) ​ $ (1,548.7) ​ $ (344.7) ​ $ (2,084.1) Other comprehensive loss during the period, net of adjustments ​ (10,157.9) ​ ​ (0.9) ​ ​ 4,778.5 ​ ​ 114.1 ​ ​ (22.9) ​ ​ 63.5 ​ ​ (5,225.6) Amounts reclassified from AOCI ​ 311.3 ​ ​ (22.2) ​ ​ — ​ ​ — ​ ​ — ​ ​ 27.1 ​ ​ 316.2 Other comprehensive loss ​ (9,846.6) ​ ​ (23.1) ​ ​ 4,778.5 ​ ​ 114.1 ​ ​ (22.9) ​ ​ 90.6 ​ ​ (4,909.4) Adjustment for reinsurance (2) ​ ​ 108.3 ​ ​ 6.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 114.5 Balances as of December 31, 2022 ​ ​ (5,857.9) ​ ​ 39.7 ​ ​ 740.9 ​ ​ 24.0 ​ ​ (1,571.6) ​ ​ (254.1) ​ ​ (6,879.0) Other comprehensive income during the period, net of adjustments ​ ​ 1,565.5 ​ ​ (36.0) ​ ​ (312.7) ​ ​ (30.9) ​ ​ 73.0 ​ ​ (14.1) ​ ​ 1,244.8 Amounts reclassified from AOCI ​ ​ 277.6 ​ ​ (5.8) ​ ​ — ​ ​ — ​ ​ 0.6 ​ ​ 16.5 ​ ​ 288.9 Other comprehensive income ​ ​ 1,843.1 ​ ​ (41.8) ​ ​ (312.7) ​ ​ (30.9) ​ ​ 73.6 ​ ​ 2.4 ​ ​ 1,533.7 Balances as of December 31, 2023 ​ ​ (4,014.8) ​ ​ (2.1) ​ ​ 428.2 ​ ​ (6.9) ​ ​ (1,498.0) ​ ​ (251.7) ​ ​ (5,345.3) Other comprehensive loss during the period, net of adjustments ​ ​ (790.3) ​ ​ 56.6 ​ ​ 1,010.0 ​ ​ (8.1) ​ ​ (287.9) ​ ​ 15.6 ​ ​ (4.1) Amounts reclassified from AOCI ​ ​ 112.2 ​ ​ (2.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ 15.1 ​ ​ 124.6 Other comprehensive income ​ ​ (678.1) ​ ​ 53.9 ​ ​ 1,010.0 ​ ​ (8.1) ​ ​ (287.9) ​ ​ 30.7 ​ ​ 120.5 Balances as of December 31, 2024 ​ $ (4,692.9) ​ $ 51.8 ​ $ 1,438.2 ​ $ (15.0) ​ $ (1,785.9) ​ $ (221.0) ​ $ (5,224.8) (1) Net unrealized gains (losses) on available-for-sale securities for which an allowance for credit loss has been recorded were $(3.8) million, $ (4.3) million and $0.3 million as of December 31, 2024, 2023 and 2022, respectively. (2) Reflects the January 1, 2022, balance associated with our exited ULSG business that was ceded to an unaffiliated reinsurance company. 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Beginning balance ​ $ 248.9 ​ $ 262.0 ​ $ 332.5 ​ Net income (loss) attributable to redeemable noncontrolling interest ​ ​ 11.8 ​ ​ 23.7 ​ ​ (25.8) ​ Redeemable noncontrolling interest of deconsolidated entities (1) ​ ​ (185.6) ​ ​ (3.0) ​ ​ (2.8) ​ Contributions from redeemable noncontrolling interest ​ 330.0 ​ 43.3 ​ 67.3 ​ Distributions to redeemable noncontrolling interest ​ (55.8) ​ (75.0) ​ (108.9) ​ Purchase of subsidiary shares from redeemable noncontrolling interest (2) ​ (0.6) ​ (1.6) ​ (1.1) ​ Change in redemption value of redeemable noncontrolling interest ​ (4.4) ​ (1.1) ​ (0.2) ​ Stock-based compensation attributable to redeemable noncontrolling interest ​ ​ 0.2 ​ ​ 0.1 ​ ​ 0.1 ​ Other comprehensive income (loss) attributable to redeemable noncontrolling interest ​ (6.8) ​ 0.5 ​ 0.9 ​ Ending balance ​ $ 337.7 ​ $ 248.9 ​ $ 262.0 ​ (1) We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation. (2) In 2024, 2023 and 2022, we acquired an additional interest in Origin Asset Management. Dividend Limitations The declaration and payment of our common stock dividends is subject to the discretion of our Board of Directors and will depend on our overall financial condition, results of operations, capital levels, cash requirements, future prospects, receipt of dividends or other distributions from Principal Life (as described below), risk management considerations and other factors deemed relevant by the Board. No significant restrictions limit the payment of dividends by us, except those generally applicable to corporations incorporated in Delaware. Under Iowa law, Principal Life may pay dividends or make other distributions only from the earned surplus arising from its business and must receive the prior approval of the Commissioner of Insurance of the State of Iowa (“the Commissioner”) to pay stockholder dividends or make any other distribution if such distribution would exceed certain statutory limitations. Iowa law gives the Commissioner discretion to disapprove requests for distributions in excess of these limitations. Extraordinary dividends include those made, together with dividends and other distributions, within the preceding twelve months that exceed the greater of (i) 10% of Principal Life’s statutory policyholder surplus as of the previous year-end excluding admitted disallowed interest maintenance reserve or (ii) the statutory net gain from operations from the previous calendar year, not to exceed earned surplus. Based on this limitation and 2024 statutory results, Principal Life could pay approximately $1,313.1 million in ordinary stockholder dividends in 2025 without prior regulatory approval. However, because the dividend test is based on dividends previously paid over rolling twelve-month periods, if paid before a specified date during 2025, some or all of such dividends may be extraordinary and require regulatory approval.

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements
Fair Value Measurements	18. Fair Value Measurements We use fair value measurements to record fair value of certain assets and liabilities and to estimate fair value of financial instruments not recorded at fair value but required to be disclosed at fair value. Certain financial instruments, particularly policyholder liabilities other than investment contracts, are excluded from these fair value disclosure requirements. Valuation Hierarchy Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date (an exit price). The fair value hierarchy prioritizes the inputs to valuation techniques used to measure fair value into three levels. The level in the fair value hierarchy within which the fair value measurement in its entirety falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety considering factors specific to the asset or liability. ● Level 1 – Fair values are based on unadjusted quoted prices in active markets for identical assets or liabilities. ● Level 2 – Fair values are based on inputs other than quoted prices within Level 1 that are observable for the asset or liability, either directly or indirectly. ● Level 3 – Fair values are based on at least one significant unobservable input for the asset or liability. Determination of Fair Value The following discussion describes the valuation methodologies and inputs used for assets and liabilities measured at fair value on a recurring basis. 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 2024. 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 for specific security classes. The expected cash flows of the security are then discounted back at the current Treasury curve plus the appropriate risk spread. Although the matrix valuation approach provides a fair valuation of each pricing category, the valuation of an individual security within each pricing category may also be impacted by company specific factors. If we are unable to price a fixed maturity security using prices from third party pricing vendors or other sources specific to the asset class, we may obtain a broker quote or utilize an internal pricing model specific to the asset utilizing relevant market information, to the extent available and where at least one significant unobservable input is utilized. These are reflected in Level 3 in the fair value hierarchy and can include fixed maturities across all asset classes. As of December 31, 2024, approximately 3% 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 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. Mortgage Loans Mortgage loans reported at fair value include those of a consolidated VIE for which the fair value option was elected. Fair values of commercial mortgage loans are primarily determined by discounting the expected cash flows at current treasury rates plus an applicable risk spread, which reflects credit quality and maturity of the loans. The risk spread is based on market clearing levels for loans with comparable credit quality, maturities and risk. These are reflected in Level 3. Mortgage loans valued using securitized pricing based on observable market data should be reflected in Level 2 of the fair value hierarchy. 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 utilize the secured overnight financing rate (“SOFR”) 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 SOFR curve to value our positions. Counterparty credit risk is routinely monitored to ensure our adjustment for nonperformance risk is appropriate. Our centrally cleared derivative contracts are conducted with regulated centralized clearinghouses, which provide for daily exchange of cash collateral or variation margin equal to the difference in the daily market values of those contracts that eliminates the nonperformance risk on these trades. Interest Rate Contracts. 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, other loans of a consolidated VIE for which the fair value option was elected and certain redeemable and nonredeemable preferred stock. Invested assets of consolidated sponsored investment funds include equity securities, fixed maturities and derivative assets, for which fair values are determined as previously described, and are reflected in Level 1 and Level 2. The fair value of unconsolidated sponsored investment funds and other investment funds is determined using the NAV of the fund. The NAV of the fund represents the price at which we would be able to initiate a transaction. Investments for which the NAV represents a quoted price in an active market for identical assets are reflected in Level 1. Investments that do not have a quoted price in an active market are reflected in Level 2. Other loans of a consolidated VIE for which the fair value option was elected are reflected in Level 3. The fair value of these loans is estimated using a discounted cash flow valuation model that utilizes standard assumption-setting methodology accepted by market participants in the industry. The assumptions are formed based on historical performance of the loans and utilizes market data inputs such as charge-off rates, prepayment rates, recovery rates and discount rates. 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. ​ Market Risk Benefits MRBs are measured at fair value at the contract level on a recurring basis and are reflected in Level 3 as either an asset or a liability, depending on certain inputs at the reporting date. The key assumptions for calculating the fair value are market assumptions and policyholder behavior. Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The MRBs are valued using stochastic models that incorporate a spread reflecting our own nonperformance risk. The assumption for our own nonperformance risk is based on current market credit spreads for debt-like instruments we have issued and are available in the market. Refer to Note 11, Market Risk Benefits, for further information on the determination of fair value measurement of MRBs. 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 and mortality). Risk margins are included in the policyholder behavior assumptions. The assumptions are based on a combination of historical data and actuarial judgment. The embedded derivative liabilities are valued using models that incorporate a spread reflecting our own creditworthiness. The assumption for our own nonperformance risk for investment contracts and any embedded derivatives bifurcated from certain universal life, annuity and investment contracts is based on the current market credit spreads for debt-like instruments we have issued and are available in the market. Funds Withheld Payable The funds withheld payable includes an embedded derivative that has been bifurcated from the host contract and is measured at fair value on a recurring basis, which is reflected in Level 3. The fair value is determined based on the change in the estimated fair value of the underlying funds withheld investments. The fair value of these assets is determined as previously described. Long-Term Debt Long-term debt reported at fair value includes that of a consolidated VIE for which the fair value option was elected. The long-term debt is a secured credit facility that is primarily financing for commercial real estate loans. The fair value is estimated using discounted cash flow analysis based on our incremental borrowing rate for similar borrowing arrangements. These are reflected in Level 2. 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 1 and Level 2. Assets and Liabilities Measured at Fair Value on a Recurring Basis Assets and liabilities measured at fair value on a recurring basis were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ Fair value hierarchy level ​ ​ ​ measured at ​ net asset ​ ​ ​ ​ fair value value (5) Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,637.9 ​ $ — ​ $ 1,231.9 ​ $ 406.0 ​ $ — ​ Non-U.S. governments ​ 495.7 ​ — ​ — ​ 495.7 ​ — ​ States and political subdivisions ​ 6,076.5 ​ — ​ — ​ 6,009.7 ​ 66.8 ​ Corporate ​ 35,702.6 ​ — ​ 29.1 ​ 33,323.1 ​ 2,350.4 ​ Residential mortgage-backed pass-through securities ​ 3,674.2 ​ — ​ — ​ 3,674.2 ​ — ​ Commercial mortgage-backed securities ​ 5,188.0 ​ — ​ — ​ 5,185.3 ​ 2.7 ​ Collateralized debt obligations (1) ​ 6,560.4 ​ — ​ — ​ 6,560.4 ​ — ​ Other debt obligations ​ 8,915.7 ​ — ​ — ​ 7,437.4 ​ 1,478.3 ​ Total fixed maturities, available-for-sale ​ 68,251.0 ​ — ​ 1,261.0 ​ 63,091.8 ​ 3,898.2 ​ Fixed maturities, trading ​ 1,023.3 ​ — ​ — ​ 460.7 ​ 562.6 ​ Equity securities ​ 2,295.0 ​ — ​ 990.2 ​ 1,304.8 ​ — ​ Mortgage loans ​ ​ 140.6 ​ ​ — ​ ​ — ​ ​ — ​ ​ 140.6 ​ Derivative assets (2) ​ 648.2 ​ — ​ — ​ 626.8 ​ 21.4 ​ Other investments ​ 905.6 ​ 106.7 ​ 262.2 ​ 405.5 ​ 131.2 ​ Cash equivalents ​ 2,950.5 ​ — ​ 271.6 ​ 2,678.9 ​ — ​ Market risk benefit asset (3) ​ ​ 199.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 199.5 ​ Sub-total excluding separate account assets ​ 76,413.7 ​ 106.7 ​ 2,785.0 ​ 68,568.5 ​ 4,953.5 ​ Separate account assets ​ 173,327.1 ​ 7,573.6 ​ 112,920.3 ​ 52,106.5 ​ 726.7 ​ Total assets ​ $ 249,740.8 ​ $ 7,680.3 ​ $ 115,705.3 ​ $ 120,675.0 ​ $ 5,680.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ $ (578.4) ​ $ — ​ $ — ​ $ — ​ $ (578.4) ​ Market risk benefit liability (3) ​ ​ (62.1) ​ ​ — ​ ​ — ​ ​ — ​ ​ (62.1) ​ Funds withheld payable embedded derivative (4) ​ ​ 3,014.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,014.5 ​ Long-term debt ​ ​ (21.8) ​ ​ — ​ ​ — ​ ​ (21.8) ​ ​ — ​ Derivative liabilities (2) ​ ​ (506.2) ​ ​ — ​ ​ — ​ ​ (498.3) ​ ​ (7.9) ​ Other liabilities ​ (5.2) ​ — ​ (5.2) ​ — ​ — ​ Total liabilities ​ $ 1,840.8 ​ $ — ​ $ (5.2) ​ $ (520.1) ​ $ 2,366.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 251,581.6 ​ $ 7,680.3 ​ $ 115,700.1 ​ $ 120,154.9 ​ $ 8,046.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ Fair value hierarchy level ​ ​ ​ measured at ​ net asset ​ ​ ​ ​ fair value value (5) Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,528.8 ​ $ — ​ $ 1,216.0 ​ $ 312.8 ​ $ — ​ Non-U.S. governments ​ 507.9 ​ — ​ 0.2 ​ 507.7 ​ — ​ States and political subdivisions ​ 6,676.8 ​ — ​ — ​ 6,606.9 ​ 69.9 ​ Corporate ​ 35,810.0 ​ — ​ 30.9 ​ 33,473.2 ​ 2,305.9 ​ Residential mortgage-backed pass-through securities ​ 3,061.1 ​ — ​ — ​ 3,061.1 ​ — ​ Commercial mortgage-backed securities ​ 4,775.5 ​ — ​ — ​ 4,772.5 ​ 3.0 ​ Collateralized debt obligations (1) ​ 5,403.7 ​ — ​ — ​ 5,328.3 ​ 75.4 ​ Other debt obligations ​ 7,909.3 ​ — ​ — ​ 6,726.7 ​ 1,182.6 ​ Total fixed maturities, available-for-sale ​ 65,673.1 ​ — ​ 1,247.1 ​ 60,789.2 ​ 3,636.8 ​ Fixed maturities, trading ​ 836.2 ​ — ​ 27.7 ​ 392.7 ​ 415.8 ​ Equity securities ​ 1,478.1 ​ — ​ 245.4 ​ 1,232.7 ​ — ​ Derivative assets (2) ​ 304.2 ​ — ​ — ​ 297.9 ​ 6.3 ​ Other investments ​ 815.6 ​ 73.7 ​ 220.1 ​ 356.7 ​ 165.1 ​ Cash equivalents ​ 3,771.4 ​ — ​ 511.6 ​ 3,259.8 ​ — ​ Market risk benefit asset (3) ​ ​ 153.4 ​ ​ — ​ ​ — ​ ​ — ​ ​ 153.4 ​ Sub-total excluding separate account assets ​ 73,032.0 ​ 73.7 ​ 2,251.9 ​ 66,329.0 ​ 4,377.4 ​ Separate account assets ​ 167,605.6 ​ 8,692.0 ​ 104,505.0 ​ 53,655.8 ​ 752.8 ​ Total assets ​ $ 240,637.6 ​ $ 8,765.7 ​ $ 106,756.9 ​ $ 119,984.8 ​ $ 5,130.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ $ (115.5) ​ $ — ​ $ — ​ $ — ​ $ (115.5) ​ Market risk benefit liability (3) ​ ​ (133.2) ​ ​ — ​ ​ — ​ ​ — ​ ​ (133.2) ​ Funds withheld payable embedded derivative (4) ​ ​ 2,567.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,567.1 ​ Derivative liabilities (2) ​ ​ (494.0) ​ ​ — ​ ​ — ​ ​ (493.2) ​ ​ (0.8) ​ Other liabilities ​ (1.0) ​ — ​ — ​ (1.0) ​ — ​ Total liabilities ​ $ 1,823.4 ​ $ — ​ $ — ​ $ (494.2) ​ $ 2,317.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 242,461.0 ​ $ 8,765.7 ​ $ 106,756.9 ​ $ 119,490.6 ​ $ 7,447.8 ​ (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 5, Derivative Financial Instruments, for further information on fair value by class of derivative instruments. (3) Refer to Note 11, Market Risk Benefits, for further information on the change in the Level 3 fair value measurements of MRBs. (4) 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. The funds withheld payable embedded derivative could be in either an asset or (liability) position. (5) 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 $3.1 million and $7.1 million as of December 31, 2024 and December 31, 2023, respectively. Separate account assets using the NAV practical expedient consist of certain funds with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these 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 year ended December 31, 2024 ​ ​ Beginning ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ 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 ​ December 31, ​ 2024 (2) income (3) (4) Level 3 Level 3 2024 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 69.9 ​ $ — ​ $ (1.5) ​ $ 0.8 ​ $ 15.5 ​ $ (17.9) ​ $ 66.8 Corporate ​ ​ 2,305.9 ​ ​ (28.2) ​ ​ (25.1) ​ ​ 38.9 ​ ​ 58.9 ​ ​ — ​ ​ 2,350.4 Commercial mortgage-backed securities ​ 3.0 ​ — ​ — ​ ​ (0.3) ​ — ​ — ​ 2.7 Collateralized debt obligations ​ 75.4 ​ — ​ (0.7) ​ ​ (71.7) ​ — ​ (3.0) ​ — Other debt obligations ​ 1,182.6 ​ 0.2 ​ (0.8) ​ ​ 267.7 ​ 140.2 ​ (111.6) ​ 1,478.3 Total fixed maturities, available-for-sale ​ 3,636.8 ​ (28.0) ​ (28.1) ​ ​ 235.4 ​ 214.6 ​ (132.5) ​ 3,898.2 Fixed maturities, trading ​ ​ 415.8 ​ ​ (0.7) ​ ​ — ​ ​ 147.5 ​ ​ — ​ ​ — ​ ​ 562.6 Mortgage loans ​ ​ — ​ ​ — ​ ​ — ​ ​ 140.6 ​ ​ — ​ ​ — ​ ​ 140.6 Other investments ​ 165.1 ​ (22.8) ​ — ​ ​ (11.1) ​ — ​ — ​ 131.2 Separate account assets (1) ​ 752.8 ​ (17.5) ​ — ​ ​ (8.6) ​ — ​ — ​ 726.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (115.5) ​ (166.3) ​ — ​ ​ (296.6) ​ — ​ — ​ (578.4) Funds withheld payable embedded derivative ​ ​ 2,567.1 ​ ​ 447.4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,014.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ 5.5 ​ 7.5 ​ — ​ ​ 0.8 ​ 0.1 ​ ​ (0.4) ​ 13.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Beginning ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ 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 December 31, ​ ​ 2023 ​ (2) ​ income (3) ​ (4) ​ Level 3 ​ Level 3 ​ 2023 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 70.9 ​ $ — ​ $ 0.7 ​ $ (1.7) ​ $ — ​ $ — ​ $ 69.9 Corporate ​ ​ 1,568.3 ​ ​ (4.5) ​ ​ 13.3 ​ ​ 593.6 ​ ​ 212.4 ​ ​ (77.2) ​ ​ 2,305.9 Commercial mortgage-backed securities ​ 3.4 ​ — ​ — ​ ​ (0.4) ​ — ​ — ​ 3.0 Collateralized debt obligations ​ 56.2 ​ — ​ 1.9 ​ ​ 165.8 ​ — ​ (148.5) ​ 75.4 Other debt obligations ​ 467.8 ​ 1.3 ​ 1.2 ​ ​ 537.0 ​ 239.5 ​ (64.2) ​ 1,182.6 Total fixed maturities, available-for-sale ​ 2,166.6 ​ (3.2) ​ 17.1 ​ ​ 1,294.3 ​ 451.9 ​ (289.9) ​ 3,636.8 Fixed maturities, trading ​ ​ 134.0 ​ ​ 2.4 ​ ​ — ​ ​ 279.4 ​ ​ — ​ ​ — ​ ​ 415.8 Other investments ​ ​ 1.9 ​ (5.7) ​ — ​ ​ 168.9 ​ — ​ — ​ 165.1 Separate account assets (1) ​ 1,034.9 ​ (8.7) ​ — ​ ​ (273.4) ​ — ​ — ​ 752.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (46.4) ​ (37.7) ​ — ​ ​ (31.4) ​ — ​ — ​ (115.5) Funds withheld payable embedded derivative ​ 3,652.8 ​ ​ (1,085.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,567.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ (3.4) ​ 3.9 ​ — ​ ​ 4.9 ​ 0.1 ​ ​ — ​ 5.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Beginning ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ 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 ​ December 31, ​ 2022 (2) income (3) (4) Level 3 Level 3 2022 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 94.8 ​ $ — ​ $ (24.1) ​ $ (1.6) ​ $ 12.0 ​ $ (10.2) ​ $ 70.9 Corporate ​ ​ 834.3 ​ ​ (4.8) ​ ​ (28.6) ​ ​ 626.3 ​ ​ 176.3 ​ ​ (35.2) ​ ​ 1,568.3 Commercial mortgage-backed securities ​ 19.2 ​ — ​ (1.0) ​ ​ (4.6) ​ — ​ (10.2) ​ 3.4 Collateralized debt obligations ​ 85.8 ​ — ​ (1.0) ​ ​ 151.8 ​ — ​ (180.4) ​ 56.2 Other debt obligations ​ 42.1 ​ (0.3) ​ (20.4) ​ ​ 474.2 ​ — ​ (27.8) ​ 467.8 Total fixed maturities, available-for-sale ​ 1,076.2 ​ (5.1) ​ (75.1) ​ ​ 1,246.1 ​ 188.3 ​ (263.8) ​ 2,166.6 Fixed maturities, trading ​ ​ 4.9 ​ ​ (0.6) ​ ​ — ​ ​ 100.7 ​ ​ 29.0 ​ ​ — ​ ​ 134.0 Other investments ​ 2.1 ​ ​ — ​ ​ (0.6) ​ ​ 0.4 ​ ​ — ​ ​ — ​ ​ 1.9 Separate account assets (1) ​ 945.3 ​ ​ 113.5 ​ ​ — ​ ​ (23.9) ​ ​ — ​ ​ — ​ ​ 1,034.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (83.2) ​ ​ 35.9 ​ ​ — ​ ​ 0.9 ​ ​ — ​ ​ — ​ ​ (46.4) Funds withheld payable embedded derivative ​ ​ — ​ ​ 3,652.8 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,652.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ — ​ ​ (5.4) ​ ​ (0.3) ​ ​ 2.6 ​ ​ — ​ ​ (0.3) ​ ​ (3.4) (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 Asset Management 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), net realized capital gains (losses) on funds withheld assets or change in fair value of funds withheld embedded derivative 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 year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Assets ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ Corporate ​ $ (39.1) ​ $ 0.3 ​ $ (1.3) Other debt obligations ​ ​ 0.2 ​ ​ 1.9 ​ ​ — Total fixed maturities, available-for-sale ​ (38.9) ​ 2.2 ​ (1.3) Fixed maturities, trading ​ ​ (6.2) ​ ​ 2.0 ​ ​ (0.6) Other investments ​ (10.0) ​ (5.2) ​ — Separate account assets ​ (9.8) ​ (80.3) ​ 89.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Investment and universal life contracts ​ (155.8) ​ (29.2) ​ 22.6 Funds withheld payable embedded derivative ​ ​ 447.4 ​ ​ (1,085.7) ​ ​ 3,652.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ Net derivative assets (liabilities) ​ 7.8 ​ 7.5 ​ (3.4) ​ (3) Changes in unrealized gains (losses) included in OCI, including foreign currency translation adjustments related to Principal Asset Management, relating to positions still held were : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ (1.4) ​ $ (4.1) ​ $ (22.3) Corporate ​ ​ (25.7) ​ ​ (38.9) ​ ​ (19.8) Commercial mortgage-backed securities ​ ​ — ​ ​ — ​ ​ (0.5) Collateralized debt obligations ​ ​ 0.1 ​ ​ 0.7 ​ ​ — Other debt obligations ​ ​ (0.5) ​ ​ (29.8) ​ ​ (18.5) Total fixed maturities, available-for-sale ​ ​ (27.5) ​ ​ (72.1) ​ ​ (61.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ — ​ ​ (0.2) ​ (4) Gross purchases, sales, issuances and settlements were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ ​ Purchases Sales Issuances Settlements and settlements ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 2.5 ​ $ — ​ $ — ​ $ (1.7) ​ $ 0.8 ​ Corporate ​ ​ 659.3 ​ ​ (322.2) ​ ​ — ​ ​ (298.2) ​ ​ 38.9 ​ Commercial mortgage-backed securities ​ — ​ — ​ — ​ (0.3) ​ (0.3) ​ Collateralized debt obligations ​ 35.1 ​ (90.0) ​ — ​ (16.8) ​ (71.7) ​ Other debt obligations ​ 601.3 ​ (101.4) ​ — ​ (232.2) ​ 267.7 ​ Total fixed maturities, available-for-sale ​ 1,298.2 ​ (513.6) ​ — ​ (549.2) ​ 235.4 ​ Fixed maturities, trading ​ ​ 422.9 ​ ​ (166.9) ​ ​ — ​ ​ (108.5) ​ ​ 147.5 ​ Mortgage loans ​ ​ 140.6 ​ ​ — ​ ​ — ​ ​ — ​ ​ 140.6 ​ Other investments ​ 182.3 ​ — ​ — ​ (193.4) ​ (11.1) ​ Separate account assets (5) ​ — ​ ​ (30.3) ​ ​ (60.0) ​ 81.7 ​ (8.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ — ​ — ​ (364.4) ​ 67.8 ​ (296.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ 0.4 ​ 0.4 ​ — ​ — ​ 0.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ ​ Purchases Sales Issuances Settlements and settlements ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ — ​ $ — ​ $ (1.7) ​ $ (1.7) ​ Corporate ​ ​ 815.2 ​ ​

Statutory Insurance Financial I

Statutory Insurance Financial Information	12 Months Ended
	Dec. 31, 2024
Statutory Insurance Financial Information
Statutory Insurance Financial Information	19. Statutory Insurance Financial Information Principal Life, the largest indirect subsidiary of PFG, prepares statutory financial statements in accordance with the accounting practices prescribed or permitted by the Insurance Division of the Department of Commerce of the State of Iowa (the “Iowa Insurance Division”). The Iowa Insurance Division recognizes only statutory accounting practices prescribed or permitted by the State of Iowa for determining and reporting the financial condition and results of operations of an insurance company to determine its solvency under the Iowa Insurance Law. The National Association of Insurance Commissioners’ (“NAIC”) Accounting Practices and Procedures Manual has been adopted as a component of prescribed practices by the State of Iowa. The Commissioner has the right to permit other specific practices that deviate from prescribed practices. Statutory accounting practices differ from U.S. GAAP primarily due to charging policy acquisition costs to expense as incurred, establishing reserves using different actuarial assumptions, valuing investments on a different basis and not admitting certain assets, including certain net deferred income tax assets. Principal Life cedes certain term, universal life and Closed Block life insurance statutory reserves to its affiliated reinsurance subsidiaries on a funds withheld coinsurance basis. The reserves are secured by cash, invested assets and financing provided by highly rated third parties. As of December 31, 2024 and 2023, Principal Life’s affiliated reinsurance subsidiaries assumed statutory reserves of $19,013.3 million and $18,474.2 million from Principal Life, respectively. In the states of Vermont and Delaware, Principal Life’s affiliated reinsurance subsidiaries had permitted and prescribed practices allowing for the admissibility of certain assets backing these reserves. As of December 31, 2024 and 2023, assets admitted under these practices totaled $4,254.5 million and $4,153.8 million, respectively. In addition, as of December 31, 2024 and 2023, one of Principal Life’s affiliated reinsurance subsidiaries in Vermont ceded $10,847.6 million and $10,406.3 million, respectively, of the ULSG reserves it assumed from Principal Life to an unaffiliated reinsurance company. Beginning in the fourth quarter of 2023, Principal Life cedes certain pension risk transfer and term life reserves to an affiliated Bermuda reinsurer. The reinsurer has permitted practices under Bermuda regulatory reporting allowing for the valuation of certain assets and liabilities to address mismatches in interest rate discounting used under U.S. GAAP. These permitted practices were approved by the Bermuda Monetary Authority (“BMA”) for 2023 and we have requested this annual approval from the BMA for 2024. Use of these permitted practices resulted in a $22.2 million increase to the reinsurer’s regulatory capital and surplus as of December 31, 2023, and a $190.4 million decrease to the reinsurer’s net income for the year ended December 31, 2023. Life and health insurance companies are subject to certain risk-based capital (“RBC”) requirements as specified by the NAIC. Under those requirements, the amount of capital and surplus maintained by a life and health insurance company is to be determined based on the various risk factors related to it. As of December 31, 2024, Principal Life met the minimum RBC requirements. Statutory net income (loss) and statutory capital and surplus of Principal Life were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of or for the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Statutory net income (loss) ​ $ 1,093.6 ​ $ 1,285.0 ​ $ (1,563.1) ​ Statutory capital and surplus ​ ​ 4,695.5 ​ ​ 4,753.4 ​ ​ 4,304.4 ​ ​

Segment Information

Segment Information	12 Months Ended
	Dec. 31, 2024
Segment Information
Segment Information	20. Segment Information We provide financial products and services through the following segments: Retirement and Income Solutions, Principal Asset Management and Benefits and Protection. 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. In the fourth quarter of 2024, we implemented changes to our Principal Asset Management segment to align the global operations by business function. Prior to the fourth quarter of 2024, our Principal Asset Management segment was organized into Principal Global Investors and Principal International. The Principal Asset Management segment is now organized into Investment Management and International Pension. The change has been applied retrospectively, which did not have an impact on our consolidated financial statements. The Retirement and Income Solutions segment provides retirement and related financial products and services primarily to businesses, their employees and other individuals. The segment includes workplace savings and retirement solutions, banking, trust and custodial services, individual variable annuities (including RILAs), pension risk transfer, investment only and our exited retail fixed annuities business. The Principal Asset Management segment provides global investment solutions to institutional, retirement, retail and high net worth investors in the U.S. and select emerging markets. The segment is organized into Investment Management, which provides public, multi-asset and private market capabilities across all asset classes, including equity, fixed income, real estate and alternatives, to serve a breadth of client investment objectives; and International Pension, which provides long-term savings and retirement solutions through pension accumulation and income annuities in Asia and Latin America. The Benefits and Protection segment focuses on solutions primarily for small-to-mid sized businesses and their employees. The segment is organized into Specialty Benefits, which provides group dental, group life insurance, group disability insurance (including short-term disability, long-term disability and paid family and medical leave), supplemental health products (including vision, critical illness, accident and hospital indemnity) and individual disability insurance; and Life Insurance, which provides life insurance focused on the business market customer, including universal life and variable universal life (including indexed universal life) and traditional life insurance (including term life insurance). All remaining customers are part of the legacy life block of business, including universal and variable universal life insurance (including indexed universal life), traditional life insurance (including participating whole life, adjustable life products and term life insurance) and our exited ULSG business. 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”); and our exited group medical and long-term care insurance businesses are reported in this segment. Our chief operating decision maker (“CODM”) is our chief executive officer. Our CODM and management team, use segment pre-tax operating earnings in evaluating performance, which is consistent with the financial results provided to and discussed with securities analysts. In addition, the financial information provided to our CODM is used in making decisions about the allocation of resources and determining annual incentive compensation paid to our employees. 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 income (loss) from exited business, 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) related to equity method investments, ● Pre-tax net realized capital gains (losses) related to sponsored investment funds and other adjustments, ● Certain variable annuity fees, ● Market value adjustments of market risk benefits, ● Related changes in the amortization pattern of actuarial balances, ● Certain hedge accounting market value expense adjustments and ● Net realized capital gains (losses) distributed. Pre-tax income (loss) from exited business includes amounts associated with our exited U.S. retail fixed annuity and ULSG businesses, including the change in fair value of the funds withheld embedded derivative, net realized capital gains (losses) on funds withheld assets, strategic review costs and impacts, amortization of reinsurance gain (loss) and other impacts of reinsured business. The strategic review costs and impacts primarily include actuarial balance re-cohorting impacts resulting from the Strategic Review and costs to close the reinsurance transaction. Other impacts of reinsured business primarily includes change in reserves and DAC amortization. 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 variable annuity fees, ● Certain market value adjustments to fee revenues, ● Pre-tax net realized capital gains (losses) related to equity method investments and ● Pre-tax net realized capital gains (losses) related to sponsored investment funds and other adjustments. ● Pre-tax revenues from exited business, ● Pre-tax other revenue adjustments and income taxes of equity method investments and ● Pre-tax other revenue adjustments management believes are not indicative of overall operating trends. Segment expenses reflect consolidated U.S. GAAP total expenses excluding: ● Pre-tax expenses associated with net realized capital gains (losses), ● Periodic settlements and accruals on derivatives used to hedge MRBs, ● Pre-tax expenses from exited business and ● Pre-tax expense 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 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 and reconcile segment totals to those reported in the consolidated financial statements. ​ Segment Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ (in millions) Retirement and Income Solutions ​ $ 222,967.0 ​ $ 213,208.3 ​ Principal Asset Management ​ ​ 43,029.4 ​ ​ 45,905.2 ​ Benefits and Protection ​ ​ 46,006.7 ​ ​ 43,763.5 ​ Corporate ​ ​ 1,660.5 ​ ​ 2,169.7 ​ Total assets per consolidated statements of financial position ​ $ 313,663.6 ​ $ 305,046.7 ​ ​ Segment Operating Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Revenue from contracts with external customers (1) ​ $ 4,957.8 ​ $ 1,824.5 ​ $ 4,142.5 ​ $ 240.9 ​ $ 11,165.7 ​ Adjustments for revenue from contracts with external customers not included in operating revenues (2) ​ ​ (74.7) ​ ​ — ​ 25.1 ​ — ​ (49.6) ​ Net investment income included in operating revenues ​ ​ 3,040.5 ​ ​ 426.7 ​ 613.6 ​ 200.4 ​ 4,281.2 ​ Operating revenues from equity method investments ​ ​ — ​ ​ 235.4 ​ — ​ (0.4) ​ 235.0 ​ Inter-segment operating revenues ​ ​ 52.5 ​ ​ 303.8 ​ 7.8 ​ 285.5 ​ 649.6 ​ Eliminations of inter-segment operating revenues ​ ​ — ​ ​ — ​ — ​ (649.6) ​ (649.6) ​ Segment operating revenues (3) ​ $ 7,976.1 ​ $ 2,790.4 ​ $ 4,789.0 ​ $ 76.8 ​ ​ 15,632.3 ​ Net realized capital gains, net of related revenue adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 102.7 ​ Revenues from exited business (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 513.3 ​ Adjustments related to equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (74.8) ​ Market risk benefit derivative settlements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (45.8) ​ Total revenues per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,127.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ (in millions) Revenue from contracts with external customers (1) ​ $ 4,647.5 ​ $ 1,775.5 ​ $ 3,938.1 ​ $ 204.7 ​ $ 10,565.8 Adjustments for revenue from contracts with external customers not included in operating revenues (2) ​ ​ (80.6) ​ ​ — ​ ​ 12.7 ​ ​ — ​ ​ (67.9) Net investment income included in operating revenues ​ ​ 2,648.1 ​ ​ 492.7 ​ ​ 584.4 ​ ​ 220.8 ​ ​ 3,946.0 Operating revenues from equity method investments ​ ​ — ​ ​ 216.3 ​ ​ — ​ ​ — ​ ​ 216.3 Inter-segment operating revenues ​ 35.2 ​ 297.8 ​ 16.1 ​ 202.6 ​ 551.7 Eliminations of inter-segment operating revenues ​ — ​ — ​ — ​ (551.7) ​ (551.7) Segment operating revenues (3) ​ $ 7,250.2 ​ $ 2,782.3 ​ $ 4,551.3 ​ $ 76.4 ​ ​ 14,660.2 Net realized capital gains, net of related revenue adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 57.9 Revenues from exited business (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (927.5) Adjustments related to equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (78.9) Market risk benefit derivative settlements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (45.9) Total revenues per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,665.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Revenue from contracts with external customers (1) ​ $ 3,667.1 ​ $ 1,889.4 ​ $ 3,713.2 ​ $ 206.7 ​ $ 9,476.4 Adjustments for revenue from contracts with external customers not included in operating revenues (2) ​ (89.2) ​ — ​ — ​ — ​ (89.2) Net investment income included in operating revenues ​ 2,322.1 ​ 783.7 ​ 592.2 ​ 113.0 ​ 3,811.0 Operating revenues from equity method investments ​ — ​ 202.2 ​ — ​ — ​ 202.2 Inter-segment operating revenues ​ (0.8) ​ 306.0 ​ (2.6) ​ 214.2 ​ 516.8 Eliminations of inter-segment operating revenues ​ — ​ — ​ — ​ (516.8) ​ (516.8) Segment operating revenues (3) ​ $ 5,899.2 ​ $ 3,181.3 ​ $ 4,302.8 ​ $ 17.1 ​ ​ 13,400.4 Net realized capital losses, net of related revenue adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (189.6) Revenues from exited business (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,414.8 Adjustments related to equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (54.5) Market risk benefit derivative settlements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (35.0) Total revenues per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,536.1 (1) Includes amounts reported in premiums and other considerations as well as fees and other revenues on the consolidated statement of operations. (2) Includes certain revenues associated with our exited U.S. retail fixed annuity and ULSG businesses and fees associated with net realized capital gains (losses) that are not included in segment operating revenue. (3) See Note 21, Revenues from Contracts with Customers, for additional detail relating to segment operating revenues. (4) Revenues from exited business included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ (in millions) Change in fair value of funds withheld embedded derivative $ 447.4 $ (1,085.7) $ 3,652.8 Net realized capital gains on funds withheld assets ​ ​ 87.7 ​ ​ 165.0 ​ ​ 749.4 Amortization of reinsurance gain ​ ​ 3.3 ​ ​ 5.9 ​ ​ 12.6 Other impacts of reinsured business ​ ​ (25.1) ​ ​ (12.7) ​ ​ — Total revenues from exited business $ 513.3 $ (927.5) $ 4,414.8 ​ Segment Expenses The expense categories within total segment expenses included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Benefits, claims and settlement expenses ​ $ 5,147.7 ​ $ 362.2 ​ $ 2,638.4 ​ $ 5.7 ​ ​ ​ Liability for future policy benefits remeasurement (gain) loss ​ (4.9) ​ 1.0 ​ 154.5 ​ — ​ ​ Market risk benefit remeasurement loss ​ 32.2 ​ — ​ — ​ — ​ ​ Dividends to policyholders ​ 0.2 ​ — ​ 99.7 ​ — ​ ​ Commission expense ​ 268.6 ​ 189.7 ​ 537.4 ​ 80.2 ​ ​ Capitalization of deferred acquisition costs and contract costs ​ (143.2) ​ (31.2) ​ (316.2) ​ — ​ ​ Amortization of deferred acquisition costs and contract costs ​ 80.4 ​ 32.6 ​ 253.0 ​ — ​ ​ Depreciation and amortization ​ 80.5 ​ 66.4 ​ 21.0 ​ 18.8 ​ ​ Interest expense on corporate debt ​ — ​ 3.3 ​ — ​ 166.9 ​ ​ Compensation and other ​ 1,458.9 ​ 1,290.8 ​ 938.0 ​ 176.4 ​ ​ Total operating expenses ​ 1,745.2 ​ 1,551.6 ​ 1,433.2 ​ 442.3 ​ ​ Total segment expenses ​ $ 6,920.4 ​ $ 1,914.8 ​ $ 4,325.8 ​ $ 448.0 ​ $ 13,609.0 Net realized capital losses expense adjustments ​ ​ ​ ​ ​ 245.0 Market risk benefit derivative settlements ​ ​ ​ ​ ​ (45.8) Expenses from exited business (1) ​ ​ ​ ​ ​ 429.9 Total expenses per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ $ 14,238.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ (in millions) Benefits, claims and settlement expenses ​ $ 4,624.0 ​ $ 422.9 ​ $ 2,576.3 ​ $ 9.4 ​ ​ ​ Liability for future policy benefits remeasurement (gain) loss ​ (68.0) ​ 0.9 ​ 16.0 ​ — ​ ​ Market risk benefit remeasurement loss ​ 3.7 ​ — ​ — ​ — ​ ​ Dividends to policyholders ​ 0.2 ​ — ​ 89.0 ​ — ​ ​ Commission expense ​ 201.4 ​ 178.0 ​ 496.7 ​ 67.2 ​ ​ Capitalization of deferred acquisition costs and contract costs ​ (93.7) ​ (28.1) ​ (307.5) ​ — ​ ​ Amortization of deferred acquisition costs and contract costs ​ 78.6 ​ 31.8 ​ 247.6 ​ — ​ ​ Depreciation and amortization ​ 85.3 ​ 76.0 ​ 23.9 ​ 17.7 ​ ​ Interest expense on corporate debt ​ — ​ 3.7 ​ — ​ 171.6 ​ ​ Compensation and other ​ 1,367.3 ​ 1,272.8 ​ 871.7 ​ 187.7 ​ ​ Total operating expenses ​ 1,638.9 ​ 1,534.2 ​ 1,332.4 ​ 444.2 ​ ​ Total segment expenses ​ $ 6,198.8 ​ $ 1,958.0 ​ $ 4,013.7 ​ $ 453.6 ​ $ 12,624.1 Net realized capital losses expense adjustments ​ ​ ​ ​ ​ 146.5 Market risk benefit derivative settlements ​ ​ ​ ​ ​ (45.9) Expenses from exited business (1) ​ ​ ​ ​ ​ 202.3 Total expenses per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ $ 12,927.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ ​ Solutions ​ Management ​ Protection ​ Corporate ​ Total ​ (in millions) Benefits, claims and settlement expenses ​ $ 3,290.5 ​ $ 758.9 ​ $ 2,453.4 ​ $ 23.6 ​ ​ ​ Liability for future policy benefits remeasurement gain ​ (11.1) ​ (4.7) ​ (43.8) ​ — ​ ​ Market risk benefit remeasurement loss ​ 3.1 ​ — ​ — ​ — ​ ​ Dividends to policyholders ​ 0.2 ​ — ​ 94.6 ​ — ​ ​ Commission expense ​ 189.2 ​ 193.7 ​ 447.1 ​ 77.4 ​ ​ Capitalization of deferred acquisition costs and contract costs ​ (86.5) ​ (34.1) ​ (306.6) ​ — ​ ​ Amortization of deferred acquisition costs and contract costs ​ 77.4 ​ 29.1 ​ 236.8 ​ — ​ ​ Depreciation and amortization ​ 86.2 ​ 74.6 ​ 23.7 ​ 18.4 ​ ​ Interest expense on corporate debt ​ 0.1 ​ 7.5 ​ — ​ 165.6 ​ ​ Compensation and other ​ 1,391.0 ​ 1,245.7 ​ 827.3 ​ 139.3 ​ ​ Total operating expenses ​ 1,657.4 ​ 1,516.5 ​ 1,228.3 ​ 400.7 ​ ​ Total segment expenses ​ $ 4,940.1 ​ $ 2,270.7 ​ $ 3,732.5 ​ $ 424.3 ​ $ 11,367.6 Net realized capital losses expense adjustments ​ ​ ​ ​ ​ ​ 61.8 Market risk benefit derivative settlements ​ ​ ​ ​ ​ ​ (35.0) Expenses from exited business (1) ​ ​ ​ ​ ​ ​ 154.7 Total expenses per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ $ 11,549.1 ​ (1) Expenses from exited business included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Strategic review costs and impacts ​ $ — ​ $ — ​ $ (40.4) Amortization of reinsurance loss ​ 592.9 ​ 74.6 69.3 Other impacts of reinsured business ​ (163.0) ​ 127.7 125.8 Total expenses from exited business ​ $ 429.9 ​ $ 202.3 $ 154.7 ​ ​ Segment Pre-Tax Operating Earnings ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Segment pre-tax operating earnings (losses) ​ $ 1,056.2 $ 861.2 $ 463.2 $ (375.6) $ 2,005.0 Pre-tax net realized capital losses, as adjusted (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (142.3) Pre-tax income from exited business (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 83.4 Adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (56.5) Total income before income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,889.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Segment pre-tax operating earnings (losses) $ 1,051.4 $ 817.7 $ 537.6 $ (396.8) $ 2,009.9 Pre-tax net realized capital losses, as adjusted (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (88.6) Pre-tax loss from exited business (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,129.8) Adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (52.7) Total income before income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 738.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Segment pre-tax operating earnings (losses) ​ $ 959.1 ​ $ 902.7 ​ $ 570.3 ​ $ (469.4) ​ $ 1,962.7 Pre-tax net realized capital losses, as adjusted (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (251.4) Pre-tax income from exited business (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,260.1 Adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15.6 Total income before income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,987.0 ​ ​ (1) Pre-tax net realized capital gains (losses), as adjusted, is derived as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Net realized capital losses ​ $ (27.3) ​ $ (72.2) ​ $ (182.1) ​ Derivative and hedging-related revenue adjustments ​ ​ 46.0 ​ ​ 23.3 ​ (91.3) ​ Market value adjustments to fee revenues ​ ​ 0.1 ​ ​ 1.3 ​ 0.7 ​ Certain variable annuity fees ​ ​ 71.3 ​ ​ 73.3 ​ ​ 75.9 ​ Equity method investments ​ ​ (17.3) ​ ​ 8.8 ​ ​ (15.0) ​ Sponsored investment funds and other adjustments ​ ​ 29.9 ​ ​ 23.4 ​ ​ 22.2 ​ Net realized capital gains (losses), net of related revenue adjustments ​ ​ 102.7 ​ ​ 57.9 ​ (189.6) ​ Amortization of actuarial balances ​ ​ (1.8) ​ ​ (0.2) ​ (0.1) ​ Capital (gains) losses distributed ​ ​ (171.1) ​ ​ (78.5) ​ 136.4 ​ Derivative and hedging-related expense adjustments ​ ​ (3.5) ​ ​ 1.8 ​ ​ — ​ Market value adjustments of market risk benefits ​ ​ (43.9) ​ ​ (71.3) ​ ​ (157.2) ​ Market value adjustments of embedded derivatives ​ ​ (24.7) ​ ​ 1.7 ​ (40.9) ​ Net realized capital losses, net of related expense adjustments ​ ​ (245.0) ​ ​ (146.5) ​ ​ (61.8) ​ Pre-tax net realized capital losses, as adjusted (a) ​ $ (142.3) ​ $ (88.6) ​ $ (251.4) ​ (a) As adjusted before noncontrolling interest capital gains (losses). (2) Pre-tax income (loss) from exited business included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ (in millions) Change in fair value of funds withheld embedded derivative $ 447.4 $ (1,085.7) $ 3,652.8 Net realized capital gains on funds withheld assets ​ ​ 87.7 ​ ​ 165.0 ​ ​ 749.4 Strategic review costs and impacts ​ ​ — ​ ​ — ​ ​ 40.4 Amortization of reinsurance loss ​ ​ (589.6) ​ ​ (68.7) ​ ​ (56.7) Other impacts of reinsured business ​ ​ 137.9 ​ ​ (140.4) ​ ​ (125.8) Total pre-tax income (loss) from exited business $ 83.4 $ (1,129.8) $ 4,260.1 ​ Income Tax Expense ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Segment income tax expense (benefit) ​ $ 129.3 ​ $ 230.8 ​ $ 89.0 ​ $ (84.6) ​ $ 364.5 ​ Tax benefit related to net realized capital losses, as adjusted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (16.1) ​ Tax expense from exited business (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17.6 ​ Certain adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (74.3) ​ Total income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 291.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ (in millions) Segment income tax expense (benefit) ​ $ 130.9 ​ $ 220.7 ​ $ 97.7 ​ $ (42.2) ​ $ 407.1 Tax benefit related to net realized capital losses, as adjusted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (22.0) Tax benefit from exited business (1) ​ ​ ​ ​ ​ ​ ​ (238.1) Certain adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ (78.3) Total income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ $ 68.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ (in millions) Segment income tax expense (benefit) ​ $ 90.6 ​ $ 213.3 ​ $ 109.1 ​ $ (69.1) ​ $ 343.9 Tax benefit related to net realized capital losses, as adjusted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (56.6) Tax expense from exited business (1) ​ ​ ​ ​ ​ ​ ​ 956.4 Certain adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ (54.2) Total income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ $ 1,189.5 ​ (1) Income tax expense (benefit) related to exited business included: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ (in millions) ​ Change in fair value of funds withheld embedded derivative $ 94.0 $ (228.0) $ 767.1 Net realized capital gains on funds withheld assets ​ ​ 18.4 ​ ​ 34.6 ​ ​ 157.4 Strategic review costs and impacts (a) ​ ​ — ​ ​ (0.9) ​ ​ 70.3 Amortization of reinsurance loss ​ ​ (123.8) ​ ​ (14.4) ​ ​ (12.0) Other impacts of reinsured business ​ ​ 29.0 ​ ​ (29.4) ​ ​ (26.4) Total income tax expense (benefit) related to exited business $ 17.6 $ (238.1) $ 956.4 (a) Includes Global Intangible Low-Taxed Income allocated to exited business.

Revenues from Contracts with Cu

Revenues from Contracts with Customers	12 Months Ended
	Dec. 31, 2024
Revenues from Contracts with Customers
Revenues from Contracts with Customers	21. 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 year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Revenue from contracts with customers by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 667.1 ​ $ 556.3 ​ $ 551.4 ​ Principal Asset Management: ​ ​ ​ ​ ​ ​ ​ ​ Investment Management ​ ​ 1,694.5 ​ 1,627.6 ​ 1,743.4 ​ International Pension ​ ​ 371.6 ​ ​ 383.1 ​ ​ 356.8 ​ Eliminations ​ ​ (15.8) ​ ​ (21.1) ​ ​ (22.6) ​ Total Principal Asset Management ​ ​ 2,050.3 ​ ​ 1,989.6 ​ ​ 2,077.6 ​ Benefits and Protection: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits ​ ​ 15.4 ​ 15.9 ​ 15.1 ​ Life Insurance ​ ​ 94.4 ​ 74.0 ​ 65.1 ​ Eliminations ​ ​ (0.1) ​ (0.1) ​ (0.1) ​ Total Benefits and Protection ​ ​ 109.7 ​ 89.8 ​ 80.1 ​ Corporate ​ ​ 226.3 ​ 179.2 ​ 166.7 ​ Total segment revenue from contracts with customers ​ ​ 3,053.4 ​ 2,814.9 ​ 2,875.8 ​ Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) ​ ​ 1,192.4 ​ 1,200.5 ​ 1,172.8 ​ Pre-tax other adjustments (2) ​ ​ 74.7 ​ 80.5 ​ 89.2 ​ Total fees and other revenues per consolidated statements of operations $ 4,320.5 $ 4,095.9 $ 4,137.8 ​ (1) Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards. (2) Pre-tax other adjustments relate to revenues from exited business, certain variable annuity fees and market value adjustments to fee revenues. Retirement and Income Solutions Retirement and Income Solutions 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 our trust company. Individual retirement accounts (“IRAs”) are offered through Principal Bank. Furthermore, services and trust agreements are offered to non-retirement customers including insurance companies, endowments and other financial institutions. Administrative service fee 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. Administrative service fee 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. Administrative service fee 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 investments or assets under administration. If the consideration for this series of performance obligations is based on market value, it is considered variable during the billing period as the services are performed over time. The consideration becomes unconstrained and thus recognized as revenue for each billing period’s series of distinct services once the market value of the client’s investments or assets under administration is determined at market close. Additionally, fixed fees and other revenues are recognized point-in-time as fee-for-service transactions upon completion. IRAs 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. Deposit account fee revenues are earned as the performance of establishing and maintaining IRA accounts is completed. Fee-for-service transactions are also provided upon client request. The establishment fees and annual maintenance fees are accrued into earnings over a period of time using the average account life. Upfront and recurring bank fees are related to performance obligations that have the same pattern of transfer to the customer and are recognized in income over time with control transferred to the customers utilizing the output method. These fees are based on a fixed contractual rate. Fixed fees and other revenues are also recognized point-in-time as fee-for-service transactions upon completion. Additionally, commission income is earned on advisory services provided to customers. The revenues are earned over time as the service is performed based upon contractual rates applied to the market value of the clients’ portfolios. The types of revenues from contracts with customers were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Administrative service fee revenue ​ $ 651.1 ​ $ 539.5 ​ $ 537.0 ​ Deposit account fee revenue ​ ​ 12.4 ​ ​ 11.3 ​ ​ 10.2 ​ Commission income ​ ​ 3.6 ​ ​ 1.9 ​ ​ 1.2 ​ Other fee revenue ​ — ​ 3.6 ​ 3.0 ​ Total revenues from contracts with customers ​ 667.1 ​ 556.3 ​ 551.4 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 1,123.3 ​ 1,118.7 ​ 1,114.0 ​ Total fees and other revenues ​ 1,790.4 ​ 1,675.0 ​ 1,665.4 ​ Premiums and other considerations ​ 3,136.9 ​ 2,935.0 ​ 1,959.7 ​ Net investment income ​ 3,048.8 ​ 2,640.2 ​ 2,274.1 ​ Total operating revenues ​ $ 7,976.1 ​ $ 7,250.2 ​ $ 5,899.2 ​ ​ Principal Asset Management Fees and other revenues earned for asset management, investment advisory and distribution services provided to institutional and retail clients in addition to trustee and/or administrative services performed for retirement savings plans. Fees are based largely upon contractual rates applied to the specified amounts of the clients’ portfolios. Each service is 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 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. 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 Latin America 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 year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Investment Management: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fee revenue ​ $ 1,533.8 ​ $ 1,441.0 ​ $ 1,500.0 ​ Other fee revenue ​ 160.7 ​ 186.6 ​ 243.4 ​ Total revenues from contracts with customers ​ ​ 1,694.5 ​ 1,627.6 ​ 1,743.4 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 20.9 ​ 24.4 ​ 27.4 ​ Total fees and other revenues ​ ​ 1,715.4 ​ 1,652.0 ​ 1,770.8 ​ Net investment income ​ ​ 105.3 ​ 97.6 ​ 94.0 ​ Total operating revenues ​ $ 1,820.7 ​ $ 1,749.6 ​ $ 1,864.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ (in millions) ​ International Pension: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fee revenue ​ $ 356.6 ​ $ 363.8 ​ $ 335.0 ​ Other fee revenue ​ 15.0 ​ 19.3 ​ 21.8 ​ Total revenues from contracts with customers ​ 371.6 ​ 383.1 ​ 356.8 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 5.4 ​ 5.8 ​ 5.3 ​ Total fees and other revenues ​ 377.0 ​ 388.9 ​ 362.1 ​ Premiums and other considerations ​ 28.7 ​ 29.0 ​ 77.7 ​ Net investment income ​ 580.4 ​ 636.8 ​ 900.7 ​ Total operating revenues ​ $ 986.1 ​ $ 1,054.7 ​ $ 1,340.5 ​ ​ Benefits and Protection 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 year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Specialty Benefits: ​ ​ ​ ​ Administrative service fees ​ $ 15.4 ​ $ 15.9 ​ $ 15.1 ​ Total revenues from contracts with customers ​ 15.4 ​ 15.9 ​ 15.1 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 17.9 ​ 18.2 ​ 18.6 ​ Total fees and other revenues ​ 33.3 ​ 34.1 ​ 33.7 ​ Premiums and other considerations ​ 3,223.9 ​ 3,020.9 ​ 2,771.1 ​ Net investment income ​ 191.6 ​ 174.4 ​ 179.8 ​ Total operating revenues ​ $ 3,448.8 ​ $ 3,229.4 ​ $ 2,984.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ ​ (in millions) ​ Life Insurance: ​ ​ ​ ​ Administrative service fees ​ $ 39.3 ​ $ 31.2 ​ $ 27.6 ​ Commission income ​ 55.1 ​ 42.8 ​ 37.5 ​ Total revenues from contracts with customers ​ 94.4 ​ 74.0 ​ 65.1 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 341.5 ​ 333.3 ​ 321.5 ​ Total fees and other revenues ​ 435.9 ​ 407.3 ​ 386.6 ​ Premiums and other considerations ​ 491.6 ​ 514.9 ​ 535.9 ​ Net investment income ​ 413.5 ​ 401.5 ​ 396.3 ​ Total operating revenues ​ $ 1,341.0 ​ $ 1,323.7 ​ $ 1,318.8 ​ ​ 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 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 year ended December 31, ​ ​ 2024 2023 2022 ​ ​ ​ (in millions) ​ Commission income ​ $ 482.0 ​ $ 373.9 ​ $ 366.2 ​ Other fee revenue ​ ​ 89.1 ​ ​ 84.1 ​ ​ 79.7 ​ Eliminations ​ (344.8) ​ (278.8) ​ (279.2) ​ Total revenues from contracts with customers ​ 226.3 ​ 179.2 ​ 166.7 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ (315.9) ​ (299.0) ​ (312.6) ​ Total fees and other revenues ​ (89.6) ​ (119.8) ​ (145.9) ​ Premiums and other considerations ​ ​ (5.2) ​ ​ (14.5) ​ ​ (4.2) ​ Net investment income ​ 171.6 ​ 210.7 ​ 167.2 ​ Total operating revenues ​ $ 76.8 ​ $ 76.4 ​ $ 17.1 ​ ​ 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 $198.9 million and $219.2 million as of December 31, 2024 and December 31, 2023, respectively. We apply the practical expedient for certain costs where we recognize the incremental costs of obtaining these contracts as an expense when incurred if the amortization period of the assets is one year or less. These costs, along with costs that are not deferrable, are included in operating expenses on the consolidated statements of operations. Deferred contract costs consist primarily of commissions and variable compensation. We amortize capitalized contract costs on a straight-line basis over the expected contract life, reflecting lapses as they are incurred. Deferred contract costs are subject to impairment testing on an annual basis, or when a triggering event occurs that could warrant an impairment. To the extent future revenues less future maintenance expenses are not adequate to cover the asset balance, an impairment is recognized. For the years ended December 31, 2024, 2023 and 2022, $38.5 million, $38.3 million and $35.5 million, respectively, of amortization expense was recorded in operating expenses on the consolidated statements of operations and no impairment loss was recognized in relation to the costs capitalized.

Stock-Based Compensation Plans

Stock-Based Compensation Plans	12 Months Ended
	Dec. 31, 2024
Stock-Based Compensation Plans
Stock-Based Compensation Plans	22. Stock-Based Compensation Plans As of December 31, 2024, we had the 2021 Stock Incentive Plan, 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”). No new grants will be made under the 2020 Directors Stock Plan, the 2014 Stock Incentive Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan or the Directors Stock Plan. Under the terms of the 2021 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. To date, we have not granted any incentive stock options, restricted stock or performance units under any plans. As part of our fair value process, we assess the impact of material nonpublic information on our share price or expected volatility, as applicable, at the time of grant. No awards in 2024 required a fair value adjustment. As of December 31, 2024, the maximum number of new shares of common stock available for grant under the 2021 Stock Incentive Plan was 20.4 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 year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Compensation cost ​ $ 106.8 ​ $ 97.7 ​ $ 89.9 ​ Related income tax benefit ​ ​ 23.9 ​ 23.1 ​ 20.3 ​ Capitalized as part of an asset ​ ​ 1.1 ​ 1.1 ​ 1.3 ​ ​ Nonqualified Stock Options No nonqualified stock options were granted to employees during 2024, 2023 and 2022. Previously, nonqualified stock options were granted to certain employees under the 2014 Stock Incentive Plan, the Amended and Restated 2010 Stock Incentive Plan and the Stock Incentive Plan. Options outstanding were granted at an exercise price equal to the fair market value of our common stock on the date of grant and expire ten years after the grant date. The following is a summary of the status of all of our stock option plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ Number of options exercise price Intrinsic value ​ ​ (in millions) ​ ​ ​ ​ (in millions) Options outstanding as of January 1, 2024 2.8 ​ $ 55.39 ​ ​ ​ ​ Exercised ​ 0.7 ​ ​ 53.47 ​ ​ ​ ​ Options outstanding as of December 31, 2024 ​ 2.1 ​ $ 56.03 ​ $ 45.4 ​ Options vested or expected to vest as of December 31, 2024 ​ 2.1 ​ $ 56.03 ​ $ 45.4 ​ Options exercisable as of December 31, 2024 ​ 2.1 ​ $ 56.03 ​ $ 45.4 ​ ​ The total intrinsic value of stock options exercised was $21.7 million, $15.2 million and $92.0 million during 2024, 2023, and 2022, respectively. The following is a summary of weighted-average remaining contractual lives for stock options outstanding and the range of exercise prices on the stock options as of December 31, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Number of options ​ average remaining Range of exercise prices outstanding contractual life ​ ​ (in millions) ​ ​ $37.38 - $52.41 ​ 0.7 ​ 4.6 ​ $52.42 - $55.89 ​ 0.4 ​ 4.2 ​ $55.90 - $60.70 ​ 0.5 ​ 6.2 ​ $60.71 - $63.38 ​ 0.1 ​ 2.2 ​ $63.39 - $63.98 ​ 0.4 ​ 3.2 ​ $37.38 - $63.98 ​ 2.1 ​ ​ ​ ​ The weighted-average remaining contractual lives for stock options exercisable is approximately 4.5 years as of December 31, 2024. As of December 31, 2024, we did not have any unrecognized compensation cost related to nonvested stock options. Cash received from stock options exercised under these share-based payment arrangements during 2024, 2023 and 2022 was $36.4 million, $25.0 million and $141.6 million, respectively. The actual tax benefits realized for the tax deductions for options exercised under these share-based payment arrangements during 2024, 2023 and 2022 was $8.4 million, $5.5 million and $37.7 million, respectively. Performance Share Awards We granted performance share awards to certain employees under the 2021 Stock Incentive Plan, the 2014 Stock Incentive Plan and the Amended and Restated 2010 Stock Incentive Plan. The performance share awards are treated as an equity award and are paid in shares. The performance share awards include a relative total shareholder return modifier under which the number of shares ultimately awarded is also impacted by our actual shareholder return relative to our S&P 500 Financial Sector Index peer group. The fair value of performance share awards is determined using a Monte Carlo simulation model. Whether the performance shares are earned depends upon the participant’s continued employment through the performance period (except in the case of specific types of terminations) and our performance against three-year goals set at the beginning of the performance period. Performance goals based on various factors must be achieved for any of the performance shares to be earned. If the performance requirements are not met, the performance shares will be forfeited, no compensation cost will be recognized and any previously recognized compensation cost will be reversed. These awards have no maximum contractual term. Dividend equivalents are credited on performance shares outstanding as of the record date. These dividend equivalents are only paid on the shares released. Total performance share awards granted were 0.3 million, 0.3 million and 0.3 million in 2024, 2023 and 2022, respectively. ​ The following is a summary of activity for the nonvested performance share awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted- ​ ​ performance ​ average grant-date ​ share awards fair value ​ ​ (in millions) ​ ​ ​ Nonvested performance share awards as of January 1, 2024 0.8 ​ $ 71.66 ​ Granted ​ 0.3 ​ ​ 82.52 ​ Vested ​ 0.1 ​ ​ 58.68 ​ Canceled ​ 0.1 ​ ​ 78.51 ​ Nonvested performance share awards as of December 31, 2024 ​ 0.9 ​ $ 77.38 ​ ​ The total intrinsic value of performance share awards vested was $11.4 million, $11.0 million and $11.6 million during 2024, 2023 and 2022, respectively. Performance share awards above represent initial target awards and do not reflect potential increases or decreases resulting from the final performance results to be determined at the end of the respective performance period. The actual number of common shares to be awarded at the end of each performance period will range between 0% and 180% (0% and 150% prior to 2022) of the initial target awards. The fair value of performance share awards is determined using a Monte Carlo simulation model of our common shares on the grant date. The weighted-average grant-date fair value of performance share awards granted during 2024, 2023 and 2022 was $82.52, $91.47 and $66.62, respectively. As of December 31, 2024, we had $17.0 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 1.5 years. Actual tax benefits realized for the tax deductions for performance share awards paid out under these share-based payment arrangements for 2024, 2023 and 2022 was $7.0 million, $7.7 million and $6.4 million, respectively. Restricted Stock Units We issue restricted stock units under the 2021 Stock Incentive Plan, 2020 Directors Stock Plan, 2014 Stock Incentive Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan, and the Directors Stock Plan. Restricted stock units are treated as an equity award and are paid in shares. These awards have no maximum contractual term. Dividend equivalents are credited on restricted stock units outstanding as of the record date. These dividend equivalents are only paid on the shares released. Restricted stock units granted were 1.1 million, 0.9 million and 1.3 million in 2024, 2023 and 2022, respectively. Restricted stock units were issued to certain employees and agents pursuant to the 2021 Stock Incentive Plan, 2014 Stock Incentive Plan, the Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan. Under these plans, awards have graded or cliff vesting over a three-year service period. When service for PFG ceases (except in the case of specific types of terminations), all vesting stops and unvested units are forfeited. Pursuant to the 2021 Stock Incentive Plan, 2020 Directors Stock Plan, 2014 Directors Stock Plan and the 2005 Directors Stock Plan, restricted stock units are granted to each non-employee director in office immediately following each annual meeting of stockholders and, at the discretion of the Board Nominating and Governance Committee, to each person who becomes a member of the Board other than on the date of the annual meeting of stockholders. Under these plans, awards are granted on an annual basis and cliff vest after a one-year service period. When service to PFG ceases, all vesting stops and unvested units are forfeited. The following is a summary of activity for the nonvested restricted stock units: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted- ​ ​ restricted ​ average grant-date ​ stock units fair value ​ ​ (in millions) ​ ​ ​ Nonvested restricted stock units as of January 1, 2024 3.0 ​ $ 71.83 ​ Granted ​ 1.1 ​ ​ 80.25 ​ Vested ​ 1.0 ​ ​ 59.32 ​ Canceled ​ 0.1 ​ ​ 78.52 ​ Nonvested restricted stock units as of December 31, 2024 ​ 3.0 ​ $ 78.92 ​ ​ The total intrinsic value of restricted stock units vested was $89.9 million, $102.8 million and $81.1 during 2024, 2023 and 2022, respectively. The fair value of restricted stock units is determined based on the closing stock price of our common shares on the grant date. The weighted-average grant-date fair value of restricted stock units granted during 2024, 2023 and 2022 was $80.25, $87.71 and $70.29, respectively. As of December 31, 2024, we had $65.0 million of total unrecognized compensation cost related to nonvested restricted stock unit awards granted under these plans. The cost is expected to be recognized over a weighted-average period of approximately 1.5 years. The actual tax benefits realized for the tax deductions for restricted stock unit payouts under these share-based payment arrangements for 2024, 2023 and 2022 was $32.7 million, $35.9 million and $27.0 million, respectively. Employee Stock Purchase Plan Under our Employee Stock Purchase Plan, participating employees have the opportunity to purchase shares of our common stock on a quarterly basis. Employees may purchase up to $25,000 in stock value annually. Employees may purchase shares of our common stock at a price equal to 90% of the shares’ fair market value as of the end of the purchase period. Under the Employee Stock Purchase Plan, employees purchased 0.4 million, 0.5 million and 0.6 million shares during 2024, 2023 and 2022, respectively. We recognize compensation expense for the fair value of the discount granted to employees participating in the employee stock purchase plan in the period of grant. Shares of the Employee Stock Purchase Plan are treated as an equity award. The weighted-average fair value of the discount on the stock purchased was $8.30, $7.49 and $7.31 during 2024, 2023 and 2022, respectively. The total intrinsic value of the Employee Stock Purchase Plan shares settled was $3.4 million, $3.6 million and $4.1 million during 2024, 2023 and 2022, respectively. Cash received from shares issued under these share-based payment arrangements for 2024, 2023 and 2022 was $31.0 million, $32.8 million and $37.3 million, respectively. The actual tax benefit realized for the tax deductions for the settlement of the share-based payment arrangements for 2024, 2023 and 2022 was $0.3 million, $0.3 million and $0.8 million, respectively. As of December 31, 2024, a total of 2.6 million of new shares were available to be made issuable by us for this plan.

Earnings Per Common Share

Earnings Per Common Share	12 Months Ended
	Dec. 31, 2024
Earnings Per Common Share
Earnings Per Common Share	23. Earnings Per Common Share The computations of the basic and diluted per share amounts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions, except per share data) Net income ​ $ 1,597.9 ​ $ 670.1 ​ $ 4,797.5 ​ Subtract: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interest ​ ​ 26.9 ​ 46.9 ​ 40.6 ​ Total ​ $ 1,571.0 ​ $ 623.2 ​ $ 4,756.9 ​ Weighted-average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 232.0 ​ 241.3 ​ 251.1 ​ Dilutive effects: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ ​ 0.8 ​ 0.9 ​ 1.5 ​ Restricted stock units ​ ​ 2.0 ​ 2.0 ​ 2.2 ​ Performance share awards ​ ​ 0.5 ​ 0.4 ​ 0.5 ​ Diluted ​ ​ 235.3 ​ 244.6 ​ 255.3 ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 6.77 ​ $ 2.58 ​ $ 18.94 ​ Diluted ​ $ 6.68 ​ $ 2.55 ​ $ 18.63 ​ ​ The calculation of diluted earnings per share for the years ended December 31, 2024, 2023 and 2022, excludes the incremental effect related to certain outstanding stock-based compensation grants due to their anti-dilutive effect. When a net loss is reported, our basic weighted-average shares are used to calculate diluted earnings per share, as dilutive shares would have an antidilutive effect and result in a lower loss per share.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2024
Subsequent Event
Subsequent Event	24. Subsequent Event On January 16, 2025, we announced the signing of an agreement with Bank Consortium Trust Company (“BCT”) to expand our investment management capabilities and exit our sponsor and trustee (pension) roles in Hong Kong for Mandatory Provident Fund Schemes (“MPF Schemes”). BCT will be assuming the role as sponsor and trustee for the Principal MPF Schemes. We are evaluating the useful life of certain existing amortizing intangible assets related to distribution and customer relationships, as well as contract costs from pension contracts, and expect to incur a write-down of these assets in the first quarter of 2025 reducing pre-tax net income by approximately $140.0 million within the Principal Asset Management segment. For segment reporting purposes, the charge will be reported as exited business and net realized capital loss

Schedule I - Summary of Investm

Schedule I - Summary of Investments - Other Than Investments in Related Parties	12 Months Ended
	Dec. 31, 2024
Schedule I - Summary of Investments - Other Than Investments in Related Parties
Schedule I - Summary of Investments - Other Than Investments in Related Parties	Schedule I - Summary of Investments - Other Than Investments in Related Parties December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount as ​ ​ ​ ​ ​ ​ ​ ​ shown in the ​ ​ ​ ​ ​ ​ ​ ​ consolidated ​ ​ ​ ​ ​ ​ ​ ​ statement of ​ ​ ​ ​ ​ Fair ​ financial Type of Investment Cost value position ​ ​ (in millions) Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. Treasury securities and obligations of U.S. government corporations and agencies ​ $ 1,937.4 ​ $ 1,637.9 ​ $ 1,637.9 ​ States, municipalities and political subdivisions ​ ​ 7,207.8 ​ ​ 6,076.5 ​ ​ 6,076.5 ​ Foreign governments ​ ​ 567.3 ​ ​ 495.7 ​ ​ 495.7 ​ Public utilities ​ ​ 5,761.2 ​ ​ 4,466.3 ​ ​ 4,466.3 ​ Redeemable preferred stock ​ ​ 251.7 ​ ​ 236.7 ​ ​ 236.7 ​ All other corporate bonds ​ ​ 32,898.2 ​ ​ 30,999.6 ​ ​ 30,999.6 ​ Residential mortgage-backed pass-through securities ​ ​ 3,881.3 ​ ​ 3,674.2 ​ ​ 3,674.2 ​ Commercial mortgage-backed securities ​ ​ 5,634.3 ​ ​ 5,188.0 ​ ​ 5,188.0 ​ Collateralized debt obligations ​ ​ 6,518.7 ​ ​ 6,560.4 ​ ​ 6,560.4 ​ Other debt obligations ​ ​ 9,446.2 ​ ​ 8,915.7 ​ ​ 8,915.7 ​ Unallocated portfolio layer method basis adjustment ​ ​ (55.7) ​ ​ — ​ ​ — ​ Total fixed maturities, available-for-sale ​ ​ 74,048.4 ​ ​ 68,251.0 ​ ​ 68,251.0 ​ Fixed maturities, trading ​ ​ 1,023.3 ​ ​ 1,023.3 ​ ​ 1,023.3 ​ Equity securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Banks, trust and insurance companies ​ ​ 329.2 ​ ​ 329.2 ​ ​ 329.2 ​ Public utilities ​ ​ 0.8 ​ ​ 0.8 ​ ​ 0.8 ​ Industrial, miscellaneous and all other ​ ​ 1,707.9 ​ ​ 1,707.9 ​ ​ 1,707.9 ​ Other corporate ​ ​ 160.7 ​ ​ 160.7 ​ ​ 160.7 ​ Non-redeemable preferred stock ​ ​ 96.4 ​ ​ 96.4 ​ ​ 96.4 ​ Total equity securities ​ ​ 2,295.0 ​ ​ 2,295.0 ​ ​ 2,295.0 ​ Mortgage loans ​ ​ 20,484.2 ​ XXXX ​ ​ 20,484.2 ​ Real estate, net: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real estate acquired in satisfaction of debt ​ ​ 0.8 ​ XXXX ​ ​ 0.8 ​ Other real estate ​ ​ 2,463.7 ​ XXXX ​ ​ 2,463.7 ​ Policy loans ​ ​ 867.5 ​ XXXX ​ ​ 867.5 ​ Other investments ​ ​ 7,990.3 ​ XXXX ​ ​ 7,990.3 ​ Total investments ​ $ 109,173.2 ​ XXXX ​ $ 103,375.8 ​ ​

Schedule II - Condensed Financi

Schedule II - Condensed Financial Information of Registrant (Parent Only)	12 Months Ended
	Dec. 31, 2024
Schedule II - Condensed Financial Information of Registrant (Parent Only)
Schedule II - Condensed Financial Information of Registrant (Parent Only)	Schedule II - Condensed Financial Information of Registrant (Parent Only) ​ Statements of Financial Position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ $ 14.5 ​ $ 15.6 ​ Other investments ​ ​ 12.1 ​ ​ 11.5 ​ Cash and cash equivalents ​ ​ 31.8 ​ ​ 270.7 ​ Income taxes currently receivable ​ ​ 1.9 ​ 11.9 ​ Deferred income taxes ​ ​ 283.0 ​ 292.7 ​ Amounts receivable from subsidiaries ​ ​ 15.8 ​ 15.0 ​ Other assets ​ ​ 22.3 ​ 17.4 ​ Investment in unconsolidated entities ​ ​ 14,987.1 ​ 14,595.7 ​ Total assets ​ $ 15,368.5 ​ $ 15,230.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ Long-term debt ​ $ 3,930.6 ​ $ 3,927.9 ​ Accrued investment payable ​ ​ 30.6 ​ 30.6 ​ Pension liability ​ ​ 308.4 ​ ​ 343.6 ​ Other liabilities ​ ​ 12.5 ​ ​ 12.4 ​ Total liabilities ​ ​ 4,282.1 ​ 4,314.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ Stockholders’ equity ​ ​ ​ ​ ​ ​ ​ Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 494,734,908 and 492,279,405 shares issued as of 2024 and 2023; 226,225,161 and 236,438,294 shares outstanding as of 2024 and 2023 ​ ​ 4.9 ​ 4.9 ​ Additional paid-in capital ​ ​ 11,100.9 ​ 10,908.6 ​ Retained earnings ​ ​ 17,583.5 ​ 16,683.5 ​ Accumulated other comprehensive loss ​ ​ (5,224.8) ​ (5,345.3) ​ Treasury stock, at cost (268,509,747 and 255,841,111 shares as of 2024 and 2023) ​ ​ (12,378.1) ​ (11,335.7) ​ Total stockholders’ equity attributable to Principal Financial Group, Inc. ​ ​ 11,086.4 ​ 10,916.0 ​ Total liabilities and stockholders’ equity ​ $ 15,368.5 ​ $ 15,230.5 ​ ​ See accompanying notes. ​ Statements of Operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net investment income ​ $ 7.9 ​ $ 14.7 ​ $ 16.7 ​ Net realized capital losses ​ ​ — ​ ​ — ​ ​ (53.6) ​ Total revenues ​ ​ 7.9 ​ ​ 14.7 ​ ​ (36.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other operating costs and expenses ​ ​ 207.5 ​ ​ 224.0 ​ ​ 188.8 ​ Total expenses ​ ​ 207.5 ​ ​ 224.0 ​ ​ 188.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss before income taxes ​ ​ (199.6) ​ ​ (209.3) ​ ​ (225.7) ​ Income tax benefits ​ ​ (31.8) ​ ​ (44.7) ​ ​ (33.8) ​ Equity in the net income of subsidiaries ​ ​ 1,738.8 ​ ​ 787.8 ​ ​ 4,948.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Principal Financial Group, Inc. ​ $ 1,571.0 ​ $ 623.2 ​ $ 4,756.9 ​ ​ See accompanying notes. ​ Statements of Cash Flows ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Operating activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 1,571.0 ​ $ 623.2 ​ $ 4,756.9 ​ Adjustments to reconcile net income to net cash used in operating activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net realized capital losses ​ ​ — ​ ​ — ​ ​ 53.6 ​ Stock-based compensation ​ ​ 1.6 ​ ​ 1.7 ​ ​ 1.7 ​ Equity in the net income of subsidiaries ​ ​ (1,738.8) ​ ​ (787.8) ​ ​ (4,948.8) ​ Changes in: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cash flows for trading securities and equity securities with operating intent ​ ​ — ​ ​ — ​ ​ 99.9 ​ Current and deferred income tax benefits ​ ​ (33.5) ​ ​ (10.7) ​ ​ (2.5) ​ Other ​ ​ 47.1 ​ ​ 27.0 ​ ​ (30.1) ​ Net cash used in operating activities ​ ​ (152.6) ​ ​ (146.6) ​ ​ (69.3) ​ Investing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities available-for-sale and equity securities with intent to hold: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Sales ​ ​ — ​ ​ — ​ ​ 935.9 ​ Maturities ​ ​ 1.4 ​ ​ 1.9 ​ ​ 52.7 ​ Net purchases of property and equipment ​ ​ — ​ ​ (0.1) ​ ​ (0.1) ​ Net change in other investments ​ ​ — ​ ​ 0.6 ​ ​ 14.3 ​ Dividends and returns of capital received from unconsolidated entities ​ ​ 1,545.4 ​ ​ 1,239.0 ​ ​ 1,660.3 ​ Net cash provided by investing activities ​ ​ 1,546.8 ​ ​ 1,241.4 ​ ​ 2,663.1 ​ Financing activities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Issuance of common stock ​ ​ 67.7 ​ ​ 57.8 ​ ​ 181.7 ​ Acquisition of treasury stock ​ ​ (1,042.4) ​ ​ (740.4) ​ ​ (1,661.0) ​ Dividends to common stockholders ​ ​ (658.4) ​ ​ (625.5) ​ ​ (642.3) ​ Principal repayments of long-term debt ​ ​ — ​ ​ (700.0) ​ ​ (300.0) ​ Issuance of long-term debt ​ ​ — ​ ​ 691.5 ​ ​ — ​ Net cash used in financing activities ​ ​ (1,633.1) ​ ​ (1,316.6) ​ ​ (2,421.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net increase (decrease) in cash and cash equivalents ​ ​ (238.9) ​ ​ (221.8) ​ ​ 172.2 ​ Cash and cash equivalents at beginning of year ​ ​ 270.7 ​ ​ 492.5 ​ ​ 320.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents at end of year ​ $ 31.8 ​ $ 270.7 ​ $ 492.5 ​ ​ See accompanying notes. ​ (1) Basis of Presentation The accompanying condensed financial information should be read in conjunction with the consolidated financial statements and notes thereto of Principal Financial Group, Inc. In the parent company only financial statements, our investment in unconsolidated entities is stated at cost plus equity in undistributed earnings of subsidiaries. Principal Financial Group, Inc. sponsors nonqualified benefit plans for select employees and agents and is responsible for the obligations of these plans. Nonqualified plan assets are held in Rabbi trusts for the benefit of all nonqualified plan participants. The invested assets and benefit plan liabilities reported in the statements of financial position exclude amounts held in these trusts. The Rabbi trusts had $1,014.5 million and $896.1 million of plan assets and $827.0 million and $724.9 million of benefit plan liabilities as of December 31, 2024 and 2023, respectively. (2) Dividends and Returns of Capital Received from Unconsolidated Entities The parent company received cash dividends and returns of capital totaling $1,545.4 million, $1,239.0 million and $1,660.3 million from subsidiaries in 2024, 2023 and 2022, respectively.

Schedule III - Supplementary In

Schedule III - Supplementary Insurance Information	12 Months Ended
	Dec. 31, 2024
Schedule III - Supplementary Insurance Information
Schedule III - Supplementary Insurance Information	Schedule III - Supplementary Insurance Information As of December 31, 2024 and 2023 and for each of the years ended December 31, 2024, 2023 and 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractholder ​ ​ ​ ​ ​ Deferred ​ ​ ​ ​ Future policy ​ and other ​ Market risk ​ ​ acquisition ​ Market risk ​ benefits and ​ policyholder ​ benefit Segment costs benefit asset claims funds liability (1) ​ ​ (in millions) ​ ​ ​ 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 957.2 ​ $ 199.5 ​ $ 29,818.3 ​ $ 36,027.0 ​ $ 62.1 ​ Principal Asset Management ​ ​ 5.9 ​ ​ — ​ ​ 4,129.0 ​ ​ 457.8 ​ ​ — ​ Benefits and Protection ​ ​ 3,043.8 ​ ​ — ​ ​ 14,046.4 ​ ​ 7,940.8 ​ ​ — ​ Corporate ​ ​ — ​ ​ — ​ ​ 185.7 ​ ​ (359.6) ​ ​ — ​ Total ​ $ 4,006.9 ​ $ 199.5 ​ $ 48,179.4 ​ $ 44,066.0 ​ $ 62.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 918.9 ​ $ 153.4 ​ $ 29,161.9 ​ $ 34,399.6 ​ $ 111.9 ​ Principal Asset Management ​ ​ 7.7 ​ ​ — ​ ​ 4,595.6 ​ ​ 507.8 ​ ​ 21.3 ​ Benefits and Protection ​ ​ 3,023.9 ​ ​ — ​ ​ 12,888.3 ​ ​ 7,870.8 ​ ​ — ​ Corporate ​ ​ — ​ ​ — ​ ​ 180.7 ​ ​ (360.3) ​ ​ — ​ Total ​ $ 3,950.5 ​ $ 153.4 ​ $ 46,826.5 ​ $ 42,417.9 ​ $ 133.2 ​ ​ Schedule III - Supplementary Insurance Information - (continued) As of December 31, 2024 and 2023 and for each of the years ended December 31, 2024, 2023 and 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, ​ future policy ​ Market risk ​ Amortization of ​ ​ ​ ​ ​ ​ Premiums and ​ Net ​ claims and ​ benefits ​ benefit ​ deferred ​ Other ​ ​ other ​ investment ​ settlement ​ remeasurement ​ remeasurement ​ acquisition ​ operating Segment considerations income (2) expenses (gain) loss (gain) loss costs expenses (2) ​ ​ (in millions) ​ ​ ​ 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 3,136.9 ​ $ 3,061.6 ​ $ 5,183.5 ​ $ (14.5) ​ $ 50.6 ​ $ 95.2 ​ $ 1,685.3 ​ Principal Asset Management ​ ​ 28.7 ​ ​ 568.3 ​ ​ 423.0 ​ ​ 1.0 ​ ​ (20.3) ​ ​ 1.1 ​ ​ 1,565.4 ​ Benefits and Protection ​ ​ 3,689.8 ​ ​ 594.5 ​ ​ 2,460.4 ​ ​ 684.9 ​ ​ — ​ ​ 296.2 ​ ​ 1,182.8 ​ Corporate ​ ​ (5.2) ​ ​ 224.8 ​ ​ 5.7 ​ ​ — ​ ​ — ​ ​ — ​ ​ 537.9 ​ Total ​ $ 6,850.2 ​ $ 4,449.2 ​ $ 8,072.6 ​ $ 671.4 ​ $ 30.3 ​ $ 392.5 ​ $ 4,971.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 2,935.0 ​ $ 2,674.3 ​ $ 4,653.5 ​ $ (68.5) ​ $ 33.7 ​ $ 95.8 ​ $ 1,590.7 ​ Principal Asset Management ​ ​ 29.0 ​ ​ 628.6 ​ ​ 477.6 ​ ​ 0.9 ​ ​ (4.6) ​ ​ 1.1 ​ ​ 1,544.2 ​ Benefits and Protection ​ ​ 3,521.4 ​ ​ 549.5 ​ ​ 2,647.7 ​ ​ 16.0 ​ ​ — ​ ​ 292.9 ​ ​ 1,088.0 ​ Corporate ​ ​ (14.5) ​ ​ 239.5 ​ ​ 9.4 ​ ​ — ​ ​ — ​ ​ — ​ ​ 459.4 ​ Total ​ $ 6,470.9 ​ $ 4,091.9 ​ $ 7,788.2 ​ $ (51.6) ​ $ 29.1 ​ $ 389.8 ​ $ 4,682.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 1,959.7 ​ $ 2,252.2 ​ $ 3,328.1 ​ $ (14.9) ​ $ 131.2 ​ $ 101.0 ​ $ 1,601.4 ​ Principal Asset Management ​ ​ 77.7 ​ ​ 840.6 ​ ​ 725.9 ​ ​ (4.7) ​ ​ (5.9) ​ ​ 1.1 ​ ​ 1,502.1 ​ Benefits and Protection ​ ​ 3,306.5 ​ ​ 564.2 ​ ​ 2,553.7 ​ ​ (244.9) ​ ​ — ​ ​ 284.8 ​ ​ 1,027.5 ​ Corporate ​ ​ (4.2) ​ ​ 181.5 ​ ​ 23.6 ​ ​ — ​ ​ — ​ ​ — ​ ​ 444.3 ​ Total ​ $ 5,339.7 ​ $ 3,838.5 ​ $ 6,631.3 ​ $ (264.5) ​ $ 125.3 ​ $ 386.9 ​ $ 4,575.3 ​ (1) The Principal Asset Management segment offered defined contribution plans in Asia with a guarantee on the minimum account balance under certain qualifying events. These were closed in the second quarter of 2024. (2) Allocations of net investment income and certain operating expenses are based on a number of assumptions and estimates. Reported operating results would change by segment if different methods were applied.

Schedule IV - Reinsurance

Schedule IV - Reinsurance	12 Months Ended
	Dec. 31, 2024
Schedule IV - Reinsurance
Schedule IV - Reinsurance	Schedule IV - Reinsurance As of December 31, 2024, 2023 and 2022 and for each of the years then ended ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Percentage ​ ​ ​ ​ ​ Ceded to ​ Assumed ​ ​ ​ ​ of amount ​ ​ Gross ​ other ​ from other ​ ​ ​ ​ assumed ​ amount companies companies Net amount to net ​ ​ ($ in millions) 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance in force ​ $ 741,781.1 ​ $ 236,556.4 ​ $ 298.8 ​ $ 505,523.5 ​ 0.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance and annuities ​ $ 4,674.8 ​ $ 380.8 ​ $ 0.6 ​ $ 4,294.6 ​ — % Accident and health insurance ​ ​ 2,706.4 ​ ​ 150.8 ​ ​ — ​ ​ 2,555.6 ​ — % Total ​ $ 7,381.2 ​ $ 531.6 ​ $ 0.6 ​ $ 6,850.2 ​ — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance in force ​ $ 717,991.5 ​ $ 230,126.5 ​ $ 446.6 ​ $ 488,311.6 ​ 0.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance and annuities ​ $ 4,384.6 ​ $ 335.1 ​ $ 0.9 ​ $ 4,050.4 ​ — % Accident and health insurance ​ ​ 2,576.7 ​ ​ 156.2 ​ ​ — ​ ​ 2,420.5 ​ — % Total ​ $ 6,961.3 ​ $ 491.3 ​ $ 0.9 ​ $ 6,470.9 ​ — % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance in force ​ $ 692,200.8 ​ $ 223,416.6 ​ $ 627.4 ​ $ 469,411.6 ​ 0.1 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Life insurance and annuities ​ $ 3,402.7 ​ $ 298.6 ​ $ 1.0 ​ $ 3,105.1 ​ — % Accident and health insurance ​ ​ 2,392.4 ​ ​ 157.8 ​ ​ — ​ ​ 2,234.6 ​ — % Total ​ $ 5,795.1 ​ $ 456.4 ​ $ 1.0 ​ $ 5,339.7 ​ — % ​

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 1,571	$ 623.2	$ 4,756.9

Insider Trading Arrangements

Insider Trading Arrangements - Kamal Bhatia	3 Months Ended
	Dec. 31, 2024 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On November 11, 2024, Kamal Bhatia, President and Chief Executive Officer – Principal Asset Management, adopted a Rule 10b5-1 trading arrangement that is intended to satisfy the affirmative defense of Rule 10b5-1(c) for the sale of up to 1,657 shares of our common stock until March 31, 2026.
Name	Kamal Bhatia
Title	President and Chief Executive Officer – Principal Asset Management
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	November 11, 2024
Expiration Date	March 31, 2026
Aggregate Available	1,657

Insider Trading Policies and Pr

Insider Trading Policies and Procedures	12 Months Ended
	Dec. 31, 2024
Insider Trading Policies and Procedures [Line Items]
Insider Trading Policies and Procedures Adopted	true

Cybersecurity Risk Management a

Cybersecurity Risk Management and Strategy Disclosure	12 Months Ended
	Dec. 31, 2024
Cybersecurity Risk Management, Strategy, and Governance [Line Items]
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]	The framework for our overall process for managing risk encompasses the management of risks posed by cybersecurity threats. Management’s role, responsibilities and processes for identifying, assessing, monitoring, reporting and managing risks, which includes cybersecurity risks, is discussed further in Item 1. “Business — Risk Management.” As a general matter, we take a proactive approach to assessing and monitoring cybersecurity-specific risks that is oriented around monitoring emerging external threats, ensuring controls are in place to identify and manage risk within our technology environment and creating a culture of vigilance across the organization. We test for and resolve vulnerabilities within our systems and applications by using network and infrastructure vulnerability testing and adversary emulation, also known as red teaming and hire a third party to do the same at least once a year. We maintain a vulnerability disclosure program to enhance discovery and remediation of external-facing vulnerabilities. We also undergo a third party maturity assessment of our information security program every two years and a third party enterprise penetration test annually. We leverage external resources to help define information security and technology standards for our environment. Our cybersecurity controls are monitored and refined based on learnings from regular red team engagements and analysis by third party threat hunters. All cyber defense operations are supported through a dedicated cybersecurity threat intelligence function. We collaborate with information security peers across the industry to augment threat intelligence. Our threat intelligence program helps create awareness and understanding of potential cybersecurity threats and adversaries. We proactively assess potential risks presented by new services or systems integrated with our network or data and ensure appropriate controls are applied under such circumstances. We have proactive security controls built into our software development life cycle that help engineers identify and resolve security issues at every stage of software development. Our identity verification processes, which include multi-factor authentication and other identity verification technologies, provide further protection for clients and customers. We perform due diligence and monitor third party relationships to assess the suitability of their cybersecurity controls and protocols based on risk profile for the business operations or services for which they are engaged. Our awareness and training program is designed to create a risk-aware culture to ensure employees understand cybersecurity threats and are accountable for completing required training. We have trained our employees to recognize and resist phishing attempts with our simulated phishing program. At least quarterly, our employees are presented with simulated phishing scenarios that deliver hands-on experience and on-the-spot education opportunities. All engineers and employees holding equivalent roles who are involved in software development also receive mandated secure software development training. We have an enterprise incident management plan that provides a framework for preparing for, managing and responding to cybersecurity incidents that may arise. The plan ensures stakeholders across the organization are identified who have the appropriate experience, training and expertise in incident management and that the organization is well positioned to address incidents. For example, we carry out cybersecurity incident response exercises to develop widespread familiarity and experience in responding to cybersecurity incidents.
Cybersecurity Risk Management Processes Integrated [Flag]	true
Cybersecurity Risk Management Processes Integrated [Text Block]	The framework for our overall process for managing risk encompasses the management of risks posed by cybersecurity threats. Management’s role, responsibilities and processes for identifying, assessing, monitoring, reporting and managing risks, which includes cybersecurity risks, is discussed further in Item 1. “Business — Risk Management.” As a general matter, we take a proactive approach to assessing and monitoring cybersecurity-specific risks that is oriented around monitoring emerging external threats, ensuring controls are in place to identify and manage risk within our technology environment and creating a culture of vigilance across the organization. We test for and resolve vulnerabilities within our systems and applications by using network and infrastructure vulnerability testing and adversary emulation, also known as red teaming and hire a third party to do the same at least once a year. We maintain a vulnerability disclosure program to enhance discovery and remediation of external-facing vulnerabilities. We also undergo a third party maturity assessment of our information security program every two years and a third party enterprise penetration test annually. We leverage external resources to help define information security and technology standards for our environment. Our cybersecurity controls are monitored and refined based on learnings from regular red team engagements and analysis by third party threat hunters. All cyber defense operations are supported through a dedicated cybersecurity threat intelligence function. We collaborate with information security peers across the industry to augment threat intelligence. Our threat intelligence program helps create awareness and understanding of potential cybersecurity threats and adversaries. We proactively assess potential risks presented by new services or systems integrated with our network or data and ensure appropriate controls are applied under such circumstances. We have proactive security controls built into our software development life cycle that help engineers identify and resolve security issues at every stage of software development. Our identity verification processes, which include multi-factor authentication and other identity verification technologies, provide further protection for clients and customers. We perform due diligence and monitor third party relationships to assess the suitability of their cybersecurity controls and protocols based on risk profile for the business operations or services for which they are engaged. Our awareness and training program is designed to create a risk-aware culture to ensure employees understand cybersecurity threats and are accountable for completing required training. We have trained our employees to recognize and resist phishing attempts with our simulated phishing program. At least quarterly, our employees are presented with simulated phishing scenarios that deliver hands-on experience and on-the-spot education opportunities. All engineers and employees holding equivalent roles who are involved in software development also receive mandated secure software development training. We have an enterprise incident management plan that provides a framework for preparing for, managing and responding to cybersecurity incidents that may arise. The plan ensures stakeholders across the organization are identified who have the appropriate experience, training and expertise in incident management and that the organization is well positioned to address incidents. For example, we carry out cybersecurity incident response exercises to develop widespread familiarity and experience in responding to cybersecurity incidents.
Cybersecurity Risk Management Third Party Engaged [Flag]	true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag]	true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag]	false
Cybersecurity Risk Board of Directors Oversight [Text Block]	The Board oversees management’s execution and performance of its risk management responsibilities, which includes cybersecurity threats. The Board receives at least one cybersecurity report every quarter from our Chief Information Officer, our Chief Information Security Officer, our Chief Risk Officer or other professionals. The Board also reviews and approves the business resiliency and information security programs intended to guard against cybersecurity and related risks. Lastly, the Board receives input on cybersecurity issues from external entities such as our independent auditor, regulators and consultants. Each of these steps further the Board’s efforts to ensure we have established and are proactively maintaining an enterprise-wide cybersecurity risk program with appropriate policies, practices and controls designed to ensure resiliency in the face of emerging threats.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block]	Board
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block]	The Board receives at least one cybersecurity report every quarter from our Chief Information Officer, our Chief Information Security Officer, our Chief Risk Officer or other professionals. The Board also reviews and approves the business resiliency and information security programs intended to guard against cybersecurity and related risks. Lastly, the Board receives input on cybersecurity issues from external entities such as our independent auditor, regulators and consultants.
Cybersecurity Risk Role of Management [Text Block]	Our internal risk committees meet regularly to facilitate the management of issues and review the risk profile of their responsibilities. Each business area and functional area has its own committee responsible for oversight of the material risks within the area. We also have internal committees that provide oversight around certain types of risks across the organization. This matrix approach helps maintain comprehensive risk coverage and preserve an integrated view of risks. The Enterprise Risk Management Committee, comprised of members from the Executive Management Group (“EMG”), exercises enterprise-wide oversight for the most significant risk profiles. Business areas and functional areas have primary responsibility for identifying, assessing, monitoring, reporting and managing their own risks. Our enterprise risk management staff (independent of the business areas) work closely with the dedicated risk professionals aligned to the business areas and functional areas to provide objective oversight, framework enablement and aggregated risk analysis. This results in a model where risk management can be closer to actual risks while also facilitating effective oversight and consolidation at the enterprise level. Internal Audit provides independent, risk-based objective assurance and advice designed to add value and improve our operations. It helps us accomplish our objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk management, internal control and governance processes; and by promoting continuous improvement. The Chief Internal Auditor reports functionally to the Board Audit Committee and administratively to our Chief Risk Officer.
Cybersecurity Risk Management Positions or Committees Responsible [Flag]	true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]	Chief Information Officer, Security Officer, Chief Risk Officer
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]	We test for and resolve vulnerabilities within our systems and applications by using network and infrastructure vulnerability testing and adversary emulation, also known as red teaming and hire a third party to do the same at least once a year. We maintain a vulnerability disclosure program to enhance discovery and remediation of external-facing vulnerabilities. We also undergo a third party maturity assessment of our information security program every two years and a third party enterprise penetration test annually. We leverage external resources to help define information security and technology standards for our environment. Our cybersecurity controls are monitored and refined based on learnings from regular red team engagements and analysis by third party threat hunters. All cyber defense operations are supported through a dedicated cybersecurity threat intelligence function. We collaborate with information security peers across the industry to augment threat intelligence. Our threat intelligence program helps create awareness and understanding of potential cybersecurity threats and adversaries. We proactively assess potential risks presented by new services or systems integrated with our network or data and ensure appropriate controls are applied under such circumstances. We have proactive security controls built into our software development life cycle that help engineers identify and resolve security issues at every stage of software development. Our identity verification processes, which include multi-factor authentication and other identity verification technologies, provide further protection for clients and customers. We perform due diligence and monitor third party relationships to assess the suitability of their cybersecurity controls and protocols based on risk profile for the business operations or services for which they are engaged. Our awareness and training program is designed to create a risk-aware culture to ensure employees understand cybersecurity threats and are accountable for completing required training. We have trained our employees to recognize and resist phishing attempts with our simulated phishing program. At least quarterly, our employees are presented with simulated phishing scenarios that deliver hands-on experience and on-the-spot education opportunities. All engineers and employees holding equivalent roles who are involved in software development also receive mandated secure software development training. We have an enterprise incident management plan that provides a framework for preparing for, managing and responding to cybersecurity incidents that may arise. The plan ensures stakeholders across the organization are identified who have the appropriate experience, training and expertise in incident management and that the organization is well positioned to address incidents. For example, we carry out cybersecurity incident response exercises to develop widespread familiarity and experience in responding to cybersecurity incidents.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag]	true

Nature of Operations and Sign_2

Nature of Operations and Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Nature of Operations and Significant Accounting Policies
Basis of Presentation - Policy	Basis of Presentation The accompanying consolidated financial statements include the accounts of PFG and all other entities in which we directly or indirectly have a controlling financial interest as well as those variable interest entities (“VIEs”) in which we are the primary beneficiary. The consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated. Uncertainties may impact our business, results of operations, financial condition and liquidity. See “Use of Estimates in the Preparation of Financial Statements” for additional details. Our estimates and assumptions could change in the future. Our results of operations and financial condition may also be impacted by other uncertainties including evolving regulatory, legislative and standard-setter accounting interpretations and guidance. In the fourth quarter of 2024, we implemented changes to our Principal Asset Management segment to align the global operations by business function. See Note 20, Segment Information, for more information.
Consolidation - Policy	Consolidation We have relationships with various special purpose entities and other legal entities that must be evaluated to determine if the entities meet the criteria of a VIE or a voting interest entity (“VOE”). This assessment is performed by reviewing contractual, ownership and other rights, including involvement of related parties, and requires use of judgment. First, we determine if we hold a variable interest in an entity by assessing if we have the right to receive expected losses and expected residual returns of the entity. If we hold a variable interest, then the entity is assessed to determine if it is a VIE. An entity is a VIE if the equity at risk is not sufficient to support its activities, if the equity holders lack a controlling financial interest or if the entity is structured with non-substantive voting rights. In addition to the previous criteria, if the entity is a limited partnership or similar entity, it is a VIE if the limited partners do not have the power to direct the entity’s most significant activities through substantive kick-out rights or participating rights. A VIE is evaluated to determine the primary beneficiary. The primary beneficiary of a VIE is the enterprise with (1) the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and (2) the obligation to absorb losses of the entity or the right to receive benefits from the entity that could potentially be significant to the VIE. When we are the primary beneficiary, we are required to consolidate the entity in our financial statements. We reassess our involvement with VIEs on a quarterly basis. For further information about VIEs, refer to Note 3, Variable Interest Entities. If an entity is not a VIE, it is considered a VOE. VOEs are generally consolidated if we own a greater than 50% voting interest. If we determine our involvement in an entity no longer meets the requirements for consolidation under either the VIE or VOE models, the entity is deconsolidated. Entities in which we have management influence over the operating and financing decisions but are not required to consolidate, other than investments accounted for at fair value under the fair value option, are reported using the equity method.
Recent Accounting Pronouncements - Policy	​ Recent Accounting Pronouncements ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters Standards not yet adopted: ​ ​ Disaggregation of Income Statement Expenses This authoritative guidance expands the disclosures about a public entity’s expenses and addresses requests for more granular information about the types of expenses in commonly presented expense categories. ​ December 31, 2027 We are currently evaluating the impact this guidance will have on our notes to the consolidated financial statements . Improvements to income tax disclosures This authoritative guidance provides improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. ​ January 1, 2025 This guidance will not have a material impact on our notes to the consolidated financial statements. Standards adopted: ​ ​ Improvements to reportable segments disclosures This authoritative guidance enhances the disclosures about a public entity’s reportable segments and addresses requests from investors for additional, more detailed information about a reportable segment’s expenses. ​ December 31, 2024 The enhanced disclosures can be found in Note 20, Segment Information. Targeted improvements to the accounting for long-duration insurance contracts This authoritative guidance updated 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 are reviewed and updated periodically. Cash flow assumptions are 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 are updated quarterly with the impact recognized in other comprehensive income (“OCI”). 2. Market risk benefits (“MRBs”), which are contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other-than-nominal capital market risk, are measured at fair value. The periodic change in fair value is recognized in net income with the exception of the periodic change in fair value related to our own nonperformance risk, which is recognized in OCI. January 1, 2023 This guidance changed how we account for many of our insurance and annuity products. The additional disclosure requirements can be found in the following notes: ● Note 7, Deferred Acquisition Costs and Other Actuarial Balances ● Note 8, Separate Account Balances ● Note 9, Contractholder Funds ● Note 10, Future Policy Benefits and Claims ● Note 11, Market Risk Benefits ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters 3. Deferred acquisition costs (“DAC”) and other actuarial balances for all insurance and annuity contracts are 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 as well as 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 was applied on a modified retrospective basis; that is, to contracts in force as of the beginning of the earliest period presented (January 1, 2021, also referred to as the transition date) based on their existing carrying amounts. An entity could elect to apply the changes retrospectively. The guidance for MRBs was applied retrospectively. ​ ​ ​ Troubled debt restructurings and vintage disclosures This authoritative guidance eliminated the accounting requirements for troubled debt restructurings (“TDRs”) by creditors and enhanced the disclosure requirements for certain loan refinancing and restructuring by creditors when a borrower is experiencing financial difficulty. The update required entities to disclose current-period gross write-offs by year of origination for financing receivables and net investments in leases. The amendments in this update were applied prospectively, except for the transition method related to the recognition and measurement of TDRs, for which an entity had the option to apply a modified retrospective transition method. Early adoption was permitted. January 1, 2023 This guidance did not have a material impact on our consolidated financial statements. ​ Description Date of adoption Effect on our consolidated financial statements or other significant matters Targeted improvements to accounting for hedging activities – portfolio layer method This authoritative guidance is intended to further align the economics of a company’s risk management activities in its financial statements with hedge accounting requirements. The guidance expanded the current single-layer method to allow multiple hedge layers of a single closed portfolio. Non-prepayable assets can also be included in the same portfolio. This guidance also clarified the current guidance on accounting for fair value basis adjustments applicable to both a single hedged layer and multiple hedged layers. Upon adoption, the application of these hedge strategies was applied prospectively. Early adoption was permitted. ​ January 1, 2023 This guidance did not have a material impact on our consolidated financial statements. Facilitation of the effects of reference rate reform on financial reporting This authoritative guidance provided optional expedients and exceptions for contracts and hedging relationships affected by reference rate reform. An entity could 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 could apply optional expedients to continue hedge accounting for hedging relationships in which the critical terms changed due to reference rate reform. This guidance eased the financial reporting impacts of reference rate reform on contracts and hedging relationships and was effective until December 31, 2022. A subsequent amendment issued in December 2022 extended the relief date from December 31, 2022, to December 31, 2024, and was effective upon issuance. March 12, 2020 We adopted the guidance upon issuance prospectively and elected the applicable optional expedients and exceptions for contracts and hedging relationships impacted by reference rate reform through December 31, 2024. The guidance did not have an impact on our consolidated financial statements upon adoption. ​ 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.
Long-Duration Insurance Contracts Disclosures - Policy	Long-Duration Insurance Contracts Disclosures We include disaggregated rollforwards for DAC, the unearned revenue liability, separate account liabilities, policyholder account balances, the liability for future policy benefits, the additional liability for certain benefit features and MRBs. Further, for certain actuarial balances, disclosures are required for the significant inputs, judgments, assumptions and methods used in measurement, including changes in those inputs, judgments and assumptions, and the effect of those changes on measurement. Amounts from different reportable segments cannot be aggregated for disclosures. Factors to consider in determining the level of aggregation for disclosures include the type of coverage, geography and market or type of customer. We have identified the following levels of aggregation for long-duration insurance contract disclosures. ● Retirement and Income Solutions: o Workplace savings and retirement solutions – Group annuity contracts offered to the plan sponsors of defined contribution plans or defined benefit plans o Individual variable annuities – Variable deferred annuities and registered index-linked annuities (“RILAs”) offered to individuals for both qualified and nonqualified retirement savings o Pension risk transfer – Single premium group annuities offered to pension plan sponsors and other institutions o Individual fixed deferred annuities – An exited business that offered single premium deferred annuity contracts and flexible premium deferred annuities (“FPDAs”) to individuals for both qualified and nonqualified retirement savings o Individual fixed income annuities – An exited business that offered single premium immediate annuities (“SPIAs”) and deferred income annuities (“DIAs”) to individuals for both qualified and nonqualified retirement savings; also includes supplementary contracts generated by annuitizations from other individual product lines o Investment only – Primarily guaranteed investment contracts (“GICs”) and funding agreements offered to retirement plan sponsors and other institutions ● Principal Asset Management – International Pension o Latin America: ◾ Individual fixed income annuities – SPIAs offered to individuals ◾ Pension – Certain retirement accumulation products where the segregated funds and associated obligation to the client are consolidated within our financial statements as separate account assets and liabilities and are only in the scope of long-duration insurance contracts disclosures for separate accounts o Asia: ◾ Guaranteed pension – Pension savings schemes offered to both employers and employees, which were closed in the fourth quarter of 2023 and the second quarter of 2024 ● Benefits and Protection – Specialty Benefits: o Individual disability – Disability insurance providing protection to individuals and/or business owners ● Benefits and Protection – Life Insurance: o Universal life – Universal life, variable universal life and indexed universal life insurance products offered to individuals and/or business owners, which will be collectively referred to hereafter as “universal life” contracts; includes our exited universal life insurance with secondary guarantee (“ULSG”) business o Term life – Term life insurance products offered to individuals and/or business owners o Participating life – Participating life insurance contracts offered to individuals, some of which are part of a closed block of business and are only in the scope of long-duration insurance contracts disclosures for DAC ● Corporate: o Long-term care insurance – A closed block of long-term care insurance that is fully reinsured, which was offered on both a group and individual basis. For the separate account liability disclosures, our Retirement and Income Solutions segment uses a Group retirement contracts level of aggregation. This consists primarily of separate account liabilities for the workplace savings and retirement solutions business as well as amounts for the investment only and pension risk transfer businesses.
Use of Estimates in the Preparation of Financial Statements - Policy	Use of Estimates in the Preparation of Financial Statements The preparation of our consolidated financial statements and accompanying notes requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates and assumptions could change in the future as more information becomes known, which could impact the amounts reported and disclosed in the consolidated financial statements and accompanying notes. The most critical estimates include those used in determining: ● the fair value of investments in the absence of quoted market values; ● investment impairments and valuation allowances; ● the fair value of derivatives; ● the fair value of MRBs; ● the measurement of goodwill, indefinite lived intangible assets, finite lived intangible assets and related impairments or amortization, if any; ● the liability for future policy benefits and claims, including the deferred profit liability; ● the value of our pension and other postretirement benefit obligations and ● accounting for income taxes and the valuation of deferred tax assets. A description of such critical estimates is incorporated within the discussion of the related accounting policies that follow. In applying these policies, management makes subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Actual results could differ from these estimates.
Closed Block - Policy	Closed Block Principal Life Insurance Company (“Principal Life”) operates a closed block (“Closed Block”) for the benefit of individual participating dividend-paying policies in force at the time of the 1998 mutual insurance holding company (“MIHC”) formation. See Note 6, Closed Block, for further details.
Cash and Cash Equivalents - Policy	Cash and Cash Equivalents Cash and cash equivalents include cash on hand, money market instruments and other debt issues with a maturity date of three months or less when purchased.
Investments - Policy	Investments Fixed maturities include bonds, asset-backed securities (“ABS”), redeemable preferred stock and certain non-redeemable preferred securities. Equity securities include mutual funds, common stock, non-redeemable preferred stock and required regulatory investments. We classify fixed maturities as either available-for-sale or trading at the time of the purchase and, accordingly, carry them at fair value. Equity securities are also carried at fair value. See Note 18, 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 related actuarial balances, derivatives in cash flow hedge relationships and applicable income taxes. Mark-to-market adjustments on certain equity securities and mark-to-market adjustments on certain fixed maturities, trading are reflected in net realized capital gains (losses). Mark-to-market adjustments on certain fixed maturities, trading are reflected in market risk benefit remeasurement (gain) loss. 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. 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). Interest income, as well as prepayment fees and the amortization of the related premium or discount, is reported in net investment income. For loan-backed and structured securities, we recognize income using a constant effective yield based on currently anticipated cash flows. Commercial and residential mortgage loans are generally reported at cost adjusted for amortization of premiums and accrual of discounts, computed using the interest method and net of valuation allowances. Amortized cost excludes accrued interest receivable. Interest income is accrued on the principal amount of the loan based on the loan’s contractual interest rate. Interest income, as well as prepayment of fees and the amortization of the related premium or discount, is reported in net investment income on the consolidated statements of operations. Accrued interest receivable is reported in accrued investment income on the consolidated statements of financial position. Any changes in the loan valuation allowances are reported in net realized capital gains (losses) on the consolidated statements of operations. See Note 4, Investments, for further details of our valuation allowance. Our commercial and residential mortgage loan portfolios can include loans that have been modified. We assess loan modifications on a case-by-case basis to evaluate whether a change to the valuation allowance and/or write-off is needed. See Note 4, Investments, under the caption “Mortgage Loan Modifications” for further details. Prior to the implementation of authoritative guidance in 2023, we assessed loan modifications to determine if a TDR had occurred. See Note 4, Investments, under the caption “Troubled Debt Restructuring” for further details. Real estate investments are reported at cost less accumulated depreciation. The initial cost bases of properties acquired through loan foreclosures are the lower of the fair market values of the properties at the time of foreclosure or the outstanding loan balance. Buildings and land improvements are generally depreciated on the straight-line method over the estimated useful life of improvements and tenant improvement costs are depreciated on the straight-line method over the term of the related lease. We recognize impairment losses for properties when indicators of impairment are present and a property’s expected undiscounted cash flows are not sufficient to recover the property’s carrying value. In such cases, the cost basis of the property is reduced to fair value. Real estate expected to be disposed is carried at the lower of cost or fair value, less cost to sell, with valuation allowances established accordingly and depreciation no longer recognized. The carrying amount of real estate held for sale was $219.3 million and $230.6 million as of December 31, 2024 and 2023, respectively. Any impairment losses and any changes in valuation allowances are reported in net income. Net realized capital gains and losses on sales of investments are determined on the basis of specific identification. In general, in addition to realized capital gains and losses on investment sales and periodic settlements on derivatives not designated as hedges, we report gains and losses related to the following in net realized capital gains (losses) on the consolidated statements of operations: mark-to-market adjustments on certain 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 and impairments of equity method investments. Investment gains and losses on sales of certain real estate held for sale due to investment strategy and mark-to-market adjustments on certain securities carried at fair value with an investment objective to realize economic value through mark-to-market changes are reported as net investment income and are excluded from net realized capital gains (losses). Policy loans and certain other investments are reported at cost. Interests in unconsolidated entities, joint ventures and partnerships are generally accounted for using the equity method. We had certain real estate ventures for which the fair value option had been elected in prior periods. See Note 18, Fair Value Measurements, for detail on these investments.
Derivatives - Policy	Derivatives Overview Derivatives are financial instruments whose values are derived from interest rates, foreign exchange rates, financial indices or the values of securities. Derivatives generally used by us include swaps, options, futures and forwards. Derivative positions are either assets or liabilities in the consolidated statements of financial position and are measured at fair value, generally by obtaining quoted market prices or through the use of pricing models. See Note 18, Fair Value Measurements, for policies related to the determination of fair value. Fair values can be affected by changes in interest rates, foreign exchange rates, financial indices, values of securities, credit spreads, and market volatility and liquidity. Accounting and Financial Statement Presentation We designate derivatives as either: (a) a hedge of the exposure to changes in the fair value of a recognized asset or liability or an unrecognized firm commitment, including those denominated in a foreign currency (“fair value hedge”); (b) a hedge of a forecasted transaction or the exposure to variability of cash flows to be received or paid related to a recognized asset or liability, including those denominated in a foreign currency (“cash flow hedge”); (c) a hedge of a net investment in a foreign operation or (d) a derivative not designated as a hedging instrument. Our accounting for the ongoing changes in fair value of a derivative depends on the intended use of the derivative and the designation, as described above, and is determined when the derivative contract is entered into or at the time of redesignation. Hedge accounting is used for derivatives that are specifically designated in advance as hedges and that reduce our exposure to an indicated risk by having a high correlation between changes in the value of the derivatives and the items being hedged at both the inception of the hedge and throughout the hedge period. Cash flows associated with derivatives are included within operating activities in the consolidated statements of cash flows, with the exception of cash paid for certain options with deferred premiums. Those derivatives are included in payments for financing element derivatives within financing activities in the consolidated statements of cash flows. Fair Value Hedges. Cash Flow Hedges. Net Investment in a Foreign Operation Hedge. Non-Hedge Derivatives. Hedge Documentation and Effectiveness Testing. We use qualitative and quantitative methods to assess hedge effectiveness. Qualitative methods may include monitoring changes to terms and conditions and counterparty credit ratings. Quantitative methods may include statistical tests including regression analysis and minimum variance and dollar offset techniques. For portfolio layer method hedges, the assessment of hedge effectiveness includes confirming we expect the hedged layer amount to be outstanding at the end of the hedging relationship. Termination of Hedge Accounting. If it is determined that a derivative no longer qualifies as an effective hedge, the derivative will continue to be carried on the consolidated statements of financial position at its fair value, with changes in fair value recognized prospectively in net realized capital gains (losses). The asset or liability under a fair value hedge will no longer be adjusted for changes in fair value pursuant to hedging rules and the existing basis adjustment is amortized to the consolidated statements of operations line associated with the asset or liability. If a portfolio layer method hedging relationship is discontinued, the outstanding basis adjustment is allocated to the individual assets in the closed portfolio and those amounts are amortized consistent with the amortization of other discounts or premiums associated with those assets. The component of accumulated other comprehensive income (“AOCI”) related to discontinued cash flow hedges that are no longer highly effective is amortized to the consolidated statements of operations consistent with the net income impacts of the original hedged cash flows. If a cash flow hedge is discontinued because it is probable the hedged forecasted transaction will not occur, the deferred gain or loss is immediately reclassified from AOCI into net income. Embedded Derivatives.
Contractholder and Policyholder Liabilities - Policy	Contractholder and Policyholder Liabilities Contractholder and policyholder liabilities (contractholder funds, future policy benefits and claims, MRBs and other policyholder funds) include reserves for investment contracts, individual and group annuities that provide periodic income payments, universal life insurance, variable universal life insurance, indexed universal life insurance, term life insurance, participating traditional individual life insurance, group dental and vision insurance, group critical illness, group accident, group hospital indemnity, paid family and medical leave (“PFML”), group short-term and long-term disability insurance, group life insurance, individual disability insurance and long-term care insurance. It also includes a provision for dividends on participating policies. Investment contracts are contractholders’ funds on deposit with us and generally include reserves for pension and annuity contracts. Reserves on investment contracts are equal to the cumulative deposits less any applicable charges and withdrawals plus credited interest. Reserves for universal life, variable universal life and indexed universal life insurance contracts are equal to cumulative deposits less charges plus credited interest, which represents the account balances that accrue to the benefit of the policyholders. See Note 9, Contractholder Funds, for additional details. We hold additional reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years and universal life, variable universal life and indexed universal life insurance contracts that contain no lapse guarantee features. Refer to Note 10, Future Policy Benefits and Claims, under the caption “Long-Duration Contracts” for information about the calculation of reserves for long-duration insurance and annuity contracts. Contracts or contract features that provide protection to the policyholder from capital market risk and expose us to other than nominal capital market risk are classified as MRBs and reported at fair value. See Note 11, Market Risk Benefits, for additional details. Reserves for participating life insurance contracts are based on the net level premium reserve for death and endowment policy benefits. This net level premium reserve is calculated based on dividend fund interest rates and mortality rates guaranteed in calculating the cash surrender values described in the contract. Participating business represented approximately 2%, 3% and 3% of our life insurance in force and 15%, 16% and 17% of the number of life insurance policies in force as of December 31, 2024, 2023 and 2022, respectively. Participating business represented approximately 15%, 16% and 17% of life insurance premiums for the years ended December 31, 2024, 2023 and 2022, respectively. The amount of dividends to policyholders is declared annually by Principal Life’s Board of Directors. The amount of dividends to be paid to policyholders is determined after consideration of several factors including interest, mortality, morbidity and other expense experience for the year and judgment as to the appropriate level of statutory surplus to be retained by Principal Life. At the end of the reporting period, Principal Life establishes a dividend liability for the pro rata portion of the dividends expected to be paid on or before the next policy anniversary date. Some of our policies and contracts require payment of fees or other policyholder assessments in advance for services that will be rendered over the estimated lives of the policies and contracts. See Note 7, Deferred Acquisition Costs and Other Actuarial Balances, under the caption “Unearned Revenue Liability” for additional details. Short-Duration Contracts We include the following group products in our short-duration insurance contracts disclosures: long-term disability (“LTD”), group life waiver, dental, vision, short-term disability (“STD”), critical illness, accident, PFML, hospital indemnity and group life. Refer to Note 10, Future Policy Benefits and Claims, under the caption “Short-Duration Contracts” for additional details. Liability for Unpaid Claims The liability for unpaid claims for both long-duration and short-duration contracts is an estimate of the ultimate net cost of reported and unreported losses not yet settled. This liability is estimated using actuarial analyses and case basis evaluations. Although considerable variability is inherent in such estimates, we believe the liability for unpaid claims is adequate. These estimates are continually reviewed and, as adjustments to this liability become necessary, such adjustments are reflected in net income. We incur claim adjustment expenses for both long-duration and short-duration contracts that cannot be allocated to a specific claim. Our claim adjustment expense liability is estimated using actuarial analyses based on historical trends of expenses and expected claim runout patterns. See Note 10, Future Policy Benefits and Claims, under the caption “Liability for Unpaid Claims” for further details.
Recognition of Premiums and Other Considerations, Fees and Other Revenues and Benefits - Policy	Recognition of Premiums and Other Considerations, Fees and Other Revenues and Benefits Products with fixed and guaranteed premiums and benefits consist principally of whole life and term life insurance policies and individual disability income. Premiums from these products are recognized as premium revenue when due. Related policy benefits and expenses for individual life products are associated with earned premiums and result in the recognition of profits over the expected term of the policies and contracts. Immediate annuities with life contingencies include products with fixed and guaranteed annuity considerations and benefits and consist principally of group and individual single premium annuities with life contingencies. Annuity considerations from these products are recognized as premium revenue. However, the collection of these annuity considerations does not represent the completion of the earnings process, as we establish annuity reserves using estimates for mortality and interest assumptions. We anticipate profits to emerge over the life of the annuity products as we earn investment income, pay benefits and release reserves. Any gross premium received in excess of the net premium is recognized as a deferred profit liability and amortized in relation to the expected future benefit payments. See Note 10, Future Policy Benefits and Claims, for additional details. Group life, dental, vision, critical illness, accident, PFML, hospital indemnity and disability premiums are generally recorded as premium revenue over the term of the coverage. Certain group contracts contain experience premium refund provisions based on a pre-defined formula that reflects their claim experience. Experience premium refunds reduce revenue over the term of the coverage and are adjusted to reflect current experience. Related policy benefits and expenses are associated with earned premiums and result in the recognition of profits over the term of the policies and contracts. Fees for contracts providing claim processing or other administrative services are recorded as revenue over the period the service is provided. Universal life-type policies are insurance contracts with terms that are not fixed. Amounts received as payments for such contracts are not reported as premium revenues. Revenues for universal life-type insurance contracts consist of policy charges for the cost of insurance, policy initiation and administration, surrender charges and other fees that have been assessed against policy account values and investment income. Policy benefits and claims that are charged to expense include interest credited to contracts and benefit claims incurred in the period in excess of related policy account balances. Investment contracts do not subject us to significant risks arising from policyholder mortality or morbidity and consist primarily of guaranteed investment contracts (“GICs”), funding agreements and certain deferred annuities. Amounts received as payments for investment contracts are established as investment contract liability balances and are not reported as premium revenues. Revenues for investment contracts consist of investment income and policy administration charges. Investment contract benefits that are charged to expense include benefit claims incurred in the period in excess of related investment contract liability balances and interest credited to investment contract liability balances. Fees and other revenues are earned for asset management, investment advisory and distribution services provided to retail and institutional clients based largely upon contractual rates applied to the specified amounts in the clients’ portfolios, which include various platforms such as mutual funds, collective investment trusts and business trusts. Additionally, fees and other revenues are earned for administrative services performed including recordkeeping, trust and custody and reporting services for retirement savings plans, insurance companies, endowments and other financial institutions and other products. Fees and other revenues received for performance of asset management and administrative services are recognized as revenue when earned, typically when the service is performed. Fees for managing customers’ mandatory retirement savings accounts in Chile are collected with each monthly deposit made by our customers. If a customer stops contributing before retirement age, we collect no fees but services are still provided. We recognize revenue from these long-term service contracts as services are performed over the life of the contract.
Deferred Acquisition Costs - Policy	Deferred Acquisition Costs Refer to Note 7, Deferred Acquisition Costs and Other Actuarial Balances, for information related to DAC on insurance policies and investment contracts. Commissions and other incremental direct costs for the acquisition of long-term service contracts are also capitalized to the extent recoverable.
Internal Replacement Transactions - Policy	Internal Replacement Transactions All insurance and investment contract modifications and replacements are reviewed to determine if the internal replacement results in a substantially changed contract. If so, the acquisition costs, sales inducements and unearned revenue associated with the new contract are deferred and amortized over the lifetime of the new contract. In addition, the existing DAC, sales inducement costs and unearned revenue balances associated with the replaced contract are written off. If an internal replacement results in a substantially unchanged contract, the acquisition costs, sales inducements and unearned revenue associated with the new contract are immediately recognized in the period incurred. In addition, the existing DAC, sales inducement costs or unearned revenue balance associated with the replaced contract is not written off, but instead is carried over to the new contract.
Long-Term Debt - Policy	Long-Term Debt Long-term debt includes notes payable, nonrecourse mortgages and other debt with a maturity date greater than one year at the date of issuance. Current maturities of long-term debt are classified as long-term debt in our consolidated statements of financial position. Long-term debt is primarily recorded at the unpaid principal balance, net of unamortized discount, premium and issuance costs.
Reinsurance - Policy	Reinsurance We enter into reinsurance agreements with other companies in the normal course of business in order to limit losses and minimize exposure to significant risks. We evaluate each insurance agreement to determine whether the agreement provides indemnification against loss or liability related to insurance risk. For agreements that expose the reinsurer to reasonable possibility of significant loss from insurance risk, the reinsurance method of accounting is used for the agreement. Assets and liabilities related to reinsurance ceded are reported on a gross basis on the consolidated statements of financial position. Insurance liabilities are reported before the effects of reinsurance and we record an offsetting reinsurance recoverable, net of valuation allowance. Premiums and expenses are reported net of reinsurance ceded on the consolidated statements of operations. If an agreement does not expose the reinsurer to reasonable possibility of significant loss from insurance risk, the deposit method of accounting is used for the agreement. We record a deposit receivable, net of valuation allowance, if necessary. The deposit receivable is adjusted as amounts are paid or received on the underlying contracts. Accretion on the deposit receivable is calculated using an effective interest method and is reported in fees and other revenues and operating expense on the consolidated statements of operations. The cost of reinsurance related to long-duration contracts is amortized over the life of the underlying reinsured policies using assumptions consistent with those used to account for the underlying policies. We have entered into coinsurance with funds withheld reinsurance agreements in which we record a funds withheld payable that contains an embedded derivative for which the fair value is estimated based on the change in fair value of the assets supporting the funds withheld payable. The change in fair value of the funds withheld embedded derivative is separately reported on the consolidated statements of operations. Gains and losses that do not flow to the reinsurer are reported in net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations. For further information about reinsurance, refer to Note 12, Reinsurance. For further information about the financing receivables valuation allowance on the reinsurance recoverable and deposit receivable, refer to Note 4, Investments.
Separate Accounts - Policy	Separate Accounts Refer to Note 8, Separate Account Balances, for information on our separate account assets and liabilities.
Income Taxes - Policy	Income Taxes We file a U.S. consolidated income tax return that includes all of our qualifying subsidiaries. In addition, we file income tax returns in all states and foreign jurisdictions in which we conduct business. Our policy of allocating income tax expenses and benefits to companies in the group is generally based upon pro rata contribution of taxable income or operating losses. We are taxed at corporate rates on taxable income based on existing tax laws. Current income taxes are charged or credited to net income based upon amounts estimated to be payable or recoverable as a result of taxable operations for the current year. Deferred income taxes are provided for the tax effect of temporary differences in the financial reporting and income tax bases of assets and liabilities, net operating loss carryforwards and tax credit carryforwards using enacted income tax rates and laws. The effect on deferred income tax assets and deferred income tax liabilities of a change in tax rates is recognized in net income in the period in which the change is enacted. Subsequent to a change in tax rates and laws, any stranded tax effects remaining in AOCI will be released only if an entire portfolio is liquidated, sold or extinguished.
Foreign Exchange - Policy	Foreign Exchange Assets and liabilities of our foreign subsidiaries and affiliates denominated in non-U.S. dollars, where the U.S. dollar is not the functional currency, are translated into U.S. dollar equivalents at the year-end spot foreign exchange rates. Resulting translation adjustments are reported as a component of stockholders’ equity, along with any related hedge and tax effects. Revenues and expenses for these entities are translated at the average exchange rates. Revenue, expense and other foreign currency transaction and translation adjustments that affect cash flows are reported in net income, along with related hedge and tax effects.
Goodwill and Other Intangibles - Policy	Goodwill and Other Intangibles Goodwill and other intangible assets include the cost of acquired subsidiaries in excess of the fair value of the net tangible assets recorded in connection with acquisitions. Goodwill and indefinite lived intangible assets are not amortized. Rather, they are tested for impairment during the third quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. Goodwill is tested at the reporting unit level, which is one level below the operating segment, if financial information is prepared and regularly reviewed by management at that level. Once goodwill has been assigned to a reporting unit, it is no longer associated with a particular acquisition; therefore, all of the activities within a reporting unit, whether acquired or organically grown, are available to support the goodwill value. Intangible assets with a finite useful life are amortized as related benefits emerge and are reviewed periodically for indicators of impairment in value. If facts and circumstances suggest possible impairment, the sum of the estimated undiscounted future cash flows expected to result from the use of the asset is compared to the current carrying value of the asset. If the undiscounted future cash flows are less than the carrying value, an impairment loss is recognized for the excess of the carrying amount of assets over their fair value.
Earnings Per Common Share - Policy	Earnings Per Common Share Basic earnings per common share is calculated by dividing net income available to common stockholders by the weighted-average number of common shares outstanding for the period and excludes the dilutive effect of equity awards. Diluted earnings per common share reflects the potential dilution that could occur if dilutive securities, such as options and non-vested stock grants, were exercised or resulted in the issuance of common stock. For any time period in which we have a net loss available to common stockholders, we use the weighted-average number of common shares used in our basic earnings per share calculation to calculate the diluted earnings per share, as dilutive shares would have an antidilutive effect and result in a lower loss per share.

Nature of Operations and Sign_3

Nature of Operations and Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2024
Nature of Operations and Significant Accounting Policies
Actuarial recohorting pre-tax impacts to comprehensive income (Table)	​ ​ ​ ​ ​ ​ For the year ended ​ ​ December 31, 2022 ​ ​ (in millions) Increase to income before taxes ​ Cost of reinsurance amortization (1) ​ $ 33.7 Change in additional liability for certain benefit features (1) ​ 167.4 Total increase to income before income taxes ​ 201.1 ​ ​ ​ ​ Increase to pre-tax other comprehensive income ​ Cost of reinsurance unrealized losses ​ (2.1) Change in additional liability for certain benefit features unrealized gains ​ 7.8 Total increase to pre-tax other comprehensive income ​ 5.7 ​ ​ ​ ​ Total increase to pre-tax comprehensive income ​ $ 206.8 (1) Reported in liability for future policy benefits remeasurement (gain) loss.

Goodwill and Other Intangible_2

Goodwill and Other Intangible Assets (Tables)	12 Months Ended
	Dec. 31, 2024
Goodwill and Other Intangible Assets
Goodwill (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement Principal ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions ​ Management ​ Protection ​ Corporate ​ Consolidated ​ ​ (in millions) Balance as of January 1, 2023 ​ $ 675.9 ​ $ 892.8 ​ $ 29.5 ​ $ — ​ $ 1,598.2 Foreign currency ​ ​ — ​ ​ 10.3 ​ ​ — ​ ​ — ​ ​ 10.3 Balance as of December 31, 2023 ​ ​ 675.9 ​ ​ 903.1 ​ ​ 29.5 ​ ​ — ​ ​ 1,608.5 Goodwill from acquisitions (1) ​ ​ 11.3 ​ ​ — ​ ​ — ​ ​ — ​ ​ 11.3 Foreign currency ​ ​ — ​ ​ (70.1) ​ ​ — ​ ​ — ​ ​ (70.1) Balance as of December 31, 2024 ​ $ 687.2 ​ $ 833.0 ​ $ 29.5 ​ $ — ​ $ 1,549.7 (1) Relates to the acquisition of employee stock ownership plan business from Ascensus within our Retirement and Income Solutions segment.
Finite Lived Intangible Assets (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ ​ (in millions) Gross carrying value ​ $ 1,157.9 ​ $ 1,215.1 Accumulated amortization ​ 523.1 ​ ​ 512.7 Net carrying value ​ $ 634.8 ​ $ 702.4
Other Finite Lived Intangible Assets Estimated Amortization Expense (Table)	As of December 31, 2024, the estimated amortization expense for the next five years is as follows (in millions): ​ ​ ​ ​ ​ Year ending December 31: ​ ​ 2025 ​ $ 60.1 2026 ​ ​ 56.1 2027 ​ ​ 55.9 2028 ​ ​ 40.9 2029 ​ ​ 39.6

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2024
Variable Interest Entities
Carrying Amounts of Assets and Liabilities of Consolidated Variable Interest Entities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ Total ​ Total ​ Total ​ Total ​ assets liabilities assets liabilities ​ ​ ​ (in millions) Mandatory retirement savings funds (1) ​ $ 33,130.4 ​ $ 32,802.2 ​ $ 35,034.4 ​ $ 34,688.3 Real estate (2) ​ 814.3 ​ 69.4 ​ 829.1 ​ 63.0 Sponsored investment funds (3) ​ 833.7 ​ 160.3 ​ 523.8 ​ 6.3 Residential mortgage loans (4) ​ ​ 806.5 ​ ​ 19.9 ​ ​ 874.7 ​ ​ 20.9 Asset-backed limited partnership (5) ​ ​ 250.0 ​ ​ — ​ ​ 249.3 ​ ​ — Total ​ $ 35,834.9 ​ $ 33,051.8 ​ $ 37,511.3 ​ $ 34,778.5 (1) The assets of the mandatory retirement savings funds primarily include separate account assets and equity securities. The liabilities primarily include separate account liabilities. (2) The assets of the real estate VIEs primarily include real estate, other investments and cash. Liabilities primarily include other liabilities. (3) The assets of sponsored investment funds are primarily fixed maturities, equity securities, certain of which are reported with other investments, commercial mortgage loans and cash. The liabilities primarily include short-term debt, long-term debt and other liabilities. The consolidated statements of financial position included a $309.9 million and $226.4 million redeemable noncontrolling interest for sponsored investment funds as of December 31, 2024 and December 31, 2023, respectively. For certain sponsored investment funds, we have unfunded commitments to the VIE. Unfunded commitments are not liabilities on our consolidated statements of financial position because we are only required to fund additional capital when called upon to do so by the investment manager. (4) The assets of the residential mortgage loans VIEs primarily include residential mortgage loans. The liabilities primarily include other liabilities. (5) The assets of the asset-backed limited partnership VIE primarily include consumer loans, auto loans, other loans and credit facilities. These assets are reported with cash and cash equivalents,other investments and fixed maturities, trading on the consolidated statements of financial position.
Asset Carrying Value and Maximum Loss Exposure of Unconsolidated Variable Interest Entities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum exposure to ​ Asset carrying value loss (1) ​ ​ (in millions) December 31, 2024 ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ Corporate ​ $ 308.2 ​ $ 359.7 Residential mortgage-backed pass-through securities ​ ​ 3,674.2 ​ ​ 3,881.3 Commercial mortgage-backed securities ​ ​ 5,188.0 ​ ​ 5,634.3 Collateralized debt obligations (2) ​ 6,560.4 ​ 6,518.7 Other debt obligations ​ 8,904.0 ​ 10,580.8 Fixed maturities, trading: ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ 9.0 ​ 9.0 Commercial mortgage-backed securities ​ 44.2 ​ 44.2 Collateralized debt obligations (2) ​ ​ 135.3 ​ ​ 135.3 Other debt obligations ​ ​ 210.0 ​ ​ 210.0 Equity securities ​ ​ 85.1 ​ ​ 85.1 Other investments: ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests (3) ​ 2,766.4 ​ 4,804.6 ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ Corporate ​ $ 364.9 ​ $ 369.8 Residential mortgage-backed pass-through securities ​ ​ 3,061.1 ​ ​ 3,199.7 Commercial mortgage-backed securities ​ ​ 4,775.5 ​ ​ 5,428.6 Collateralized debt obligations (2) ​ 5,403.7 ​ 5,465.4 Other debt obligations ​ 7,902.2 ​ 9,002.9 Fixed maturities, trading: ​ ​ ​ ​ ​ ​ Residential mortgage-backed pass-through securities ​ 10.4 ​ 10.4 Commercial mortgage-backed securities ​ 53.1 ​ 53.1 Collateralized debt obligations (2) ​ ​ 2.0 ​ ​ 2.0 Other debt obligations ​ ​ 228.4 ​ ​ 228.4 Equity securities ​ ​ 110.4 ​ ​ 110.4 Other investments: ​ ​ ​ ​ ​ ​ Other limited partnership and fund interests (3) ​ 2,091.7 ​ 3,785.9 (1) Our risk of loss is limited to our initial investment measured at amortized cost excluding portfolio layer method basis adjustments for fixed maturities, available-for-sale, plus any unfunded commitments and/or guarantees and similar provisions for collateralized debt obligations and other debt obligations. 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. A carrying value of zero is used if distributions have been received in excess of our investment, resulting in a negative carrying value for the investment. 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 December 31, 2024 and December 31, 2023, the maximum exposure to loss for other limited partnership and fund interests includes $236.1 million and $251.9 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)	12 Months Ended
	Dec. 31, 2024
Investments
Available-for-Sale Securities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ Allowance ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ for credit ​ ​ ​ cost (1) gains losses loss Fair value ​ ​ (in millions) December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,937.4 ​ $ 0.2 ​ $ 299.7 ​ $ — ​ $ 1,637.9 Non-U.S. governments ​ 567.3 ​ 12.9 ​ 84.5 ​ — ​ 495.7 States and political subdivisions ​ 7,207.8 ​ 10.4 ​ 1,141.7 ​ — ​ 6,076.5 Corporate ​ 38,911.1 ​ 509.9 ​ 3,699.9 ​ 18.5 ​ 35,702.6 Residential mortgage-backed pass-through securities ​ 3,881.3 ​ 8.7 ​ 215.8 ​ — ​ 3,674.2 Commercial mortgage-backed securities ​ 5,634.3 ​ 4.6 ​ 450.9 ​ — ​ 5,188.0 Collateralized debt obligations (2) ​ 6,518.7 ​ 48.0 ​ 6.3 ​ — ​ 6,560.4 Other debt obligations ​ 9,446.2 ​ 49.9 ​ 580.2 ​ 0.2 ​ 8,915.7 Total excluding portfolio layer method basis adjustment ​ ​ 74,104.1 ​ ​ 644.6 ​ ​ 6,479.0 ​ ​ 18.7 ​ ​ 68,251.0 Unallocated portfolio layer method basis adjustment (3) ​ ​ (55.7) ​ ​ 55.7 ​ ​ — ​ ​ — ​ ​ — Total fixed maturities, available-for-sale ​ $ 74,048.4 ​ $ 700.3 ​ $ 6,479.0 ​ $ 18.7 ​ $ 68,251.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross ​ Gross ​ Allowance ​ ​ ​ ​ Amortized ​ unrealized ​ unrealized ​ for credit ​ ​ ​ ​ cost (1) ​ gains ​ losses ​ loss ​ Fair value ​ ​ (in millions) December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,745.3 ​ $ 19.3 ​ $ 235.8 ​ $ — ​ $ 1,528.8 Non-U.S. governments ​ 550.3 ​ 17.3 ​ 59.7 ​ — ​ 507.9 States and political subdivisions ​ 7,566.4 ​ 44.3 ​ 933.9 ​ — ​ 6,676.8 Corporate ​ 38,431.3 ​ 578.5 ​ 3,195.2 ​ 4.6 ​ 35,810.0 Residential mortgage-backed pass-through securities ​ 3,199.7 ​ 26.0 ​ 164.6 ​ — ​ 3,061.1 Commercial mortgage-backed securities ​ 5,428.6 ​ 1.2 ​ 654.3 ​ — ​ 4,775.5 Collateralized debt obligations (2) ​ 5,386.0 ​ 44.9 ​ 27.2 ​ — ​ 5,403.7 Other debt obligations ​ 8,473.8 ​ 42.1 ​ 606.5 ​ 0.1 ​ 7,909.3 Total fixed maturities, available-for-sale ​ $ 70,781.4 ​ $ 773.6 ​ $ 5,877.2 ​ $ 4.7 ​ $ 65,673.1 (1) Amortized cost excludes accrued interest receivable of $647.3 million and $619.2 million as of December 31, 2024 and December 31, 2023, respectively. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. (3) Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.
Fixed Maturities Available-for-Sale by Contractual Maturity (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amortized cost (1) Fair value ​ ​ (in millions) ​ Due in one year or less ​ $ 1,383.9 ​ $ 1,386.9 ​ Due after one year through five years ​ ​ 8,931.7 ​ ​ 8,760.2 ​ Due after five years through ten years ​ ​ 10,158.1 ​ ​ 9,748.2 ​ Due after ten years ​ ​ 28,149.9 ​ ​ 24,017.4 ​ Subtotal ​ ​ 48,623.6 ​ ​ 43,912.7 ​ Mortgage-backed and other asset-backed securities ​ ​ 25,480.5 ​ ​ 24,338.3 ​ Total ​ $ 74,104.1 ​ $ 68,251.0 ​ (1) Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.
Net Investment Income (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Fixed maturities, available-for-sale ​ $ 2,728.5 ​ $ 2,508.9 ​ $ 2,100.3 ​ Fixed maturities, trading ​ ​ 49.1 ​ ​ 43.3 ​ ​ 36.8 ​ Equity securities ​ ​ 68.2 ​ ​ 66.3 ​ ​ 8.9 ​ Mortgage loans ​ ​ 802.4 ​ ​ 761.7 ​ ​ 771.7 ​ Real estate ​ ​ 175.1 ​ ​ 177.2 ​ ​ 277.7 ​ Policy loans ​ ​ 44.1 ​ ​ 41.3 ​ ​ 36.5 ​ Cash and cash equivalents ​ ​ 267.1 ​ ​ 196.6 ​ ​ 57.4 ​ Derivatives ​ ​ 94.3 ​ ​ 38.6 ​ ​ 171.3 ​ Other ​ ​ 491.6 ​ ​ 496.1 ​ ​ 517.7 ​ Total ​ ​ 4,720.4 ​ ​ 4,330.0 ​ ​ 3,978.3 ​ Investment expenses ​ ​ (271.2) ​ ​ (238.1) ​ ​ (139.8) ​ Net investment income ​ $ 4,449.2 ​ $ 4,091.9 ​ $ 3,838.5 ​ ​
Net Realized Capital Gains and Losses (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross gains ​ $ 13.1 ​ $ 51.4 ​ $ 41.5 ​ Gross losses ​ ​ (61.0) ​ ​ (141.7) ​ ​ (191.5) ​ Net credit losses (1) ​ ​ (21.7) ​ ​ (26.2) ​ ​ (8.9) ​ Hedging, net (2) ​ ​ (11.5) ​ ​ 2.2 ​ ​ (0.7) ​ Fixed maturities, trading (3) ​ ​ 1.6 ​ ​ (8.6) ​ ​ (13.4) ​ Equity securities (4) ​ ​ 128.4 ​ ​ 64.0 ​ ​ (171.9) ​ Mortgage loans (5) ​ ​ (101.3) ​ ​ (134.5) ​ ​ (74.6) ​ Derivatives (2) ​ ​ 14.9 ​ ​ (34.1) ​ ​ 237.0 ​ Other ​ ​ 10.2 ​ ​ 155.3 ​ ​ 0.4 ​ Net realized capital losses ​ $ (27.3) ​ $ (72.2) ​ $ (182.1) ​ (1) Includes credit sales, adjustments to the credit loss valuation allowance, write-offs 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 $0.7 million, $(9.6) million and $(3.2) million for the years ended December 31, 2024, 2023 and 2022, respectively. This excludes $1.7 million, $2.9 million and $(16.6) million in unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in market risk benefit remeasurement (gain) loss and $2.0 million, $6.8 million and $(1.4) million of unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in net realized capital gains (losses) on funds withheld assets. (4) Unrealized gains (losses) on equity securities still held at the reporting date were $106.9 million, $73.4 million and $(117.1) million for the years ended December 31, 2024, 2023 and 2022, respectively. This excludes $37.9 million, $34.7 million and $(0.7) million of unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in net investment income and $0.0 million, $1.7 million and $(1.7) million of unrealized gains (losses) for the years ended December 31, 2024, 2023 and 2022, respectively, that were reported in net realized capital gains (losses) on funds withheld assets. (5) Net realized capital gains (losses) on mortgage loans include losses related to the deconsolidation of residential mortgage loan trusts in 2023 and 2022.
Allowance for credit loss (Tables)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ Collateralized ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ debt ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities obligations (1) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ 4.6 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 4.7 Additions for credit losses not previously recorded ​ ​ — ​ ​ — ​ ​ — ​ ​ 16.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 16.2 Reductions for securities sold during the period ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.6) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (1.6) Foreign currency translation adjustment ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) Ending balance ​ $ — ​ $ — ​ $ — ​ $ 18.5 ​ $ — ​ $ — ​ $ — ​ $ 0.2 ​ $ 18.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued interest written off to net investment income ​ $ — ​ $ — ​ $ — ​ $ 1.0 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 1.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ Collateralized ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ debt ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities obligations (1) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ 7.7 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 7.8 Additions for credit losses not previously recorded ​ ​ — ​ ​ — ​ ​ — ​ ​ 8.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 8.2 Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period ​ ​ — ​ ​ — ​ ​ — ​ ​ (7.5) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (7.5) Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ (3.8) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (3.8) Ending balance ​ $ — ​ $ — ​ $ — ​ $ 4.6 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 4.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accrued interest written off to net investment income ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ mortgage- ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ backed ​ Commercial ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. ​ ​ ​ ​ States and ​ ​ ​ ​ pass- ​ mortgage- ​ Collateralized ​ Other ​ ​ ​ ​ ​ government ​ Non-U.S. ​ political ​ ​ ​ ​ through ​ backed ​ debt ​ debt ​ ​ ​ ​ and agencies governments subdivisions Corporate securities securities obligations (1) obligations Total ​ ​ (in millions) Beginning balance ​ $ — ​ $ — ​ $ — ​ $ 15.1 ​ $ — ​ $ 0.3 ​ $ — ​ $ 0.1 ​ $ 15.5 Additions for credit losses not previously recorded ​ ​ — ​ ​ — ​ ​ — ​ ​ 5.8 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 5.8 Reductions for securities sold during the period ​ ​ — ​ ​ — ​ ​ — ​ ​ (8.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (8.7) Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period ​ ​ — ​ ​ — ​ ​ — ​ ​ (4.2) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (4.2) Write-offs charged against allowance ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ (0.3) Foreign currency translation adjustment ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.3) Ending balance ​ $ — ​ $ — ​ $ — ​ $ 7.7 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 7.8 (1) Primarily consists of collateralized loan obligations backed by secured corporate loans.
Available-for-Sale Securities in Unrealized Loss Positions Without an Allowance for Credit Loss (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ 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 ​ $ 909.1 ​ $ 17.4 ​ $ 810.6 ​ $ 283.1 ​ $ 1,719.7 ​ $ 300.5 Non-U.S. governments ​ 32.9 ​ 1.3 ​ 308.8 ​ 83.2 ​ 341.7 ​ 84.5 States and political subdivisions ​ 743.2 ​ 26.0 ​ 4,745.7 ​ 1,115.8 ​ 5,488.9 ​ 1,141.8 Corporate ​ 4,970.7 ​ 164.2 ​ 20,099.1 ​ 3,532.3 ​ 25,069.8 ​ 3,696.5 Residential mortgage-backed pass- through securities ​ 1,938.4 ​ 33.2 ​ 1,214.0 ​ 182.6 ​ 3,152.4 ​ 215.8 Commercial mortgage-backed securities ​ 691.7 ​ 8.2 ​ 3,860.1 ​ 442.6 ​ 4,551.8 ​ 450.8 Collateralized debt obligations (2) ​ 582.2 ​ 1.3 ​ 29.8 ​ 5.0 ​ 612.0 ​ 6.3 Other debt obligations ​ 1,732.5 ​ 21.8 ​ 3,698.5 ​ 557.2 ​ 5,431.0 ​ 579.0 Total fixed maturities, available-for-sale ​ $ 11,600.7 ​ $ 273.4 ​ $ 34,766.6 ​ $ 6,201.8 ​ $ 46,367.3 ​ $ 6,475.2 (1) Fair value and gross unrealized losses are excluded for available-for-sale securities for which an allowance for credit loss has been recorded. Gross unrealized losses exclude unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. (2) Primarily consists of collateralized loan obligations backed by secured corporate loans. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ 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 ​ $ 316.4 ​ $ 3.1 ​ $ 997.1 ​ $ 232.6 ​ $ 1,313.5 ​ $ 235.7 Non-U.S. governments ​ ​ 41.9 ​ ​ 1.7 ​ ​ 331.3 ​ ​ 57.9 ​ ​ 373.2 ​ ​ 59.6 States and political subdivisions ​ ​ 596.6 ​ ​ 19.0 ​ ​ 5,075.1 ​ ​ 914.8 ​ ​ 5,671.7 ​ ​ 933.8 Corporate ​ ​ 3,210.1 ​ ​ 126.9 ​ ​ 22,929.1 ​ ​ 3,064.4 ​ ​ 26,139.2 ​ ​ 3,191.3 Residential mortgage-backed pass-through securities ​ ​ 633.0 ​ ​ 4.9 ​ ​ 1,275.6 ​ ​ 159.7 ​ ​ 1,908.6 ​ ​ 164.6 Commercial mortgage-backed securities ​ ​ 280.3 ​ ​ 4.1 ​ ​ 4,192.4 ​ ​ 650.1 ​ ​ 4,472.7 ​ ​ 654.2 Collateralized debt obligations (2) ​ ​ 405.6 ​ ​ 1.8 ​ ​ 2,301.6 ​ ​ 25.4 ​ ​ 2,707.2 ​ ​ 27.2 Other debt obligations ​ ​ 1,183.7 ​ ​ 18.5 ​ ​ 4,408.8 ​ ​ 588.0 ​ ​ 5,592.5 ​ ​ 606.5 Total fixed maturities, available-for-sale ​ $ 6,667.6 ​ $ 180.0 ​ $ 41,511.0 ​ $ 5,692.9 ​ $ 48,178.6 ​ $ 5,872.9 (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.
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ (in millions) ​ Net unrealized losses on fixed maturities, available-for-sale (1) ​ $ (5,942.5) ​ $ (5,143.0) ​ Net unrealized gains (losses) on derivative instruments ​ ​ 66.1 ​ ​ (1.6) ​ Adjustments for assumed changes in amortization patterns ​ ​ 5.1 ​ ​ (5.2) ​ Adjustments for assumed changes in policyholder liabilities ​ ​ 12.2 ​ ​ 1.4 ​ Net unrealized gains (losses) on other investments and noncontrolling interest adjustments ​ ​ (52.5) ​ ​ 43.1 ​ Provision for deferred income tax benefits ​ ​ 1,270.5 ​ ​ 1,088.4 ​ Net unrealized losses on available-for-sale securities and derivative instruments ​ $ (4,641.1) ​ $ (4,016.9) ​ (1) Excludes net unrealized gains (losses) on fixed maturities, available-for-sale included in fair value hedging relationships.
Financing Receivable Credit Quality Indicators (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ 2024 2023 2022 2021 2020 Prior Total ​ ​ ​ (in millions) Commercial mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 1,182.1 ​ $ 793.1 ​ $ 1,234.3 ​ $ 2,101.3 ​ $ 1,463.4 ​ $ 6,594.0 ​ $ 13,368.2 BBB+ thru BBB- ​ ​ 210.0 ​ ​ 393.6 ​ ​ 231.6 ​ ​ 269.1 ​ ​ 180.6 ​ ​ 1,217.5 ​ ​ 2,502.4 BB+ thru BB- ​ ​ 215.7 ​ ​ 143.4 ​ ​ 154.3 ​ ​ 47.9 ​ ​ 40.1 ​ ​ 271.7 ​ ​ 873.1 B+ and below ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2.5 ​ ​ 326.5 ​ ​ 329.0 Total ​ $ 1,607.8 ​ $ 1,330.1 ​ $ 1,620.2 ​ $ 2,418.3 ​ $ 1,686.6 ​ $ 8,409.7 ​ $ 17,072.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct financing leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 1.0 ​ $ — ​ $ 38.5 ​ $ 11.0 ​ $ 33.8 ​ $ 177.4 ​ $ 261.7 BBB+ thru BBB- ​ ​ 4.9 ​ ​ 1.8 ​ ​ 87.3 ​ ​ 19.0 ​ ​ 52.8 ​ ​ 67.0 ​ ​ 232.8 BB+ thru BB- ​ ​ 38.8 ​ ​ — ​ ​ 0.5 ​ ​ 6.8 ​ ​ 3.4 ​ ​ 8.5 ​ ​ 58.0 B+ and below ​ ​ 3.6 ​ ​ — ​ ​ — ​ ​ 6.9 ​ ​ — ​ ​ — ​ ​ 10.5 Total ​ $ 48.3 ​ $ 1.8 ​ $ 126.3 ​ $ 43.7 ​ $ 90.0 ​ $ 252.9 ​ $ 563.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 350.4 ​ $ 411.5 ​ $ 970.3 ​ $ 1,234.9 ​ $ 196.0 ​ $ 427.6 ​ $ 3,590.7 Non-performing ​ ​ 0.5 ​ ​ 5.5 ​ ​ 6.1 ​ ​ 4.8 ​ ​ 2.5 ​ ​ 5.7 ​ ​ 25.1 Total excluding portfolio layer method basis adjustments ​ $ 350.9 ​ $ 417.0 ​ $ 976.4 ​ $ 1,239.7 ​ $ 198.5 ​ $ 433.3 ​ ​ 3,615.8 Unallocated portfolio layer method basis adjustment (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (8.4) Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 3,607.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 84.2 ​ $ 61.9 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 146.1 Non-performing ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.2 Total ​ $ 84.3 ​ $ 61.9 ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 146.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable and deposit receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 19,493.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ 2023 2022 2021 2020 2019 Prior Total ​ ​ ​ (in millions) Commercial mortgage loans: ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 664.8 ​ $ 1,277.1 ​ $ 2,364.0 ​ $ 1,587.3 ​ $ 1,954.4 ​ $ 5,576.6 ​ $ 13,424.2 BBB+ thru BBB- ​ ​ 282.4 ​ ​ 356.0 ​ ​ 374.8 ​ ​ 212.0 ​ ​ 337.3 ​ ​ 911.7 ​ ​ 2,474.2 BB+ thru BB- ​ ​ 110.5 ​ ​ 142.2 ​ ​ 16.7 ​ ​ 2.7 ​ ​ 35.2 ​ ​ 234.2 ​ ​ 541.5 B+ and below ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 83.4 ​ ​ 58.5 ​ ​ 141.9 Total ​ $ 1,057.7 ​ $ 1,775.3 ​ $ 2,755.5 ​ $ 1,802.0 ​ $ 2,410.3 ​ $ 6,781.0 ​ $ 16,581.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct financing leases: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A- and above ​ $ 1.1 ​ $ 122.0 ​ $ 12.4 ​ $ 56.7 ​ $ 1.3 ​ $ 207.3 ​ $ 400.8 BBB+ thru BBB- ​ ​ 2.8 ​ ​ 23.5 ​ ​ 20.8 ​ ​ 46.9 ​ ​ 11.6 ​ ​ 76.3 ​ ​ 181.9 BB+ thru BB- ​ ​ 42.2 ​ ​ — ​ ​ 15.6 ​ ​ 8.0 ​ ​ — ​ ​ 1.6 ​ ​ 67.4 Total ​ $ 46.1 ​ $ 145.5 ​ $ 48.8 ​ $ 111.6 ​ $ 12.9 ​ $ 285.2 ​ $ 650.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Residential mortgage loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 502.3 ​ $ 1,064.3 ​ $ 1,341.8 ​ $ 228.4 ​ $ 120.8 ​ $ 421.0 ​ $ 3,678.6 Non-performing ​ ​ 1.1 ​ ​ 4.0 ​ ​ 4.9 ​ ​ 1.3 ​ ​ 2.0 ​ ​ 4.6 ​ ​ 17.9 Total ​ $ 503.4 ​ $ 1,068.3 ​ $ 1,346.7 ​ $ 229.7 ​ $ 122.8 ​ $ 425.6 ​ $ 3,696.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other loans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performing ​ $ 168.5 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 168.5 Non-performing ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.1 ​ ​ 0.1 Total ​ $ 168.5 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 0.1 ​ $ 168.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable and deposit receivable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 20,614.9 (1) Represents unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method. See Note 5, Derivative Financial Instruments, for further details.
Non-Accrual Financing Receivables (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ 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 ​ $ 58.4 ​ $ 70.5 ​ $ — Residential mortgage loans ​ ​ 10.2 ​ ​ 15.6 ​ ​ — Total ​ $ 68.6 ​ $ 86.1 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ 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 ​ $ 50.0 ​ $ 58.4 ​ $ — Residential mortgage loans ​ ​ 17.8 ​ ​ 10.2 ​ ​ 0.5 Total ​ $ 67.8 ​ $ 68.6 ​ $ 0.5
Schedule of Interest Income Recognized on Non-accrual Financing Receivables (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 ​ 2023 2022 ​ (in millions) Commercial mortgage loans ​ $ 0.8 ​ $ 1.2 ​ $ 0.9 Residential mortgage loans ​ ​ 0.1 ​ ​ — ​ ​ — Total ​ $ 0.9 ​ $ 1.2 ​ $ 0.9
Financing Receivables Aging (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 70.3 ​ $ 2.2 ​ $ 26.3 ​ $ 98.8 ​ $ 16,973.9 ​ $ 17,072.7 ​ $ — ​ Direct financing leases ​ ​ 3.6 ​ ​ — ​ ​ — ​ ​ 3.6 ​ ​ 559.4 ​ ​ 563.0 ​ ​ — ​ Residential mortgage loans (2) ​ ​ 54.4 ​ ​ 14.9 ​ ​ 23.5 ​ ​ 92.8 ​ ​ 3,523.0 ​ ​ 3,615.8 ​ ​ 9.5 ​ Other loans ​ ​ 2.1 ​ ​ 1.8 ​ ​ 1.6 ​ ​ 5.5 ​ ​ 140.8 ​ ​ 146.3 ​ ​ 1.4 ​ Total ​ $ 130.4 ​ $ 18.9 ​ $ 51.4 ​ $ 200.7 ​ $ 21,197.1 ​ $ 21,397.8 ​ $ 10.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ $ 7.8 ​ $ 0.8 ​ $ 12.5 ​ $ 21.1 ​ $ 16,560.7 ​ $ 16,581.8 ​ $ — ​ Direct financing leases ​ ​ — ​ ​ 4.1 ​ ​ — ​ ​ 4.1 ​ ​ 646.0 ​ ​ 650.1 ​ ​ — ​ Residential mortgage loans ​ ​ 46.0 ​ ​ 15.6 ​ ​ 16.4 ​ ​ 78.0 ​ ​ 3,618.5 ​ ​ 3,696.5 ​ ​ 7.7 ​ Other loans ​ ​ 1.0 ​ ​ 0.5 ​ ​ 0.7 ​ ​ 2.2 ​ ​ 166.4 ​ ​ 168.6 ​ ​ 0.6 ​ Total ​ $ 54.8 ​ $ 21.0 ​ $ 29.6 ​ $ 105.4 ​ $ 20,991.6 ​ $ 21,097.0 ​ $ 8.3 ​ (1) As of both December 31, 2024 and December 31, 2023, no reinsurance recoverables or deposit receivables were considered past due. (2) Excludes unallocated basis adjustments related to fair value hedges utilizing the portfolio layer method.
Financing Receivables Valuation Allowance (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ ​ ​ ​ Direct ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ financing ​ Residential ​ Reinsurance ​ ​ ​ ​ mortgage loans leases mortgage loans recoverables Total ​ ​ (in millions) Beginning balance ​ $ 128.8 ​ $ 0.9 ​ $ 6.7 ​ $ 3.2 ​ $ 139.6 Provision ​ ​ 111.5 ​ ​ 2.4 ​ ​ — ​ ​ 0.1 ​ ​ 114.0 Charge-offs ​ ​ (51.4) ​ ​ — ​ ​ (0.2) ​ ​ — ​ ​ (51.6) Recoveries ​ ​ — ​ ​ — ​ ​ 0.9 ​ ​ — ​ ​ 0.9 Foreign currency translation adjustment ​ ​ (0.3) ​ ​ (0.3) ​ ​ (0.1) ​ ​ — ​ ​ (0.7) Ending balance ​ $ 188.6 ​ $ 3.0 ​ $ 7.3 ​ $ 3.3 ​ $ 202.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ Direct ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ financing ​ Residential ​ Reinsurance ​ ​ ​ ​ mortgage loans leases mortgage loans recoverables Total ​ ​ (in millions) Beginning balance ​ $ 77.9 ​ $ 0.6 ​ $ 5.6 ​ $ 2.7 ​ $ 86.8 Provision ​ ​ 51.0 ​ ​ 0.3 ​ ​ 0.1 ​ ​ 0.5 ​ ​ 51.9 Charge-offs ​ ​ — ​ ​ — ​ ​ (0.4) ​ ​ — ​ ​ (0.4) Recoveries ​ ​ — ​ ​ — ​ ​ 1.4 ​ ​ — ​ ​ 1.4 Foreign currency translation adjustment ​ ​ (0.1) ​ ​ — ​ ​ — ​ ​ — ​ ​ (0.1) Ending balance ​ $ 128.8 ​ $ 0.9 ​ $ 6.7 ​ $ 3.2 ​ $ 139.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ Direct ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Commercial ​ financing ​ Residential ​ Reinsurance ​ ​ ​ ​ mortgage loans leases mortgage loans recoverables Total ​ ​ (in millions) Beginning balance ​ $ 43.9 ​ $ 0.4 ​ $ 2.0 ​ $ 2.7 ​ $ 49.0 Provision ​ ​ 34.0 ​ ​ 0.2 ​ ​ 1.5 ​ ​ — ​ ​ 35.7 Charge-offs ​ ​ — ​ ​ — ​ ​ (0.2) ​ ​ — ​ ​ (0.2) Recoveries ​ ​ — ​ ​ — ​ ​ 2.3 ​ ​ — ​ ​ 2.3 Ending balance ​ $ 77.9 ​ $ 0.6 ​ $ 5.6 ​ $ 2.7 ​ $ 86.8
Mortgage Loans Purchased and Sold (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Commercial mortgage loans: ​ ​ ​ ​ ​ ​ Purchased ​ $ 126.7 ​ $ 109.2 ​ $ 325.4 Sold ​ 148.1 ​ 12.1 ​ 15.6 Residential mortgage loans: ​ ​ ​ Purchased (1) ​ 382.6 ​ 554.7 ​ 1,846.0 Sold ​ 29.1 ​ 115.9 ​ 535.7 (1) Includes mortgage loans purchased by residential mortgage loan VIEs in 2023 and 2022.
Commercial Mortgage Loans by Geographic Distribution and Property Type Distribution (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Amortized ​ Percent ​ Amortized ​ Percent ​ cost of total cost of total ​ ​ ($ in millions) Geographic distribution ​ ​ ​ ​ ​ ​ ​ New England ​ $ 347.2 2.0 % $ 366.5 2.2 % Middle Atlantic ​ 4,714.9 27.7 ​ 4,512.6 27.1 ​ East North Central ​ 591.0 3.5 ​ 583.3 3.5 ​ West North Central ​ 394.0 2.3 ​ 336.0 2.0 ​ South Atlantic ​ 2,987.7 17.5 ​ 2,761.9 16.7 ​ East South Central ​ 417.7 2.4 ​ 429.4 2.6 ​ West South Central ​ 1,310.5 7.7 ​ 1,268.6 7.7 ​ Mountain ​ 979.5 5.7 ​ 824.2 5.0 ​ Pacific ​ 4,851.9 28.4 ​ 4,974.4 30.0 ​ International ​ 478.3 2.8 ​ 524.9 3.2 ​ Total ​ $ 17,072.7 100.0 % $ 16,581.8 100.0 % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property type distribution ​ ​ ​ ​ ​ ​ ​ Office ​ $ 3,182.9 18.5 % $ 3,643.0 21.9 % Retail ​ 1,476.9 8.7 ​ 1,454.7 8.8 ​ Industrial ​ 4,364.5 25.6 ​ 3,515.7 21.2 ​ Apartments ​ 7,220.4 42.3 ​ 7,128.2 43.0 ​ Hotel ​ 65.0 0.4 ​ 68.6 0.4 ​ Mixed use/other ​ 763.0 4.5 ​ 771.6 4.7 ​ Total ​ $ 17,072.7 100.0 % $ 16,581.8 100.0 %
Mortgage Loans Modified as a Troubled Debt Restructuring (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ TDRs TDRs in payment default ​ Number of Recorded ​ Number of ​ Recorded ​ contracts investment contracts investment ​ ​ ​ ​ ​ (in millions) ​ ​ ​ (in millions) Commercial mortgage loans ​ 1 ​ $ 35.5 ​ — ​ $ — Total ​ 1 ​ $ 35.5 ​ — ​ $ — ​
Minority Interests in Unconsolidated Entities-Balance Sheet (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 2023 ​ ​ ​ (in millions) ​ Total assets ​ $ 222,907.6 ​ $ 215,978.7 ​ Total liabilities ​ ​ 87,104.7 ​ ​ 100,865.3 ​ Total equity ​ $ 135,802.9 ​ $ 115,113.4 ​ Net investment in unconsolidated entities (1) ​ $ 3,965.7 ​ $ 3,488.7 ​
Minority Interests in Unconsolidated Entities-Income Statement (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ ​ (in millions) ​ Total revenues ​ $ 22,609.3 ​ $ 12,449.3 ​ $ 44,974.8 ​ Net income (loss) ​ ​ 9,765.6 ​ ​ (2,674.2) ​ ​ 34,322.7 ​ Our share of net income of unconsolidated entities (1) ​ ​ 305.1 ​ ​ 314.9 ​ ​ 302.2 ​ (1) Our most significant equity investee is Brasilprev Seguros e Previdencia, a co-managed joint venture in Brazil.
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) ​ December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 648.2 ​ $ (254.8) ​ $ (392.1) ​ $ 1.3 ​ Reverse repurchase agreements ​ ​ 120.4 ​ ​ — ​ ​ (120.4) ​ ​ — ​ Total ​ $ 768.6 ​ $ (254.8) ​ $ (512.5) ​ $ 1.3 ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets ​ $ 304.0 ​ $ (178.5) ​ $ (116.7) ​ $ 8.8 ​ Reverse repurchase agreements ​ ​ 145.1 ​ ​ — ​ ​ (145.1) ​ ​ — ​ Total ​ $ 449.1 ​ $ (178.5) ​ $ (261.8) ​ $ 8.8 ​ (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 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) ​ December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 506.0 ​ $ (254.8) ​ $ (239.4) ​ $ 11.8 ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative liabilities ​ $ 494.0 ​ $ (178.5) ​ $ (301.1) ​ $ 14.4 ​ (1) The gross amount of recognized derivative liabilities is reported with other liabilities on the consolidated statements of financial position. The above excludes derivative liabilities, 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)	12 Months Ended
	Dec. 31, 2024
Derivative Financial Instruments
Derivative Financial Instruments, Exposure (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ ​ (in millions) ​ Notional amounts of derivative instruments ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 60,776.6 ​ $ 57,792.2 ​ Interest rate options ​ ​ 4,735.0 ​ ​ 4,498.4 ​ Interest rate forwards ​ ​ 2,125.6 ​ ​ 1,990.8 ​ Interest rate futures ​ ​ 845.0 ​ ​ 1,205.0 ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ Currency swaps ​ ​ 2,883.8 ​ ​ 2,105.8 ​ Currency forwards ​ ​ 981.2 ​ ​ 1,062.5 ​ Equity contracts: ​ ​ ​ ​ ​ ​ ​ Equity options ​ ​ 4,380.1 ​ ​ 2,331.3 ​ Equity futures ​ ​ 852.5 ​ ​ 568.4 ​ Total return swaps ​ ​ 775.3 ​ ​ — ​ Credit contracts: ​ ​ ​ ​ ​ ​ ​ Credit default swaps ​ ​ 375.0 ​ ​ 305.0 ​ Total return swaps ​ ​ 250.0 ​ ​ — ​ Other contracts: ​ ​ ​ ​ ​ ​ ​ Embedded derivatives ​ ​ 22,592.0 ​ ​ 22,511.7 ​ Total notional amounts at end of period ​ $ 101,572.1 ​ $ 94,371.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ Credit exposure of derivative instruments ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ Interest rate swaps ​ $ 10.0 ​ $ 42.9 ​ Interest rate options ​ ​ 28.1 ​ ​ 37.0 ​ Interest rate forwards ​ ​ — ​ ​ 4.2 ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ Currency swaps ​ ​ 191.4 ​ ​ 120.9 ​ Currency forwards ​ ​ 7.6 ​ ​ 20.8 ​ Equity contracts: ​ ​ ​ ​ ​ ​ ​ Equity options ​ ​ 388.1 ​ ​ 83.8 ​ Total return swaps ​ ​ 20.8 ​ ​ — ​ Credit contracts: ​ ​ ​ ​ ​ ​ ​ Credit default swaps ​ ​ 4.0 ​ ​ 4.7 ​ Total return swaps ​ ​ 14.3 ​ ​ — ​ Total gross credit exposure ​ ​ 664.3 ​ ​ 314.3 ​ Less: collateral received ​ ​ 450.3 ​ ​ 148.7 ​ Net credit exposure ​ $ 214.0 ​ $ 165.6 ​ ​
Derivative Financial Instruments, Fair Value Disclosures (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivative assets (1) ​ Derivative liabilities (2) ​ ​ December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 ​ ​ (in millions) ​ Derivatives designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ — ​ $ 9.0 ​ $ 83.0 ​ $ 72.6 ​ Foreign exchange contracts ​ ​ 170.4 ​ 84.6 ​ ​ 20.7 ​ 39.6 ​ Total derivatives designated as hedging instruments ​ $ 170.4 ​ $ 93.6 ​ $ 103.7 ​ $ 112.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives not designated as hedging instruments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts ​ $ 35.4 ​ $ 70.3 ​ $ 246.9 ​ $ 284.3 ​ Foreign exchange contracts ​ ​ 20.0 ​ 51.9 ​ ​ 34.8 ​ 22.2 ​ Equity contracts ​ ​ 405.0 ​ 83.8 ​ ​ 119.8 ​ 74.2 ​ Credit contracts ​ ​ 17.4 ​ 4.6 ​ ​ 1.0 ​ 1.1 ​ Other contracts ​ ​ — ​ — ​ ​ (2,436.1) ​ (2,451.6) ​ Total derivatives not designated as hedging instruments ​ ​ 477.8 ​ 210.6 ​ ​ (2,033.6) ​ (2,069.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total derivative instruments ​ $ 648.2 ​ $ 304.2 ​ $ (1,929.9) ​ $ (1,957.6) ​ (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 $578.4 million and $115.5 million as of December 31, 2024 and December 31, 2023, respectively, are reported with contractholder funds on the consolidated statements of financial position. Embedded derivatives with a net (asset) liability fair value of $(3,014.5) million and $(2,567.1) million as of December 31, 2024 and December 31, 2023, respectively, are reported with funds withheld payable on the consolidated statements of financial position.
Credit Derivatives Sold (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ ​ Notional ​ Fair ​ future ​ expected life ​ ​ amount value payments (in years) ​ ​ ​ (in millions) ​ ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 40.0 ​ $ 0.2 ​ $ 40.0 0.5 ​ BBB ​ 160.0 ​ 3.6 ​ 160.0 2.1 ​ Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ ​ 20.0 ​ ​ 0.1 ​ ​ 20.0 ​ 0.5 ​ Total single name credit default swaps ​ ​ 220.0 ​ ​ 3.9 ​ ​ 220.0 ​ 1.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Single name total return swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government/municipalities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ AAA ​ ​ 40.0 ​ ​ 2.3 ​ ​ 40.0 ​ 30.6 ​ AA ​ ​ 130.0 ​ ​ 6.4 ​ ​ 130.0 ​ 26.5 ​ A ​ ​ 80.0 ​ ​ 4.8 ​ ​ 80.0 ​ 30.7 ​ Total single name total return swaps ​ ​ 250.0 ​ ​ 13.5 ​ ​ 250.0 ​ 28.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total credit derivatives sold ​ $ 470.0 ​ $ 17.4 ​ $ 470.0 15.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ ​ ​ Maximum ​ average ​ ​ ​ Notional ​ Fair ​ future ​ expected life ​ ​ amount value payments (in years) ​ ​ ​ (in millions) ​ ​ ​ Single name credit default swaps ​ ​ ​ ​ ​ ​ ​ ​ ​ Corporate debt ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ $ 40.0 ​ $ 0.3 ​ $ 40.0 1.5 ​ BBB ​ 140.0 ​ 3.8 ​ 140.0 3.0 ​ BB ​ 20.0 ​ 0.2 ​ 20.0 3.5 ​ Sovereign ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ A ​ ​ 20.0 ​ ​ 0.2 ​ ​ 20.0 ​ 1.5 ​ Total credit derivatives sold ​ $ 220.0 ​ $ 4.5 ​ $ 220.0 2.7 ​
Fair Value Hedges (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cumulative amount of fair ​ ​ ​ ​ ​ ​ ​ ​ value hedging basis adjustment Line item in the consolidated statements ​ ​ ​ ​ ​ ​ ​ increase/(decrease) included in the of financial position in which the ​ Carrying amount of hedged item ​ carrying amount of the hedged item hedged item is included December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 ​ ​ (in millions) Fixed maturities, available-for-sale (1): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 3,208.4 ​ $ 3,510.1 ​ $ (33.1) ​ $ (87.0) Discontinued hedging relationships ​ ​ 528.6 ​ ​ 304.7 ​ ​ (7.0) ​ ​ (5.2) Total fixed maturities, available-for-sale in active or discontinued hedging relationships ​ $ 3,737.0 ​ $ 3,814.8 ​ $ (40.1) ​ $ (92.2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans (2): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 1,707.1 ​ $ — ​ $ (8.4) ​ $ — Total mortgage loans in active or discontinued hedging relationships ​ $ 1,707.1 ​ $ — ​ $ (8.4) ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active hedging relationships ​ $ 2,769.6 ​ $ 300.5 ​ $ (22.0) ​ $ 0.4 Total investment contracts in active or discontinued hedging relationships ​ $ 2,769.6 ​ $ 300.5 ​ $ (22.0) ​ $ 0.4 (1) These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of December 31, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $2,849.3 million and $3,178.5 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(55.7) million and $(62.2) million, respectively, and the amount of the designated hedged items were $1,160.0 million and $1,395.0 million, respectively. (2) These amounts include the amortized cost basis of closed portfolios used to designate portfolio layer hedging relationships in which the hedged layer amount is expected to remain at the end of the hedging relationship. As of December 31, 2024 and December 31, 2023, the amortized cost basis of the closed portfolios used in these hedging relationships was $1,707.1 million and $0.0 million, respectively, the cumulative basis adjustments associated with these hedging relationships was $(8.4) million and $0.0 million, respectively, and the amount of the designated hedged items were $220.0 million and $0.0 million, respectively.
Cash Flow Hedges (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in AOCI on derivatives ​ Derivatives in cash flow ​ ​ ​ for the year ended December 31, ​ hedging relationships Related hedged item 2024 2023 2022 ​ ​ ​ ​ (in millions) ​ Interest rate contracts ​ Fixed maturities, available-for-sale ​ $ (10.8) ​ $ 30.4 ​ $ (102.1) ​ Interest rate contracts ​ Investment contracts ​ ​ (9.0) ​ (11.0) ​ 15.9 ​ Foreign exchange contracts ​ Fixed maturities, available-for-sale ​ ​ 92.2 ​ (64.0) ​ 84.2 ​ Total ​ ​ ​ $ 72.4 ​ $ (44.6) ​ $ (2.0) ​
Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available-for-sale ​ available- ​ investment ​ and mortgage loans for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 4,449.2 ​ $ (27.3) ​ $ 8,072.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on fair value hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ Loss recognized on hedged item ​ $ (4.0) ​ $ — ​ $ (22.3) ​ Gain recognized on derivatives ​ ​ 6.1 ​ — ​ 25.8 ​ Amortization of hedged item basis adjustments ​ ​ 2.6 ​ ​ — ​ ​ — ​ Amounts related to periodic settlements on derivatives ​ 59.0 ​ ​ — ​ ​ (23.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss recognized on hedged item ​ — ​ ​ (11.7) ​ ​ — ​ Gain recognized on derivatives ​ ​ — ​ 11.7 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ 3.1 ​ ​ — ​ ​ — ​ Total gain (loss) recognized for fair value hedging relationships ​ $ 66.8 ​ $ — ​ $ (19.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 3.4 ​ $ — ​ $ (0.2) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 0.5 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ 9.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ Loss reclassified from AOCI on derivatives ​ — ​ (0.2) ​ — ​ Amounts related to periodic settlements on derivatives ​ 26.1 ​ — ​ — ​ Total gain recognized for cash flow hedging relationships ​ $ 29.5 ​ $ 0.3 ​ $ 9.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ 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 ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available-for-sale ​ available- ​ investment ​ and mortgage loans for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 4,091.9 ​ $ (72.2) ​ $ 7,788.2 ​ ​ ​ ​ ​ ​ ​ ​ Gains (losses) on fair value hedging relationships: ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ $ 45.3 ​ $ — ​ $ 0.4 ​ Loss recognized on derivatives ​ (43.9) ​ — ​ (2.1) ​ Amounts related to periodic settlements on derivatives ​ 60.5 ​ — ​ (2.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gain recognized on hedged item ​ ​ — ​ ​ 3.7 ​ ​ — ​ Loss recognized on derivatives ​ ​ — ​ ​ (3.7) ​ ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ 0.6 ​ ​ — ​ ​ — ​ Total gain (loss) recognized for fair value hedging relationships ​ $ 62.5 ​ $ — ​ $ (4.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 4.1 ​ $ — ​ $ (0.1) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 1.9 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ 14.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 1.5 ​ — ​ Amounts related to periodic settlements on derivatives ​ 21.4 ​ — ​ — ​ Total gain recognized for cash flow hedging relationships ​ $ 25.5 ​ $ 3.4 ​ $ 14.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ 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 ​ ​ maturities, ​ maturities, ​ hedges of ​ ​ available-for-sale ​ available- ​ investment ​ and mortgage loans for-sale contracts ​ ​ (in millions) Total amounts of consolidated statement of operations line items in which the effects of fair value and cash flow hedges are reported ​ $ 3,838.5 ​ $ (182.1) ​ $ 6,631.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on fair value hedging relationships: ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ Loss recognized on hedged item ​ $ (154.4) ​ $ — ​ $ — ​ Gain recognized on derivatives ​ 151.6 ​ — ​ — ​ Amortization of hedged item basis adjustments ​ (1.3) ​ — ​ — ​ Amounts related to periodic settlements on derivatives ​ 5.2 ​ — ​ — ​ Total gain recognized for fair value hedging relationships ​ $ 1.1 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gains on cash flow hedging relationships: ​ ​ ​ ​ Interest rate contracts: ​ ​ ​ ​ Gain (loss) reclassified from AOCI on derivatives ​ $ 9.0 ​ $ — ​ $ (0.1) ​ Gain reclassified from AOCI as a result that a forecasted transaction is no longer probable of occurring ​ — ​ 18.5 ​ — ​ Amounts related to periodic settlements on derivatives ​ ​ — ​ ​ — ​ ​ 3.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign exchange contracts: ​ ​ ​ ​ Gain reclassified from AOCI on derivatives ​ — ​ 0.6 ​ — ​ Amounts related to periodic settlements on derivatives ​ 14.5 ​ — ​ — ​ Total gain recognized for cash flow hedging relationships ​ $ 23.5 ​ $ 19.1 ​ $ 3.6 ​
Net Investment Hedges (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain recognized ​ ​ in AOCI on derivatives ​ ​ for the year ended December 31, Derivatives in net investment hedging relationships 2024 2023 2022 ​ ​ (in millions) Foreign exchange contracts ​ $ 3.5 ​ $ (0.7) ​ $ 1.5 Total ​ $ 3.5 ​ $ (0.7) ​ $ 1.5
Derivatives Not Designated as Hedging Instruments (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount of gain (loss) recognized in ​ ​ ​ net income on derivatives for the ​ ​ ​ year ended December 31, ​ Derivatives not designated as hedging instruments 2024 2023 2022 ​ ​ (in millions) ​ Interest rate contracts ​ $ (159.6) ​ $ (61.4) ​ $ (317.7) ​ Foreign exchange contracts ​ ​ (30.4) ​ ​ (40.0) ​ 83.7 ​ Equity contracts ​ ​ 55.0 ​ ​ (144.1) ​ 20.7 ​ Credit contracts ​ ​ 16.3 ​ ​ 4.1 ​ 0.1 ​ Other contracts (1) ​ ​ (15.5) ​ ​ (1,154.9) ​ 3,682.3 ​ Total ​ $ (134.2) ​ $ (1,396.3) ​ $ 3,469.1 ​ (1) Includes the change in fair value of the funds withheld embedded derivative.

Closed Block (Tables)

Closed Block (Tables)	12 Months Ended
	Dec. 31, 2024
Closed Block
Closed Block Liabilities and Assets Designated to the Closed Block (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ (in millions) Closed Block liabilities ​ ​ ​ ​ ​ ​ ​ Future policy benefits and claims ​ $ 2,850.0 ​ $ 2,982.9 ​ Other policyholder funds ​ ​ 4.4 ​ ​ 5.1 ​ Policyholder dividends payable ​ ​ 155.1 ​ ​ 157.2 ​ Income taxes currently payable ​ ​ 1.3 ​ ​ 4.0 ​ Other liabilities ​ ​ 27.6 ​ ​ 23.2 ​ Total Closed Block liabilities ​ ​ 3,038.4 ​ ​ 3,172.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ Assets designated to the Closed Block ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale ​ ​ 1,752.0 ​ ​ 1,766.7 ​ Fixed maturities, trading ​ ​ 0.7 ​ ​ 2.0 ​ Equity securities ​ ​ 0.9 ​ ​ 0.9 ​ Mortgage loans ​ ​ 413.3 ​ ​ 469.5 ​ Policy loans ​ ​ 353.6 ​ ​ 379.9 ​ Other investments ​ ​ 61.2 ​ ​ 61.2 ​ Total investments ​ ​ 2,581.7 ​ ​ 2,680.2 ​ Cash and cash equivalents ​ ​ — ​ ​ 6.1 ​ Accrued investment income ​ ​ 32.3 ​ ​ 32.6 ​ Reinsurance recoverable and deposit receivable ​ ​ 3.5 ​ ​ 3.5 ​ Premiums due and other receivables ​ ​ — ​ ​ 3.4 ​ Deferred tax asset ​ ​ 51.6 ​ ​ 52.1 ​ Other assets ​ ​ 2.0 ​ ​ 5.3 ​ Total assets designated to the Closed Block ​ ​ 2,671.1 ​ ​ 2,783.2 ​ Excess of Closed Block liabilities over assets designated to the Closed Block ​ ​ 367.3 ​ ​ 389.2 ​ Amounts included in accumulated other comprehensive income ​ ​ (66.2) ​ ​ (69.6) ​ Maximum future earnings to be recognized from Closed Block assets and liabilities ​ $ 301.1 ​ $ 319.6 ​ ​
Closed Block Revenues and Expenses (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Revenues ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Premiums and other considerations ​ $ 153.0 ​ $ 166.1 ​ $ 178.0 ​ Net investment income ​ ​ 130.6 ​ ​ 127.3 ​ ​ 129.1 ​ Net realized capital losses ​ ​ (11.2) ​ ​ (10.0) ​ ​ (21.2) ​ Total revenues ​ ​ 272.4 ​ ​ 283.4 ​ ​ 285.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits, claims and settlement expenses ​ ​ 151.1 ​ ​ 161.6 ​ ​ 184.3 ​ Dividends to policyholders ​ ​ 97.4 ​ ​ 86.8 ​ ​ 92.5 ​ Operating expenses ​ ​ 1.9 ​ ​ 2.6 ​ ​ 2.2 ​ Total expenses ​ ​ 250.4 ​ ​ 251.0 ​ ​ 279.0 ​ Closed Block revenues, net of Closed Block expenses, before income taxes ​ ​ 22.0 ​ ​ 32.4 ​ ​ 6.9 ​ Income taxes ​ ​ 4.2 ​ ​ 6.1 ​ ​ 0.7 ​ Closed Block revenues, net of Closed Block expenses and income taxes ​ ​ 17.8 ​ ​ 26.3 ​ ​ 6.2 ​ Funding adjustments and other transfers ​ ​ 0.7 ​ ​ (1.4) ​ ​ 28.5 ​ Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments ​ $ 18.5 ​ $ 24.9 ​ $ 34.7 ​ ​
Change in Maximum Future Earnings of the Closed Block (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Beginning of year ​ $ 319.6 ​ $ 344.5 ​ $ 379.2 ​ End of year ​ ​ 301.1 ​ ​ 319.6 ​ ​ 344.5 ​ Change in maximum future earnings ​ $ (18.5) ​ $ (24.9) ​ $ (34.7) ​ ​

Deferred Acquisition Costs an_2

Deferred Acquisition Costs and Other Actuarial Balances (Tables)	12 Months Ended
	Dec. 31, 2024
Disaggregated DAC amounts and reconciliation (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ Workplace savings and retirement solutions $ 515.5 ​ $ 506.4 Individual variable annuities ​ ​ 323.4 ​ 279.5 Pension risk transfer ​ ​ 21.1 ​ 15.4 Individual fixed deferred annuities ​ ​ 84.2 ​ 106.1 Investment only ​ ​ 13.0 ​ 11.5 Total Retirement and Income Solutions ​ ​ 957.2 ​ 918.9 Benefits and Protection: ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ Individual disability ​ ​ 696.9 ​ 667.7 Life Insurance: ​ ​ ​ ​ ​ Universal life ​ ​ 1,527.7 ​ 1,545.3 Term life ​ ​ 710.8 ​ 695.1 Participating life ​ ​ 77.8 ​ 84.7 Total Benefits and Protection ​ ​ 3,013.2 ​ 2,992.8 Short-duration contracts ​ ​ 30.6 ​ 31.1 Other balances (1) ​ ​ 5.9 ​ 7.7 Total DAC per consolidated statements of financial position $ 4,006.9 ​ $ 3,950.5 (1) Includes insignificant balances for long-duration contracts.
Disaggregated unearned revenue liability amounts and reconciliation (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Benefits and Protection – Life Insurance: ​ ​ Universal life $ 510.1 ​ $ 485.5 Other balances (1) ​ ​ 5.3 ​ 7.2 Total unearned revenue liability $ 515.4 ​ $ 492.7 (1) Includes insignificant balances for long-duration contracts.
Retirement and Income Solutions
Disaggregated DAC amounts and reconciliation (Table)	Retirement and Income Solutions The balances and changes in DAC were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Workplace ​ ​ ​ ​ Individual ​ ​ ​ savings and ​ Individual ​ Pension ​ fixed ​ ​ ​ ​ ​ retirement ​ variable ​ risk ​ deferred ​ Investment ​ ​ solutions ​ annuities ​ transfer ​ annuities ​ only ​ ​ (in millions) Balances as of January 1, 2023 ​ $ 498.0 ​ $ 278.0 ​ $ 8.1 ​ $ 131.0 ​ $ 14.9 Costs deferred ​ 48.1 ​ ​ 27.4 ​ ​ 7.9 ​ ​ — ​ ​ 1.3 Amortized to expense ​ (39.7) ​ ​ (25.9) ​ ​ (0.6) ​ ​ (24.9) ​ ​ (4.7) Balances as of December 31, 2023 ​ 506.4 ​ ​ 279.5 ​ ​ 15.4 ​ ​ 106.1 ​ ​ 11.5 Costs deferred ​ ​ 47.7 ​ ​ 72.7 ​ ​ 6.6 ​ ​ — ​ ​ 6.5 Amortized to expense ​ ​ (38.6) ​ ​ (28.8) ​ ​ (0.9) ​ ​ (21.9) ​ ​ (5.0) Balances as of December 31, 2024 ​ $ 515.5 ​ $ 323.4 ​ $ 21.1 ​ $ 84.2 ​ $ 13.0
Benefits and Protection
Disaggregated DAC amounts and reconciliation (Table)	Benefits and Protection The balances and changes in DAC were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits Life Insurance ​ ​ Individual ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ disability ​ Universal life ​ Term life ​ Participating life ​ ​ (in millions) Balances as of January 1, 2023 ​ $ 626.1 ​ $ 1,569.7 ​ $ 685.7 ​ $ 93.0 Costs deferred ​ 86.7 ​ ​ 70.7 ​ ​ 71.3 ​ ​ 1.4 Amortized to expense ​ (45.1) ​ ​ (95.1) ​ ​ (61.9) ​ ​ (9.7) Balances as of December 31, 2023 ​ 667.7 ​ ​ 1,545.3 ​ ​ 695.1 ​ ​ 84.7 Costs deferred ​ ​ 79.0 ​ ​ 76.7 ​ ​ 78.3 ​ ​ 1.7 Amortized to expense ​ ​ (49.8) ​ ​ (94.3) ​ ​ (62.6) ​ ​ (8.6) Balances as of December 31, 2024 ​ $ 696.9 ​ $ 1,527.7 ​ $ 710.8 ​ $ 77.8 ​
Disaggregated Rollforward at Adoption - Unearned Revenue Liability (Table)	Benefits and Protection The balances and changes in the unearned revenue liability for Life Insurance – Universal life contracts were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Balance at beginning of period ​ $ 485.5 ​ $ 459.0 Deferrals ​ ​ 56.1 ​ 56.3 Revenue recognized ​ ​ (31.5) ​ (29.8) Balance at end of period ​ ​ 510.1 ​ 485.5 Reinsurance impact ​ ​ (220.8) ​ (225.1) Balance at end of period after reinsurance ​ $ 289.3 ​ $ 260.4 ​

Separate Account Balances (Tabl

Separate Account Balances (Tables)	12 Months Ended
	Dec. 31, 2024
Summary of separate account assets by investment category (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Fixed maturities: ​ ​ U.S. government and agencies $ 7,537.1 ​ $ 8,467.3 Non-U.S. governments ​ ​ 8,461.5 ​ 8,522.3 States and political subdivisions ​ ​ 170.1 ​ 205.1 Corporate ​ ​ 12,590.9 ​ 13,386.4 Residential mortgage-backed pass-through securities ​ ​ 3,746.0 ​ 4,126.1 Commercial mortgage-backed securities ​ ​ 201.4 ​ 221.1 Other debt obligations ​ ​ 594.1 ​ 575.6 Total fixed maturities ​ ​ 33,301.1 ​ 35,503.9 Equity securities ​ ​ 126,575.0 ​ 118,073.7 Real estate ​ ​ 441.3 ​ 494.6 Other investments ​ ​ 8,160.2 ​ 9,436.2 Cash and cash equivalents ​ ​ 4,021.7 ​ 3,332.8 Other assets ​ ​ 827.8 ​ 764.4 Total separate account assets per consolidated statements of financial position $ 173,327.1 ​ $ 167,605.6
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ Group retirement contracts $ 125,103.1 ​ $ 117,518.5 Individual variable annuities ​ ​ 8,334.9 ​ 9,131.9 Total Retirement and Income Solutions ​ ​ 133,438.0 ​ 126,650.4 Principal Asset Management – International Pension: ​ ​ ​ ​ ​ Latin America: ​ ​ ​ ​ ​ Pension ​ ​ 32,802.2 ​ 34,580.6 Asia: ​ ​ ​ ​ ​ Guaranteed pension (1) ​ ​ — ​ 144.2 Total Principal Asset Management – International Pension ​ ​ 32,802.2 ​ 34,724.8 Benefits and Protection - Life Insurance: ​ ​ ​ ​ ​ Universal life ​ ​ 6,806.7 ​ 5,982.5 Other balances (2) ​ ​ 280.2 ​ 247.9 Total separate account liabilities per consolidated statements of financial position $ 173,327.1 ​ $ 167,605.6 (1) The guaranteed constituent funds in Asia closed in the fourth quarter of 2023 and the second quarter of 2024. (2) Includes insignificant balances for long-duration contracts.
Retirement and Income Solutions
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Group ​ Individual ​ Group ​ Individual ​ ​ retirement ​ variable ​ retirement ​ variable ​ ​ contracts ​ annuities ​ contracts ​ annuities ​ ​ (in millions) Balance at beginning of period ​ $ 117,518.5 ​ $ 9,131.9 ​ $ 107,240.1 ​ $ 8,659.0 Premiums and deposits (1) ​ ​ 16,573.1 ​ ​ 344.5 ​ 11,379.0 ​ 328.5 Policy charges ​ ​ (365.6) ​ ​ (197.6) ​ (366.0) ​ (204.5) Surrenders, withdrawals and benefit payments (1) ​ ​ (19,191.4) ​ ​ (1,977.7) ​ (13,916.8) ​ (1,018.2) Investment performance ​ ​ 14,632.1 ​ ​ 1,079.0 ​ 15,820.7 ​ 1,315.1 Net transfers (to) from general account (1) ​ ​ (4,148.3) ​ ​ (2.1) ​ (2,461.1) ​ 30.4 Other (2) ​ ​ 84.7 ​ ​ (43.1) ​ (177.4) ​ 21.6 Balance at end of period ​ $ 125,103.1 $ 8,334.9 ​ $ 117,518.5 ​ $ 9,131.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value (3) ​ $ 123,965.4 $ 8,219.1 ​ $ 116,522.1 ​ $ 9,011.5 (1) Within the policyholder account balances rollforwards in Note 9, Contractholder Funds, amounts in these lines for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in net transfers from (to) separate account. (2) Includes amounts to be settled between the separate account and general account due to the timing of trade settlements as of the reporting date. (3) Cash surrender value represents the amount of the contractholders ’ account balances distributable at the end of the reporting period less surrender charges.
Principal Asset Management | International Pension
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Latin America ​ Asia ​ Latin America ​ Asia ​ ​ ​ ​ ​ Guaranteed ​ ​ ​ ​ Guaranteed ​ ​ Pension ​ pension ​ Pension ​ pension ​ (in millions) Balance at beginning of period $ 34,580.6 $ 144.2 $ 33,316.7 $ 915.0 Premiums and deposits ​ 3,347.7 ​ 31.9 ​ 3,628.6 ​ 217.2 Policy charges ​ (16.6) ​ (1.2) ​ (17.8) ​ (16.9) Surrenders, withdrawals and benefit payments (1) ​ (3,638.0) ​ (142.8) ​ (4,191.7) ​ (1,006.8) Investment performance ​ 2,890.1 ​ 3.3 ​ 2,733.7 ​ 37.7 Other (2) ​ 22.8 ​ (35.3) ​ 7.6 ​ (0.3) Foreign currency translation adjustment ​ (4,384.4) ​ (0.1) ​ (896.5) ​ (1.7) Balance at end of period ​ $ 32,802.2 ​ $ — ​ $ 34,580.6 ​ $ 144.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash surrender value ​ $ 32,802.2 ​ $ — ​ $ 34,580.6 ​ $ 144.2 (1) Includes amounts related to the closure of guaranteed constituent funds in Asia in the fourth quarter of 2023 and the second quarter of 2024 . (2) Includes the removal of insignificant balances for non-guaranteed investment options in Asia from the rollforward in 2024.
Benefits and Protection | Life Insurance | Universal life
Summary of disaggregated separate account liability amounts and changes in separate account liabilities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Balance at beginning of period $ 5,982.5 $ 5,011.0 Premiums and deposits (1) ​ 557.2 ​ 532.1 Policy charges ​ (132.7) ​ (129.0) Surrenders, withdrawals and benefit payments (1) ​ (492.2) ​ (342.1) Investment performance ​ 880.5 ​ 902.8 Net transfers (to) from general account (1) ​ 11.4 ​ 7.7 Balance at end of period ​ $ 6,806.7 ​ $ 5,982.5 ​ ​ ​ ​ ​ ​ ​ Cash surrender value (2) ​ $ 6,869.5 ​ $ 6,041.9 (1) Within the policyholder account balances rollforwards in Note 9, Contractholder Funds, amounts in these lines are reflected in net transfers from (to) separate account. (2) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. Certain products include surrender value enhancement riders that result in cash surrender values greater than account balances.

Contractholder Funds (Tables)

Contractholder Funds (Tables)	12 Months Ended
	Dec. 31, 2024
Policyholder account balances
Schedule of disaggregated policyholder account balance amounts and reconcile the totals to contractholder funds (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ $ 13,982.8 ​ $ 12,721.5 ​ Individual variable annuities ​ ​ 1,746.0 ​ ​ 514.2 ​ Individual fixed deferred annuities ​ ​ 4,462.3 ​ ​ 5,538.3 ​ Total Retirement and Income Solutions ​ ​ 20,191.1 ​ ​ 18,774.0 ​ Benefits and Protection – Life Insurance: ​ ​ ​ ​ ​ ​ ​ Universal life ​ ​ 6,930.4 ​ ​ 6,910.4 ​ Corporate: ​ ​ ​ ​ ​ ​ ​ Inter-segment eliminations ​ ​ (361.2) ​ ​ (362.2) ​ Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue ​ ​ 26,760.3 ​ ​ 25,322.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ ​ ​ ​ ​ ​ Investment contracts without significant fee revenue (1) ​ ​ 15,805.8 ​ ​ 15,784.5 ​ Embedded derivatives and other balances (2) ​ ​ 533.5 ​ ​ 394.4 ​ Total contractholder funds per consolidated statements of financial position ​ $ 43,099.6 ​ $ 41,501.1 ​ (1) Includes GICs, funding agreements, individual fixed income annuities and guaranteed pension contracts. These contracts are not included within the disaggregated rollforward or guaranteed minimum interest rate (“GMIR”) disclosures below. (2) Includes insignificant balances for long-duration contracts, embedded derivative (assets) liabilities, including associated host contract (asset) liability adjustments, and amounts that are not accrued to the benefit of the contractholder and, therefore, are not included within the disaggregated rollforward or GMIR disclosures below. Refer to Note 18, Fair Value Measurements, for details on the changes in Level 3 fair value measurements of embedded derivatives.
Schedule of guaranteed minimum interest rate (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Excess of crediting rates over GMIR ​ ​ ​ ​ ​ Up to 0.50% ​ 0.51% to 1.00% ​ 1.01% to 2.00% ​ 2.01% or more ​ ​ ​ ​ ​ At GMIR ​ above GMIR ​ above GMIR ​ above GMIR ​ above GMIR ​ Total ​ (in millions) Retirement and Income Solutions ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ ​ ​ ​ ​ ​ Up to 1.00% $ — $ — $ — $ 1,041.7 $ 445.2 $ 1,486.9 1.01% - 2.00% ​ 3,727.0 ​ — ​ — ​ 1,056.3 ​ — ​ 4,783.3 2.01% - 3.00% ​ 4.6 ​ 186.9 ​ 1.8 ​ 2,900.0 ​ 2,740.1 ​ 5,833.4 3.01% - 4.00% ​ 7.6 ​ — ​ — ​ — ​ — ​ 7.6 4.01% and above ​ 13.9 ​ — ​ — ​ — ​ — ​ 13.9 Subtotal ​ 3,753.1 ​ 186.9 ​ 1.8 ​ 4,998.0 ​ 3,185.3 ​ 12,125.1 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,857.7 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,982.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ ​ ​ ​ ​ ​ Up to 1.00% $ 19.2 $ — $ — $ — $ — $ 19.2 1.01% - 2.00% ​ 3.8 ​ — ​ — ​ — ​ — ​ 3.8 2.01% - 3.00% ​ 231.5 ​ — ​ — ​ — ​ — ​ 231.5 3.01% - 4.00% ​ — ​ — ​ — ​ — ​ — ​ — 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 254.5 ​ — ​ — ​ — ​ — ​ 254.5 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,491.5 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,746.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual fixed deferred annuities ​ ​ ​ ​ ​ ​ Up to 1.00% $ 213.1 $ 27.5 $ 56.0 $ 196.9 $ 1,093.2 $ 1,586.7 1.01% - 2.00% ​ 78.8 ​ 0.3 ​ 4.8 ​ 48.2 ​ 7.4 ​ 139.5 2.01% - 3.00% ​ 2,416.4 ​ — ​ — ​ — ​ — ​ 2,416.4 3.01% - 4.00% ​ 142.0 ​ — ​ — ​ — ​ — ​ 142.0 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 2,850.3 ​ 27.8 ​ 60.8 ​ 245.1 ​ 1,100.6 ​ 4,284.6 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 177.7 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 4,462.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance ​ ​ ​ ​ ​ ​ Universal life ​ ​ ​ ​ ​ ​ Up to 1.00% $ — $ — $ 1.5 $ 14.9 $ 4.9 $ 21.3 1.01% - 2.00% ​ 268.6 ​ — ​ 424.0 ​ 518.6 ​ 452.3 ​ 1,663.5 2.01% - 3.00% ​ 646.0 ​ 632.2 ​ 771.9 ​ 368.7 ​ 6.3 ​ 2,425.1 3.01% - 4.00% ​ 1,559.7 ​ 56.7 ​ 34.5 ​ 105.4 ​ 7.0 ​ 1,763.3 4.01% and above ​ 23.5 ​ 2.5 ​ 7.0 ​ 18.9 ​ — ​ 51.9 Subtotal ​ 2,497.8 ​ 691.4 ​ 1,238.9 ​ 1,026.5 ​ 470.5 ​ 5,925.1 No GMIR ​ ​ ​ ​ ​ ​ 1,005.3 Total ​ ​ ​ ​ ​ $ 6,930.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Excess of crediting rates over GMIR ​ ​ ​ ​ ​ Up to 0.50% ​ 0.51% to 1.00% ​ 1.01% to 2.00% ​ 2.01% or more ​ ​ ​ ​ ​ At GMIR ​ above GMIR ​ above GMIR ​ above GMIR ​ above GMIR ​ Total ​ (in millions) Retirement and Income Solutions ​ ​ ​ ​ ​ ​ Workplace savings and retirement solutions ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ — ​ $ 3.3 ​ $ 101.8 ​ $ 1,006.0 ​ $ 312.8 ​ $ 1,423.9 1.01% - 2.00% ​ 5,135.0 ​ 3.8 ​ 1,153.1 ​ — ​ 874.6 ​ 7,166.5 2.01% - 3.00% ​ 357.1 ​ 0.1 ​ 0.8 ​ 59.1 ​ 1,701.2 ​ 2,118.3 3.01% - 4.00% ​ 7.4 ​ — ​ — ​ — ​ — ​ 7.4 4.01% and above ​ 16.9 ​ — ​ — ​ — ​ — ​ 16.9 Subtotal ​ 5,516.4 ​ 7.2 ​ 1,255.7 ​ 1,065.1 ​ 2,888.6 ​ 10,733.0 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,988.5 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 12,721.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ 22.6 ​ $ — ​ $ — ​ $ — ​ $ — ​ $ 22.6 1.01% - 2.00% ​ 4.6 ​ — ​ — ​ — ​ — ​ 4.6 2.01% - 3.00% ​ 273.5 ​ — ​ — ​ — ​ — ​ 273.5 3.01% - 4.00% ​ — ​ — ​ — ​ — ​ — ​ — 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 300.7 ​ — ​ — ​ — ​ — ​ 300.7 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 213.5 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 514.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual fixed deferred annuities ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ 305.5 ​ $ 115.4 ​ $ 121.8 ​ $ 449.4 ​ $ 999.5 ​ $ 1,991.6 1.01% - 2.00% ​ 100.8 ​ 0.9 ​ 26.3 ​ 123.5 ​ 2.4 ​ 253.9 2.01% - 3.00% ​ 2,897.7 ​ — ​ — ​ — ​ — ​ 2,897.7 3.01% - 4.00% ​ 156.9 ​ — ​ — ​ — ​ — ​ 156.9 4.01% and above ​ — ​ — ​ — ​ — ​ — ​ — Subtotal ​ 3,460.9 ​ 116.3 ​ 148.1 ​ 572.9 ​ 1,001.9 ​ 5,300.1 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 238.2 Total ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,538.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance ​ ​ ​ ​ ​ ​ Universal life ​ ​ ​ ​ ​ ​ Up to 1.00% ​ $ — ​ $ — ​ $ 16.1 ​ $ 1.0 ​ $ 2.4 ​ $ 19.5 1.01% - 2.00% ​ 294.1 ​ — ​ 418.1 ​ 485.6 ​ 415.4 ​ 1,613.2 2.01% - 3.00% ​ 729.7 ​ 677.2 ​ 836.3 ​ 350.6 ​ 3.0 ​ 2,596.8 3.01% - 4.00% ​ 1,657.0 ​ 49.8 ​ 37.6 ​ 36.4 ​ 3.2 ​ 1,784.0 4.01% and above ​ 40.5 ​ 3.9 ​ 8.3 ​ 1.5 ​ — ​ 54.2 Subtotal ​ 2,721.3 ​ 730.9 ​ 1,316.4 ​ 875.1 ​ 424.0 ​ 6,067.7 No GMIR ​ ​ ​ ​ ​ ​ ​ ​ 842.7 Total ​ ​ ​ ​ ​ ​ ​ ​ $ 6,910.4 ​
Retirement and Income Solutions
Policyholder account balances
Schedule of changes in policyholder account balances (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ For the year ended December 31, 2023 ​ ​ Workplace ​ Workplace ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ savings and ​ Individual ​ Individual ​ savings and ​ Individual ​ Individual ​ ​ retirement ​ variable ​ fixed deferred ​ retirement ​ variable ​ fixed deferred ​ solutions annuities annuities (1) solutions annuities annuities (1) ​ ​ ($ in millions) Balance at beginning of period ​ $ 12,721.5 ​ $ 514.2 ​ $ 5,538.3 ​ $ 12,154.7 ​ $ 381.4 ​ $ 7,228.3 ​ Premiums and deposits ​ 4,945.1 ​ 1,686.5 ​ 43.2 ​ 4,441.7 ​ 586.7 ​ 36.8 ​ Policy charges ​ (36.7) ​ — ​ — ​ (31.6) ​ — ​ — ​ Surrenders, withdrawals and benefit payments ​ (3,791.8) ​ (2,098.2) ​ (1,255.7) ​ (4,356.6) ​ (1,123.0) ​ (1,888.4) ​ Net transfers from (to) separate account (2) ​ (220.5) ​ 1,635.3 ​ — ​ 264.8 ​ 659.3 ​ — ​ Interest credited ​ 395.9 ​ 8.0 ​ 136.5 ​ 280.2 ​ 9.8 ​ 161.6 ​ Other ​ (30.7) ​ 0.2 ​ — ​ (31.7) ​ — ​ — ​ Balance at end of period ​ $ 13,982.8 ​ $ 1,746.0 ​ $ 4,462.3 ​ $ 12,721.5 ​ $ 514.2 ​ $ 5,538.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average crediting rate (3) ​ 3.26 % 3.39 % 3.09 % 2.54 % 3.22 % 2.84 % Cash surrender value (4) ​ $ 12,524.6 ​ $ 1,778.7 ​ $ 4,208.5 ​ $ 11,211.9 ​ $ 512.6 ​ $ 5,434.4 ​ (1) We use the deposit method of accounting for the reinsurance of this exited business. (2) Within the separate account liabilities rollforwards in Note 8, Separate Account Balances, these transfers for Individual variable annuities and Workplace savings and retirement solutions included in Group retirement contracts are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account. (3) The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value. (4) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges. The cash surrender value for RILA products also includes an equity and bond adjustment that may result in cash surrender value being greater than account balance.
Universal life | Benefits and Protection | Life Insurance
Policyholder account balances
Schedule of changes in policyholder account balances (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ($ in millions) Balance at beginning of period $ 6,910.4 $ 6,947.9 ​ Premiums and deposits ​ 1,283.7 ​ 1,260.5 ​ Policy charges ​ (877.1) ​ (858.1) ​ Surrenders, withdrawals and benefit payments ​ (591.7) ​ (483.6) ​ Net transfers from (to) separate account (1) ​ (76.4) ​ (197.7) ​ Interest credited ​ 282.6 ​ 242.1 ​ Other ​ ​ (1.1) ​ ​ (0.7) ​ Balance at end of period ​ 6,930.4 ​ 6,910.4 ​ Reinsurance impact ​ (3,232.8) ​ (3,396.8) ​ Balance at end of period after reinsurance ​ $ 3,697.6 ​ $ 3,513.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average crediting rate (2) ​ 4.13 % 4.01 % Net amount at risk (3) ​ $ 86,141.3 ​ $ 86,671.0 ​ Cash surrender value (4) ​ $ 6,052.5 ​ $ 5,953.0 ​ (1) Within the separate account liabilities rollforwards in Note 8, Separate Account Balances, these transfers are reflected in premiums and deposits; surrenders, withdrawals and benefit payments; and net transfers (to) from general account. (2) The weighted-average crediting rate is the crediting rate as of the end of each reporting period weighted by account value, including indexed credits. (3) For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the death benefit in excess of the current account balance or the fixed death benefit at the consolidated statement of financial position date. (4) Cash surrender value represents the amount of the contractholders’ account balances distributable at the end of the reporting period less surrender charges.

Future Policy Benefits and Cl_2

Future Policy Benefits and Claims (Tables)	12 Months Ended
	Dec. 31, 2024
Future Policy Benefits and Claims
Disaggregated Future Policy Benefits and Claims amounts and reconciliation (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Liability for future policy benefits by segment (1): ​ ​ Retirement and Income Solutions: ​ ​ Pension risk transfer ​ $ 24,958.1 ​ $ 23,855.8 Individual fixed income annuities ​ 4,504.6 ​ 4,914.1 Total Retirement and Income Solutions ​ 29,462.7 ​ 28,769.9 Principal Asset Management – International Pension: ​ ​ Latin America: ​ ​ Individual fixed income annuities ​ 4,126.9 ​ 4,593.7 Benefits and Protection: ​ ​ ​ Specialty Benefits: ​ ​ ​ Individual disability ​ 1,829.0 ​ 1,898.4 Life Insurance: ​ ​ ​ Term life ​ 1,248.0 ​ 1,085.9 Total Benefits and Protection ​ 3,077.0 ​ 2,984.3 Corporate: ​ ​ Long-term care insurance ​ 164.8 ​ 166.7 Total liability for future policy benefits ​ 36,831.4 ​ 36,514.6 ​ ​ ​ ​ ​ ​ ​ Additional liability for certain benefit features by segment (2): ​ ​ ​ Benefits and Protection – Life Insurance: ​ ​ ​ Universal life ​ 6,037.2 ​ 5,326.5 Total additional liability for certain benefit features ​ 6,037.2 ​ 5,326.5 ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ Participating contracts ​ 2,924.2 ​ 3,060.5 Short-duration contracts ​ 1,267.4 ​ 1,283.4 Cost of reinsurance liability ​ 958.1 ​ 424.6 Reinsurance recoverable liability ​ 60.3 ​ 45.2 Other (3) ​ 100.8 ​ 171.7 Future policy benefits and claims per consolidated statements of financial position ​ $ 48,179.4 ​ $ 46,826.5 (1) Amounts include the deferred profit liability. (2) Includes reserves on certain long-duration contracts where benefit features result in gains in early years followed by losses in later years. (3) Includes other miscellaneous reserves and the impact of unrealized gains (losses) on the additional liability for certain benefit features.
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Balance at beginning of period ​ $ 1,405.9 ​ $ 1,395.0 ​ $ 1,370.9 ​ Less: reinsurance recoverable ​ ​ 67.8 ​ ​ 68.6 ​ ​ 68.7 ​ Net balance at beginning of period ​ ​ 1,338.1 ​ ​ 1,326.4 ​ ​ 1,302.2 ​ Incurred: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year ​ ​ 1,749.4 ​ ​ 1,650.4 ​ 1,581.8 ​ Prior years ​ ​ (111.2) ​ ​ (95.4) ​ (44.4) ​ Total incurred ​ ​ 1,638.2 ​ ​ 1,555.0 ​ 1,537.4 ​ Payments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current year ​ ​ 1,288.0 ​ ​ 1,189.2 ​ 1,138.0 ​ Prior years ​ ​ 369.6 ​ ​ 354.1 ​ 375.2 ​ Total payments ​ ​ 1,657.6 ​ ​ 1,543.3 ​ 1,513.2 ​ Net balance at end of period ​ ​ 1,318.7 ​ ​ 1,338.1 ​ ​ 1,326.4 ​ Plus: reinsurance recoverable ​ ​ 61.2 ​ ​ 67.8 ​ ​ 68.6 ​ Balance at end of period ​ $ 1,379.9 ​ $ 1,405.9 ​ $ 1,395.0 ​
Reconciliation of unpaid claims to liability for unpaid claims (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ ​ ​ ​ ​ ​ Waiver Indemnity and PFML Group Life Consolidated ​ ​ (in millions) ​ Net outstanding liabilities for unpaid claims ​ $ 1,235.9 ​ $ 90.2 ​ $ 73.4 ​ $ 1,399.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reconciling items: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reinsurance recoverable on unpaid claims ​ ​ 35.1 ​ ​ — ​ ​ 0.2 ​ ​ 35.3 ​ Impact of discounting ​ ​ (226.6) ​ ​ — ​ ​ — ​ ​ (226.6) ​ Loss adjustment expense liability ​ ​ 17.7 ​ ​ 4.1 ​ ​ 10.3 ​ ​ 32.1 ​ Liability for unpaid claims - short-duration contracts ​ $ 1,062.1 ​ $ 94.3 ​ $ 83.9 ​ ​ 1,240.3 ​ Insurance contracts other than short-duration ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 139.6 ​ Liability for unpaid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,379.9 ​
Claim Duration and Payout (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 (1) ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ Year Waiver Indemnity and PFML Group Life ​ 1 ​ 8.4 % 92.2 % 78.4 % 2 ​ 24.9 ​ 7.6 ​ 19.5 ​ 3 ​ 15.5 ​ ​ ​ ​ ​ 4 ​ 8.0 ​ ​ ​ ​ ​ 5 ​ 5.8 ​ ​ ​ ​ ​ 6 ​ 5.2 ​ ​ ​ ​ ​ 7 ​ 4.4 ​ ​ ​ ​ ​ 8 ​ 3.6 ​ ​ ​ ​ ​ 9 ​ 2.9 ​ ​ ​ ​ ​ 10 ​ 2.9 ​ ​ ​ ​ ​ (1) Unaudited.
Discounting (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dental, Vision, STD, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Critical Illness, ​ ​ ​ ​ ​ ​ ​ ​ LTD and Group Life ​ Accident, Hospital ​ ​ ​ ​ ​ ​ ​ Waiver Indemnity and PFML Group Life ​ ​ ​ ($ in millions) ​ Carrying amount of liabilities for unpaid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ $ ​ ​ 1,062.1 ​ $ ​ ​ 94.3 ​ $ ​ ​ 83.9 ​ December 31, 2023 ​ ​ ​ ​ 1,082.6 ​ ​ ​ ​ 83.7 ​ ​ ​ ​ 97.1 ​ Range of discount rates ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ 2.8 - 7.0 % ​ — - — % ​ — - — % December 31, 2023 ​ ​ 2.8 - 7.0 ​ ​ — - — ​ ​ — - — ​ Aggregate amount of discount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ $ ​ ​ 226.6 ​ $ ​ ​ — ​ $ ​ ​ — ​ December 31, 2023 ​ ​ ​ ​ 215.0 ​ ​ ​ ​ — ​ ​ ​ ​ — ​ Interest accretion ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ $ ​ ​ 34.7 ​ $ ​ ​ — ​ $ ​ ​ — ​ December 31, 2023 ​ ​ ​ ​ 34.7 ​ ​ ​ ​ — ​ ​ ​ ​ — ​ December 31, 2022 ​ ​ ​ ​ 33.0 ​ ​ ​ ​ — ​ ​ ​ ​ — ​
Summary of gross premiums or assessments and interest accretion recognized by segment (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross premiums or assessments (1) ​ Interest accretion (2) ​ ​ For the year ended ​ For the year ended ​ ​ December 31, ​ December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ 2024 ​ 2023 ​ 2022 ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ Pension risk transfer ​ $ 3,103.1 ​ $ 2,905.9 ​ $ 1,941.0 ​ $ 1,135.1 ​ $ 1,008.6 ​ $ 935.7 Individual fixed income annuities ​ 46.6 ​ 42.5 ​ 30.1 ​ 208.4 ​ 219.1 ​ 229.7 Total Retirement and Income Solutions ​ 3,149.7 ​ 2,948.4 ​ 1,971.1 ​ 1,343.5 ​ 1,227.7 ​ 1,165.4 Principal Asset Management – International Pension: ​ ​ ​ ​ ​ ​ ​ ​ ​ Latin America: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual fixed income annuities (3) ​ 29.0 ​ 29.7 ​ 78.8 ​ 330.2 ​ 385.8 ​ 662.0 Benefits and Protection: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits: ​ ​ ​ ​ ​ ​ ​ ​ ​ Individual disability ​ 640.0 ​ 624.6 ​ 601.0 ​ 99.8 ​ 94.5 ​ 90.2 Life Insurance: ​ ​ ​ ​ ​ ​ ​ ​ ​ Universal life ​ 715.3 ​ 681.8 ​ 577.7 ​ 253.3 ​ 209.2 ​ 171.2 Term life ​ 673.3 ​ 649.1 ​ 630.5 ​ 57.0 ​ 48.2 ​ 43.9 Total Benefits and Protection ​ 2,028.6 ​ 1,955.5 ​ 1,809.2 ​ 410.1 ​ 351.9 ​ 305.3 Corporate: ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-term care insurance ​ 4.9 ​ 5.1 ​ 5.2 ​ 9.3 ​ 9.6 ​ 9.8 Total per consolidated statements of operations ​ $ 5,212.2 ​ $ 4,938.7 ​ $ 3,864.3 ​ $ 2,093.1 ​ $ 1,975.0 ​ $ 2,142.5 (1) Gross premiums are included within premiums and other considerations on the consolidated statements of operations. Assessments, which are only applicable to the Life Insurance – Universal life level of aggregation, are included within fees and other revenues on the consolidated statements of operations. (2) Interest accretion is included within benefits, claims and settlement expenses on the consolidated statements of operations. (3) Includes inflation adjustments included within the liability for future policy benefits rollforward for interest accretion.
Summary of amounts of expected undiscounted future benefit payments, expected undiscounted future gross premiums and expected discounted future gross premiums (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ Pension risk transfer ​ ​ ​ ​ ​ ​ Expected undiscounted future benefit payments ​ $ 39,532.3 ​ $ 36,325.5 ​ ​ ​ ​ ​ ​ ​ Individual fixed income annuities ​ ​ ​ ​ ​ ​ Expected undiscounted future benefit payments ​ $ 6,622.6 ​ $ 7,292.0 ​ ​ ​ ​ ​ ​ ​ Principal Asset Management – International Pension: ​ ​ ​ ​ Latin America: ​ ​ ​ ​ Individual fixed income annuities ​ ​ ​ ​ Expected undiscounted future benefit payments ​ $ 5,509.1 ​ $ 6,296.0 ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Specialty Benefits: ​ ​ ​ ​ Individual disability ​ ​ ​ ​ Expected discounted future gross premiums ​ $ 5,484.0 ​ $ 5,456.4 Expected undiscounted future gross premiums ​ $ 8,680.0 ​ $ 8,264.8 Expected undiscounted future benefit payments ​ $ 9,808.8 ​ $ 8,981.2 ​ ​ ​ ​ ​ ​ ​ Benefits and Protection – Life Insurance: ​ ​ ​ ​ Term life ​ ​ ​ ​ Expected discounted future gross premiums ​ $ 6,651.2 ​ $ 6,385.1 Expected undiscounted future gross premiums ​ $ 11,391.4 ​ $ 10,287.2 Expected undiscounted future benefit payments ​ $ 8,970.7 ​ $ 7,832.3 ​ ​ ​ ​ ​ ​ ​ Corporate: ​ ​ ​ ​ Long-term care insurance ​ ​ ​ ​ Expected discounted future gross premiums ​ $ 38.4 ​ $ 42.8 Expected undiscounted future gross premiums ​ $ 55.7 ​ $ 60.3 Expected undiscounted future benefit payments ​ $ 357.3 ​ $ 371.0
Summary of weighted-average rates of interest accretion and current discount (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Interest accretion rate Current discount rate ​ December 31, 2024 December 31, 2023 December 31, 2024 December 31, 2023 Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension risk transfer ​ 4.61 % 4.52 % 5.55 % 4.99 % Individual fixed income annuities 4.22 % 4.22 % 5.50 % 4.97 % Principal Asset Management - International ​ ​ ​ Pension (1): ​ ​ ​ Latin America: ​ ​ ​ Individual fixed income annuities 4.21 % 4.22 % 3.04 % 3.23 % Benefits and Protection: ​ ​ ​ Specialty Benefits: ​ ​ ​ Individual disability 3.89 % 3.96 % 5.64 % 5.05 % Life Insurance: ​ ​ Universal life 4.75 % 4.75 % See note (2) See note (2) ​ Term life 4.82 % 4.83 % 5.35 % 4.90 % Corporate: ​ ​ ​ Long-term care insurance 6.16 % 6.16 % 5.58 % 5.01 % (1) The interest accretion rate and current discount rate are Chilean real rates, excluding inflation, in the local currency. (2) The additional liability for certain benefit features for Life Insurance – Universal life is measured using the discount rate at contract inception. Therefore, the current discount rate is not applicable for this product.
Long-Term Disability/Group Life Waiver
Future Policy Benefits and Claims
Claims Development (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ number of ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ reported ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ claims ​ ​ ​ December 31, ​ ​ 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2024 2024 ​ ​ ​ ($ in millions) ​ Incurral ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2015 ​ $ 231.0 ​ $ 227.2 ​ $ 217.2 ​ $ 215.3 ​ $ 208.2 ​ $ 210.0 ​ $ 211.8 ​ $ 210.5 ​ $ 208.3 ​ $ 208.5 ​ $ 0.1 ​ ​ 7,184 ​ 2016 ​ ​ ​ ​ ​ 229.8 ​ ​ 228.4 ​ ​ 219.4 ​ ​ 219.5 ​ ​ 214.4 ​ ​ 218.7 ​ ​ 221.9 ​ ​ 219.0 ​ ​ 218.0 ​ ​ 0.1 ​ ​ 6,172 ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ 238.4 ​ ​ 239.7 ​ ​ 243.1 ​ ​ 245.8 ​ ​ 245.2 ​ ​ 246.5 ​ ​ 248.9 ​ ​ 248.7 ​ ​ 0.1 ​ ​ 6,092 ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 239.4 ​ ​ 245.1 ​ ​ 239.2 ​ ​ 239.8 ​ ​ 235.3 ​ ​ 238.0 ​ ​ 241.9 ​ ​ 0.1 ​ ​ 5,784 ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 255.2 ​ ​ 248.4 ​ ​ 240.4 ​ ​ 240.2 ​ ​ 238.6 ​ ​ 243.4 ​ ​ 0.1 ​ ​ 5,962 ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 252.1 ​ ​ 231.0 ​ ​ 221.1 ​ ​ 217.7 ​ ​ 211.3 ​ ​ 0.1 ​ ​ 5,942 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 259.7 ​ ​ 244.5 ​ ​ 221.6 ​ ​ 221.2 ​ ​ 6.2 ​ ​ 5,586 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 274.3 ​ ​ 240.5 ​ ​ 227.6 ​ ​ 8.5 ​ ​ 5,646 ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 267.4 ​ ​ 245.2 ​ ​ 15.2 ​ ​ 5,354 ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 263.9 ​ ​ 96.7 ​ ​ 2,953 ​ Total net incurred claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 2,329.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative paid claims (1) ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 ​ ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ ​ Incurral ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2015 ​ $ 16.9 ​ $ 67.0 ​ $ 98.0 ​ $ 114.6 ​ $ 126.8 ​ $ 137.1 ​ $ 146.5 ​ $ 154.0 ​ $ 160.3 ​ $ 166.5 ​ ​ ​ ​ ​ ​ 2016 ​ ​ ​ ​ ​ 16.2 ​ ​ 70.6 ​ ​ 105.6 ​ ​ 124.9 ​ ​ 136.8 ​ ​ 147.2 ​ ​ 157.1 ​ ​ 165.3 ​ ​ 171.5 ​ ​ ​ ​ ​ ​ 2017 ​ ​ ​ ​ ​ ​ ​ ​ 17.8 ​ ​ 76.5 ​ ​ 115.0 ​ ​ 135.9 ​ ​ 151.7 ​ ​ 165.4 ​ ​ 176.8 ​ ​ 185.6 ​ ​ ​ ​ ​ ​ 2018 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.1 ​ ​ 79.9 ​ ​ 115.7 ​ ​ 135.7 ​ ​ 150.3 ​ ​ 163.3 ​ ​ 173.3 ​ ​ ​ ​ ​ ​ 2019 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.2 ​ ​ 79.7 ​ ​ 117.5 ​ ​ 136.4 ​ ​ 150.6 ​ ​ 163.6 ​ ​ ​ ​ ​ ​ 2020 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.6 ​ ​ 78.8 ​ ​ 113.1 ​ ​ 130.0 ​ ​ 140.8 ​ ​ ​ ​ ​ ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.8 ​ ​ 79.0 ​ ​ 113.2 ​ ​ 128.6 ​ ​ ​ ​ ​ ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 19.6 ​ ​ 76.6 ​ ​ 111.4 ​ ​ ​ ​ ​ ​ 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 20.0 ​ ​ 77.3 ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 24.5 ​ ​ ​ ​ ​ ​ Total net paid claims ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 1,343.1 ​ ​ ​ ​ ​ ​ All outstanding liabilities for unpaid claims prior to 2015 net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 249.3 ​ ​ ​ ​ ​ ​ Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,235.9 ​ ​ ​ ​ ​ ​ (1) 2015-2023 unaudited.
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML
Future Policy Benefits and Claims
Claims Development (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ number of ​ ​ ​ ​ ​ reported ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ claims ​ ​ ​ December 31, ​ ​ 2023 2024 2024 2024 ​ ​ ($ in millions) ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 1,032.3 ​ $ 1,022.1 ​ $ — ​ ​ 4,774,225 ​ 2024 ​ ​ ​ ​ ​ 1,129.3 ​ ​ 66.9 ​ ​ 4,787,967 ​ Total net incurred claims ​ ​ ​ ​ $ 2,151.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ paid claims (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 ​ ​ ​ ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 954.0 ​ $ 1,021.3 ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ 1,039.9 ​ ​ ​ ​ ​ ​ ​ Total net paid claims ​ ​ ​ ​ ​ 2,061.2 ​ ​ ​ ​ ​ ​ ​ All outstanding liabilities for unpaid claims prior to 2023 net of reinsurance ​ ​ ​ ​ ​ — ​ ​ ​ ​ ​ ​ ​ Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ ​ ​ $ 90.2 ​ ​ ​ ​ ​ ​ ​ (1) 2023 unaudited.
Group Life
Future Policy Benefits and Claims
Claims Development (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Incurred ​ Cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ but not ​ number of ​ ​ ​ ​ ​ reported ​ reported ​ ​ ​ Net incurred claims (1) ​ claims ​ claims ​ ​ ​ December 31, ​ ​ 2023 2024 2024 2024 ​ ​ ($ in millions) ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 284.8 ​ $ 283.1 ​ $ 0.9 ​ ​ 5,814 ​ 2024 ​ ​ ​ ​ ​ 285.1 ​ ​ 29.6 ​ ​ 5,265 ​ Total net incurred claims ​ ​ ​ ​ $ 568.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net cumulative ​ ​ ​ ​ ​ ​ ​ ​ ​ paid claims (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ ​ ​ ​ ​ ​ ​ 2023 2024 ​ ​ ​ ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Incurral year ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ $ 215.1 ​ $ 277.2 ​ ​ ​ ​ ​ ​ ​ 2024 ​ ​ ​ ​ ​ 223.7 ​ ​ ​ ​ ​ ​ ​ Total net paid claims ​ ​ ​ ​ ​ 500.9 ​ ​ ​ ​ ​ ​ ​ All outstanding liabilities for unpaid claims prior to 2023 net of reinsurance ​ ​ ​ ​ ​ 6.1 ​ ​ ​ ​ ​ ​ ​ Total outstanding liabilities for unpaid claims net of reinsurance ​ ​ ​ ​ $ 73.4 ​ ​ ​ ​ ​ ​ ​ (1) 2023 unaudited.
Retirement and Income Solutions
Future Policy Benefits and Claims
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Pension ​ Individual ​ Pension ​ Individual ​ ​ risk ​ fixed income ​ risk ​ fixed income ​ ​ transfer annuities transfer annuities ​ ($ in millions) Present value of expected future policy benefit payments ​ ​ ​ ​ Balance at beginning of period ​ $ 23,855.8 ​ $ 4,914.1 ​ $ 21,211.4 ​ $ 5,019.4 Effect of changes in discount rate assumptions at beginning of period ​ 1,036.1 ​ 296.7 ​ 1,799.6 ​ 439.0 Balance at beginning of period at original discount rate ​ 24,891.9 ​ 5,210.8 ​ 23,011.0 ​ 5,458.4 Effect of changes in cash flow assumptions ​ (3.4) ​ (38.4) ​ (53.4) ​ (1.3) Effect of actual variances from expected experience ​ (1.5) ​ (1.7) ​ (14.6) ​ (0.1) Adjusted beginning of period balance at original discount rate ​ 24,887.0 ​ 5,170.7 ​ 22,943.0 ​ 5,457.0 Interest accrual ​ 1,135.1 ​ 208.4 ​ 1,008.6 ​ 219.1 Benefit payments ​ (2,238.1) ​ (500.2) ​ (1,981.4) ​ (507.3) Issuances ​ 3,112.9 ​ 46.1 ​ 2,921.7 ​ 42.0 Balance at end of period at original discount rate ​ 26,896.9 ​ 4,925.0 ​ 24,891.9 ​ 5,210.8 Effect of changes in discount rate assumptions at end of period ​ (1,938.8) ​ (420.4) ​ (1,036.1) ​ (296.7) Future policy benefits ​ 24,958.1 ​ 4,504.6 ​ 23,855.8 ​ 4,914.1 Reinsurance impact ​ — ​ (4,469.4) ​ — ​ (4,869.1) Future policy benefits after reinsurance ​ $ 24,958.1 ​ $ 35.2 ​ $ 23,855.8 ​ $ 45.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (1) ​ 8.0 ​ 7.2 ​ 8.5 ​ 7.9 (1) Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.
Benefits and Protection
Future Policy Benefits and Claims
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ Specialty ​ Life ​ Specialty ​ Life ​ ​ Benefits ​ Insurance ​ Benefits ​ Insurance ​ ​ Individual ​ ​ ​ ​ Individual ​ ​ ​ ​ disability Term life disability Term life ​ ​ ($ in millions) Present value of expected net premiums ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 2,552.3 ​ $ 3,793.7 ​ $ 2,341.8 ​ $ 3,423.2 Effect of changes in discount rate assumptions at beginning of period ​ 313.7 ​ 100.1 ​ 395.2 ​ 196.0 Balance at beginning of period at original discount rate ​ 2,866.0 ​ 3,893.8 ​ 2,737.0 ​ 3,619.2 Effect of changes in cash flow assumptions ​ ​ 183.9 ​ ​ 419.9 ​ (37.6) ​ 143.5 Effect of actual variances from expected experience ​ ​ 168.3 ​ ​ 42.5 ​ 244.3 ​ 103.3 Adjusted beginning of period balance at original discount rate ​ ​ 3,218.2 ​ ​ 4,356.2 ​ 2,943.7 ​ 3,866.0 Interest accrual ​ ​ 103.5 ​ ​ 190.9 ​ 95.6 ​ 171.9 Net premiums collected ​ ​ (289.1) ​ ​ (390.8) ​ (273.4) ​ (359.8) Issuances ​ ​ 84.4 ​ ​ 241.0 ​ 100.1 ​ 215.7 Balance at end of period at original discount rate ​ ​ 3,117.0 ​ ​ 4,397.3 ​ 2,866.0 ​ 3,893.8 Effect of changes in discount rate assumptions at end of period ​ ​ (436.4) ​ ​ (290.1) ​ (313.7) ​ (100.1) Balance at end of period ​ $ 2,680.6 ​ $ 4,107.2 ​ $ 2,552.3 ​ $ 3,793.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 4,450.7 ​ $ 4,879.6 ​ $ 4,040.6 ​ $ 4,332.2 Effect of changes in discount rate assumptions at beginning of period ​ 903.5 ​ 124.5 ​ 1,021.4 ​ 251.6 Balance at beginning of period at original discount rate ​ 5,354.2 ​ 5,004.1 ​ 5,062.0 ​ 4,583.8 Effect of changes in cash flow assumptions ​ 216.2 ​ 488.1 ​ (51.5) ​ 181.8 Effect of actual variances from expected experience ​ 173.2 ​ 45.1 ​ 260.8 ​ 116.8 Adjusted beginning of period balance at original discount rate ​ 5,743.6 ​ 5,537.3 ​ 5,271.3 ​ 4,882.4 Interest accrual ​ 203.3 ​ 247.9 ​ 190.1 ​ 220.1 Benefit payments ​ (219.0) ​ (321.6) ​ (210.0) ​ (330.4) Issuances ​ 84.5 ​ 257.6 ​ 102.8 ​ 232.0 Balance at end of period at original discount rate ​ 5,812.4 ​ 5,721.2 ​ 5,354.2 ​ 5,004.1 Effect of changes in discount rate assumptions at end of period ​ (1,302.8) ​ ​ (366.0) ​ (903.5) ​ (124.5) Balance at end of period ​ $ 4,509.6 ​ $ 5,355.2 ​ $ 4,450.7 ​ $ 4,879.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 1,829.0 ​ $ 1,248.0 ​ $ 1,898.4 ​ $ 1,085.9 Reinsurance impact ​ (412.1) ​ 19.5 ​ (421.6) ​ 45.2 Future policy benefits after reinsurance ​ $ 1,416.9 ​ $ 1,267.5 ​ $ 1,476.8 ​ $ 1,131.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (2) ​ ​ 18.3 ​ 8.4 ​ ​ 18.4 ​ ​ 9.4 (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums. (2) Represents the average of the cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort.
Summary of balances and the changes in the additional liability for certain benefits features (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ December 31, 2024 December 31, 2023 ​ ($ in millions) Balance at beginning of period ​ $ 5,326.5 ​ $ 4,095.2 Effect of changes in cash flow assumptions ​ 151.9 ​ 725.4 Effect of actual variances from expected experience ​ 28.0 ​ 45.2 Interest accrual ​ 253.3 ​ 209.2 Net assessments collected ​ 425.2 ​ 378.1 Benefit payments ​ (147.7) ​ (126.6) Balance at end of period ​ 6,037.2 ​ 5,326.5 Reinsurance impact ​ (6,011.3) ​ (5,306.2) Balance at end of period after reinsurance ​ $ 25.9 ​ $ 20.3 ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for additional liability (years) (1) ​ 23.3 ​ 26.2 (1) Represents the average of the cohort-level duration of the benefits less the net assessment cash flows weighted by the reserve balance for each cohort.
Principal Asset Management | International Pension
Future Policy Benefits and Claims
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ($ in millions) Present value of expected future policy benefit payments ​ ​ Balance at beginning of period ​ $ 4,593.7 ​ $ 5,042.3 Effect of changes in discount rate assumptions at beginning of period ​ (351.8) ​ (754.6) Balance at beginning of period at original discount rate ​ 4,241.9 ​ 4,287.7 Effect of actual variances from expected experience ​ 1.1 ​ 0.9 Adjusted beginning of period balance at original discount rate ​ 4,243.0 ​ 4,288.6 Interest accrual (1) ​ 330.2 ​ 385.8 Benefit payments ​ (326.7) ​ (355.9) Issuances ​ 29.4 ​ 30.0 Foreign currency translation adjustment ​ (517.4) ​ (106.6) Balance at end of period at original discount rate ​ 3,758.5 ​ 4,241.9 Effect of changes in discount rate assumptions at end of period ​ 368.4 ​ 351.8 Future policy benefits ​ $ 4,126.9 ​ $ 4,593.7 ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (2) ​ 9.8 ​ 9.9 (1) Includes inflation adjustments. (2) Represents the average of the cohort-level duration of the benefit cash flows weighted by the reserve balance for each cohort.
Corporate
Future Policy Benefits and Claims
Summary of balances and the changes in the present value for expected net premiums and expected future policy benefits expected future policy benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ December 31, 2024 December 31, 2023 ​ ($ in millions) Present value of expected net premiums ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 42.8 ​ $ 64.6 Effect of changes in discount rate assumptions at beginning of period ​ (3.0) ​ (3.6) Balance at beginning of period at original discount rate ​ 39.8 ​ 61.0 Effect of changes in cash flow assumptions ​ (5.3) ​ ​ (13.3) Effect of actual variances from expected experience ​ (2.2) ​ ​ (5.7) Adjusted beginning of period balance at original discount rate ​ 32.3 ​ ​ 42.0 Interest accrual ​ 1.9 ​ ​ 2.9 Net premiums collected ​ (4.7) ​ ​ (5.1) Balance at end of period at original discount rate ​ 29.5 ​ ​ 39.8 Effect of changes in discount rate assumptions at end of period ​ 1.3 ​ ​ 3.0 Balance at end of period ​ $ 30.8 ​ $ 42.8 ​ ​ ​ ​ ​ ​ ​ Present value of expected future policy benefit payments ​ ​ ​ ​ ​ ​ Balance at beginning of period ​ $ 209.5 ​ $ 248.1 Effect of changes in discount rate assumptions at beginning of period ​ (20.0) ​ (18.9) Balance at beginning of period at original discount rate ​ 189.5 ​ 229.2 Effect of changes in cash flow assumptions ​ (1.2) ​ (40.5) Effect of actual variances from expected experience ​ 2.5 ​ 2.5 Adjusted beginning of period balance at original discount rate ​ 190.8 ​ 191.2 Interest accrual ​ 11.2 ​ 12.5 Benefit payments ​ (15.2) ​ (14.2) Balance at end of period at original discount rate ​ 186.8 ​ 189.5 Effect of changes in discount rate assumptions at end of period ​ 8.8 ​ 20.0 Balance at end of period ​ $ 195.6 ​ $ 209.5 ​ ​ ​ ​ ​ ​ ​ Future policy benefits (1) ​ $ 164.8 ​ $ 166.7 Reinsurance impact ​ (164.8) ​ (166.7) Future policy benefits after reinsurance ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ Weighted-average duration for future policy benefits (years) (2) ​ 9.3 ​ 10.4 (1) Represents the present value of expected future policy benefit payments less the present value of expected net premiums. (2) Represents the average of cohort-level duration of the benefits less the net premium cash flows weighted by the reserve balance for each cohort .

Market Risk Benefits (Tables)

Market Risk Benefits (Tables)	12 Months Ended
	Dec. 31, 2024
Market Risk Benefits
Summary of disaggregated MRB amounts in an asset and liability position (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Net asset ​ ​ ​ ​ ​ ​ ​ Net asset ​ Asset Liability ​ (liability) Asset Liability (liability) ​ ​ (in millions) Retirement and Income Solutions: ​ ​ ​ ​ ​ ​ ​ Individual variable annuities ​ $ 199.5 ​ $ 62.1 ​ $ 137.4 ​ $ 153.4 ​ $ 111.9 ​ $ 41.5 Principal Asset Management – International Pension: ​ ​ ​ ​ ​ ​ Asia: ​ ​ ​ ​ ​ ​ Guaranteed pension (1) ​ ​ — ​ — ​ — ​ — ​ 21.3 ​ (21.3) Total MRB per consolidated statements of financial position ​ $ 199.5 ​ $ 62.1 ​ $ 137.4 ​ $ 153.4 ​ $ 133.2 ​ $ 20.2 (1) The guaranteed pension funds were closed in the second quarter of 2024.
Summary of quantitative information about the significant unobservable inputs used for fair value measurements of MRBs (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ December 31, 2023 ​ ​ ​ ​ Weighted- ​ ​ ​ ​ Weighted- ​ Range of inputs Average ​ Range of inputs Average Retirement and Income Solutions: ​ Individual variable annuities ​ ​ Long-term interest rate (1) ​ 4.78 - 4.85 % 4.81 % 4.00 - 4.20 % 4.10 % Long-term equity market volatility ​ 18.10 - 35.53 % 21.76 % 18.00 - 33.00 % 22.00 % Nonperformance risk ​ 0.40 - 1.10 % 0.89 % 0.80 - 1.60 % 1.30 % Lapse rate ​ 0.90 - 55.00 % 5.79 % 1.10 - 55.00 % 5.90 % Principal Asset Management – International Pension: ​ ​ Asia: ​ ​ Guaranteed pension (2) ​ ​ Long-term interest rate (1) ​ N/A ​ N/A ​ 4.54 - 4.70 % 4.61 % Long-term equity market volatility ​ N/A ​ N/A ​ 16.39 - 23.75 % 19.64 % Nonperformance risk ​ N/A ​ N/A ​ 0.90 - 1.77 % 1.51 % Lapse rate ​ N/A ​ N/A ​ 4.95 - 19.35 % 16.80 % (1) Represents the range of rate curves used in the valuation analysis that we have determined market participants would use when pricing the instrument. The rate curves are derived from an interpolation between various observable swap rates. (2) The guaranteed pension funds were closed in the second quarter of 2024.
Retirement and Income Solutions
Market Risk Benefits
Summary of significant changes to inputs and assumptions that impacted the change in the MRB fair value measurement (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended ​ For the year ended ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ​ ​ ​ Change in net ​ ​ ​ Change in net ​ ​ Change in input MRB asset (liability) Change in input MRB asset (liability) ​ Long-term interest rate ​ Increased ​ Favorable ​ Increased ​ Favorable Equity markets ​ Increased ​ Favorable ​ Increased ​ Favorable ​ Equity market volatilities ​ Decreased ​ Favorable ​ Decreased ​ Favorable ​ Own nonperformance risk ​ Decreased ​ Unfavorable ​ Decreased ​ Unfavorable ​
Retirement and Income Solutions | Individual variable annuities
Market Risk Benefits
Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ($ in millions) Balance at beginning of period ​ $ 41.5 ​ $ (72.2) Effect of changes in nonperformance risk at beginning of period ​ 7.7 ​ (31.7) Adjusted balance at beginning of period ​ 49.2 ​ (103.9) Effect of: ​ ​ ​ Interest accrual and expected policyholder behavior ​ (66.8) ​ (80.9) Benefit payments ​ 0.6 ​ 0.4 Changes in interest rates ​ 100.4 ​ 39.9 Changes in equity markets ​ 92.4 ​ 155.1 Changes in equity index volatility ​ 12.0 ​ 47.9 Actual policyholder behavior different from expected behavior ​ (12.7) ​ (4.0) Changes in future expected policyholder behavior ​ (20.2) ​ — Changes in other future expected assumptions ​ 1.5 ​ (5.3) Adjusted balance at end of period ​ 156.4 ​ 49.2 Effect of changes in nonperformance risk at end of period ​ (19.0) ​ (7.7) Balance at end of period ​ $ 137.4 ​ $ 41.5 ​ ​ ​ ​ ​ ​ ​ Weighted-average attained age of policyholders (years) (1) ​ 67.4 ​ 67.7 Net amount at risk (2) ​ $ 46.8 ​ $ 111.2 (1) The weighted-average attained age is calculated at the contract level using the total contributions since inception and the age of the contractholders. (2) The net amount at risk for our GMDB riders is defined as the current GMDB amount in excess of the current account balance. The net amount at risk for our GMWB riders is defined as the greater of the present value of the GMWB payments less the current account balance or zero. For contracts with both GMDB and GMWB riders, the net amount at risk is the greater of the GMDB or GMWB net amount at risk. We had a decrease in the net amount at risk in 2024 primarily as a result of increases in the equity markets.
Principal Asset Management | International Pension | Asia | Guaranteed pension
Market Risk Benefits
Summary of net asset (liability) balances and the changes in the valuation of the MRBs (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended For the year ended ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ ($ in millions) Balance at beginning of period ​ $ (21.3) ​ $ (26.0) Effect of changes in nonperformance risk at beginning of period ​ 1.0 ​ 1.2 Adjusted balance at beginning of period ​ (20.3) ​ (24.8) Effect of: ​ ​ Interest accrual and expected policyholder behavior ​ (0.2) ​ (10.1) Benefit payments (1) ​ 20.2 ​ 13.8 Changes in interest rates ​ (0.6) ​ 1.2 Changes in equity markets ​ 0.7 ​ 0.2 Actual policyholder behavior different from expected behavior ​ 0.2 ​ (0.6) Adjusted balance at end of period ​ — ​ (20.3) Effect of changes in nonperformance risk at end of period ​ — ​ (1.0) Balance at end of period ​ $ — ​ $ (21.3) ​ ​ ​ ​ ​ ​ ​ Weighted-average attained age of policyholders (years) (2) ​ — ​ 54.0 Net amount at risk (3) ​ $ — ​ $ 25.1 (1) The guaranteed pension funds were closed in the second quarter of 2024. (2) The weighted-average attained age is calculated at the contract level using the guarantee amounts and the age of the underlying members of the contracts. (3) The net amount at risk for the minimum guarantee on withdrawal is defined as the current guaranteed balance in excess of the current account balance.

Reinsurance (Tables)

Reinsurance (Tables)	12 Months Ended
	Dec. 31, 2024
Reinsurance
Schedule of information pertaining to effects of reinsurance on premiums and other considerations and policy and contract benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ (in millions) Premiums and other considerations: ​ ​ ​ Direct ​ $ 7,381.8 ​ $ 6,962.2 ​ $ 5,796.1 Ceded ​ (531.6) ​ (491.3) ​ (456.4) Net premiums and other considerations ​ $ 6,850.2 ​ $ 6,470.9 ​ $ 5,339.7 Benefits, claims and settlement expenses: ​ ​ ​ ​ ​ Direct ​ $ 10,131.5 ​ $ 9,365.4 ​ $ 8,103.6 Ceded (1) ​ (2,058.9) ​ (1,577.2) ​ (1,472.3) Net benefits, claims and settlement expenses ​ $ 8,072.6 ​ $ 7,788.2 ​ $ 6,631.3 Liability for future policy benefits remeasurement (gain) loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ Direct ​ $ 252.7 ​ $ 737.4 ​ $ (179.5) Ceded (1) ​ 418.7 ​ (789.0) ​ (85.0) Net liability for future policy benefits remeasurement (gain) loss ​ $ 671.4 ​ $ (51.6) ​ $ (264.5) (1) Includes the one-time impact of YRT reinsurance transactions in 2024.
Schedule of information pertaining to cost of reinsurance asset and liability included on the consolidated statements of financial position (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ (in millions) Cost of reinsurance asset $ 3,187.6 $ 3,275.5 ​ ​ ​ ​ ​ ​ ​ Cost of reinsurance liability ​ $ 958.1 ​ $ 424.6
Schedule of assets held in support of reserves associated with coinsurance with funds withheld agreement (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ December 31, 2023 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ 13,519.6 ​ $ 15,587.5 Fixed maturities, trading ​ ​ 299.4 ​ ​ 316.8 Equity securities ​ ​ 0.3 ​ ​ 0.3 Mortgage loans ​ ​ 2,212.4 ​ ​ 2,385.9 Other investments ​ ​ 1,142.8 ​ ​ 621.4 Cash and cash equivalents ​ ​ 1,080.1 ​ ​ 818.4 Accrued interest income ​ ​ 166.2 ​ ​ 187.0 Net other liabilities ​ ​ (99.4) ​ ​ (77.8) Net assets ​ $ 18,321.4 ​ $ 19,839.5
Schedule of components of net investment income on the funds withheld assets that were passed to coinsurer (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ 825.9 ​ $ 856.9 ​ $ 745.9 Fixed maturities, trading ​ ​ 21.5 ​ 11.9 ​ 2.0 Equity securities ​ ​ — ​ 0.2 ​ 0.6 Mortgage loans ​ ​ 114.7 ​ 119.0 ​ 98.4 Cash and cash equivalents ​ ​ 52.8 ​ 57.9 ​ 18.2 Other ​ ​ 88.2 ​ 64.0 ​ 4.8 Total ​ ​ 1,103.1 ​ 1,109.9 ​ 869.9 Investment expenses ​ ​ (35.8) ​ (23.7) ​ (20.5) Net investment income ​ $ 1,067.3 ​ $ 1,086.2 ​ $ 849.4
Schedule of components of net realized gains (losses) on the funds withheld assets that were passed to coinsurer (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) Fixed maturities, available-for-sale ​ $ (60.5) ​ $ (229.7) ​ $ (235.5) Fixed maturities, trading ​ — ​ (0.1) ​ (6.4) Equity securities ​ — ​ (1.2) ​ (2.4) Mortgage loans ​ (1.8) ​ (34.1) ​ (24.8) Derivatives ​ 0.2 ​ 7.2 ​ 2.7 Other ​ — ​ — ​ 3.3 Net realized capital losses ​ $ (62.1) ​ $ (257.9) ​ $ (263.1) ​

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2024
Debt
Short-Term Debt (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ Financing ​ ​ ​ ​ ​ ​ Short-term debt Obligor/Applicant structure Maturity Capacity outstanding ​ ​ ​ ​ ​ ​ (in millions) Principal Life Credit facility October 2027 ​ $ 800.0 ​ $ — Principal Compañía de Seguros de Vida ​ ​ ​ ​ Chile S.A. ​ Unsecured lines of credit ​ ​ ​ ​ 77.0 ​ ​ 31.1 Principal International de Chile S.A. Unsecured lines of credit ​ 21.8 ​ 2.6 ​ ​ Secured subscription ​ ​ ​ ​ ​ ​ ​ ​ Principal Credit Real Estate Income Trust ​ facility ​ ​ ​ ​ 126.0 ​ ​ 119.0 Total ​ $ 1,024.8 ​ $ 152.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Financing ​ ​ ​ ​ ​ ​ Short-term debt Obligor/Applicant structure Maturity Capacity outstanding ​ ​ ​ ​ ​ ​ (in millions) Principal Life Credit facility October 2027 ​ $ 800.0 ​ $ — Principal Compañía de Seguros de Vida ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Chile S.A. ​ Unsecured lines of credit ​ ​ ​ ​ 97.3 ​ ​ 58.4 Principal International de Chile S.A. Unsecured lines of credit ​ 33.6 ​ 0.2 Other short-term borrowings ​ Uncollateralized debt ​ ​ ​ ​ 2.5 ​ ​ 2.5 Total ​ ​ ​ ​ ​ $ 933.4 ​ $ 61.1 ​
Long-Term Debt (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ Principal Net unamortized discount, premium and debt issuance costs Carrying amount ​ ​ (in millions) 3.4% notes payable, due 2025 ​ $ 400.0 ​ $ (0.2) ​ $ 399.8 ​ 3.1% notes payable, due 2026 ​ ​ 350.0 ​ ​ (0.7) ​ 349.3 ​ 3.7% notes payable, due 2029 ​ ​ 500.0 ​ ​ (3.1) ​ ​ 496.9 ​ 2.125% notes payable, due 2030 ​ ​ 600.0 ​ ​ (2.8) ​ ​ 597.2 ​ 5.375% notes payable, due 2033 ​ ​ 400.0 ​ ​ (3.5) ​ ​ 396.5 ​ 6.05% notes payable, due 2036 ​ ​ 505.6 ​ ​ (2.0) ​ 503.6 ​ 4.625% notes payable, due 2042 ​ ​ 300.0 ​ ​ (2.7) ​ 297.3 ​ 4.35% notes payable, due 2043 ​ ​ 300.0 ​ ​ (2.8) ​ 297.2 ​ 4.3% notes payable, due 2046 ​ ​ 300.0 ​ ​ (2.9) ​ ​ 297.1 ​ 5.5% notes payable, due 2053 ​ ​ 300.0 ​ ​ (4.3) ​ ​ 295.7 ​ Secured credit facilities ​ ​ 21.8 ​ ​ — ​ ​ 21.8 ​ Non-recourse mortgages and notes payable ​ ​ 3.0 ​ (0.1) ​ 2.9 ​ Total long-term debt ​ $ 3,980.4 ​ $ (25.1) ​ $ 3,955.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Principal Net unamortized discount, premium and debt issuance costs Carrying amount ​ ​ (in millions) ​ 3.4% notes payable, due 2025 ​ $ 400.0 ​ $ (0.7) ​ $ 399.3 ​ 3.1% notes payable, due 2026 ​ ​ 350.0 ​ ​ (1.1) ​ 348.9 ​ 3.7% notes payable, due 2029 ​ ​ 500.0 ​ ​ (3.8) ​ ​ 496.2 ​ 2.125% notes payable, due 2030 ​ ​ 600.0 ​ ​ (3.2) ​ ​ 596.8 ​ 5.375% notes payable, due 2033 ​ ​ 400.0 ​ ​ (3.8) ​ ​ 396.2 ​ 6.05% notes payable, due 2036 ​ ​ 505.6 ​ ​ (2.1) ​ 503.5 ​ 4.625% notes payable, due 2042 ​ ​ 300.0 ​ ​ (2.8) ​ 297.2 ​ 4.35% notes payable, due 2043 ​ ​ 300.0 ​ ​ (2.9) ​ 297.1 ​ 4.3% notes payable, due 2046 ​ ​ 300.0 ​ ​ (3.0) ​ ​ 297.0 ​ 5.5% notes payable, due 2053 ​ ​ 300.0 ​ ​ (4.3) ​ 295.7 ​ Non-recourse mortgages and notes payable ​ 3.1 ​ (0.1) ​ 3.0 ​ Total long-term debt ​ $ 3,958.7 ​ $ (27.8) ​ $ 3,930.9 ​
Future Annual Maturities of Long-Term Debt (Table)	As of December 31, 2024, future annual maturities of long-term debt were as follows (in millions): ​ ​ ​ ​ ​ ​ Year ending December 31: ​ 2025 ​ $ 421.6 ​ 2026 ​ ​ 349.3 ​ 2027 ​ ​ 0.1 ​ 2028 ​ ​ 2.8 ​ 2029 ​ ​ 496.9 ​ Thereafter ​ ​ 2,684.6 ​ Total future maturities of long-term debt ​ $ 3,955.3 ​ ​

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2024
Income Taxes
Income Tax Expense (Benefit) from Continuing Operations (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Current income taxes (benefits): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ $ 217.8 ​ $ 81.5 ​ $ (56.3) ​ State ​ ​ 33.3 ​ ​ 20.1 ​ 20.7 ​ Foreign ​ ​ 37.0 ​ ​ 38.8 ​ 53.1 ​ Tax benefit of operating loss carryforward ​ ​ (3.7) ​ ​ (14.5) ​ (9.5) ​ Total current income taxes ​ ​ 284.4 ​ ​ 125.9 ​ 8.0 ​ Deferred income taxes (benefits): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ ​ (12.1) ​ ​ (63.2) ​ 1,189.7 ​ State ​ ​ 12.7 ​ ​ 0.1 ​ 8.0 ​ Foreign ​ ​ 6.7 ​ ​ 5.9 ​ (16.2) ​ Total deferred income taxes (benefits) ​ ​ 7.3 ​ ​ (57.2) ​ 1,181.5 ​ Income taxes ​ $ 291.7 ​ $ 68.7 ​ $ 1,189.5 ​ ​
Income Before Income Taxes, Domestic and Foreign (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Domestic $ 1,662.1 $ 412.8 $ 5,766.1 ​ Foreign ​ ​ 227.5 ​ ​ 326.0 ​ ​ 220.9 ​ Total income before income taxes $ 1,889.6 $ 738.8 $ 5,987.0 ​ ​
Reconciliation between U.S. corporate income tax rate and effective income tax rate from continuing operations (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 U.S. corporate income tax rate 21 % 21 % 21 % Dividends received deduction ​ (4) ​ (10) ​ (1) ​ Tax credits ​ (4) ​ (8) ​ (1) ​ Impact of equity method presentation ​ (1) ​ (4) ​ — ​ Interest exclusion from taxable income ​ (1) ​ (3) ​ — ​ Foreign currency inflation ​ — ​ (1) ​ — ​ Impact of noncontrolling interest presentation ​ — ​ (1) ​ — ​ Low income housing tax credit amortization ​ 2 ​ 5 ​ — ​ State income taxes ​ 2 ​ 2 ​ — ​ Valuation allowance ​ 1 ​ 1 ​ — ​ Global Intangible Low-Taxed Income ​ — ​ 7 ​ 1 ​ Other ​ (1) ​ — ​ — ​ Effective income tax rate ​ 15 % 9 % 20 %
Changes in Unrecognized Tax Benefits (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Balance at beginning of period ​ $ 39.3 ​ $ 42.2 ​ $ 45.5 ​ Additions based on tax positions related to the current year ​ ​ 0.3 ​ ​ 0.3 ​ — ​ Reductions for tax positions related to the current year ​ ​ (3.2) ​ ​ (3.2) ​ (3.3) ​ Balance at end of period (1) ​ $ 36.4 ​ $ 39.3 ​ $ 42.2 ​ (1) If recognized, $1.6 million of the amount of unrecognized tax benefits would reduce our 2024 effective income tax rate. We recognize interest and penalties related to uncertain tax positions in operating expenses within the consolidated statements of operations.
Components of Net Deferred Income Taxes (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ ​ (in millions) Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating and capital loss carryforwards ​ $ 107.4 ​ $ 123.0 ​ Tax credit carryforwards ​ ​ 15.2 ​ ​ 64.2 ​ Net unrealized losses on available-for-sale securities ​ ​ 1,250.2 ​ ​ 1,092.9 ​ Employee benefits ​ ​ 334.3 ​ ​ 315.4 ​ Gross deferred income tax assets ​ ​ 1,707.1 ​ ​ 1,595.5 ​ Valuation allowance ​ ​ (71.4) ​ ​ (58.8) ​ Total deferred income tax assets ​ ​ 1,635.7 ​ ​ 1,536.7 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Deferred acquisition costs ​ ​ (689.7) ​ ​ (679.2) ​ Investments, including derivatives ​ ​ (217.1) ​ ​ (240.9) ​ Funds withheld embedded derivative ​ ​ (651.7) ​ ​ (575.5) ​ Real estate ​ ​ (127.1) ​ ​ (136.7) ​ Intangible assets ​ ​ (355.5) ​ ​ (384.2) ​ Insurance liabilities ​ ​ (1,008.1) ​ ​ (886.1) ​ Other deferred income tax liabilities ​ ​ (85.4) ​ ​ (6.3) ​ Total deferred income tax liabilities ​ ​ (3,134.6) ​ ​ (2,908.9) ​ Total net deferred income tax liabilities ​ $ (1,498.9) ​ $ (1,372.2) ​ ​
Net Deferred Income Taxes by Jurisdiction (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ ​ (in millions) Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ State ​ $ 61.9 ​ $ 77.9 ​ Foreign ​ ​ 145.2 ​ ​ 163.2 ​ Net deferred income tax assets ​ ​ 207.1 ​ ​ 241.1 ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ U.S. federal ​ ​ (1,416.1) ​ ​ (1,312.9) ​ Foreign ​ ​ (289.9) ​ ​ (300.4) ​ Net deferred income tax liabilities ​ ​ (1,706.0) ​ ​ (1,613.3) ​ Total net deferred income tax liabilities ​ $ (1,498.9) ​ $ (1,372.2) ​ ​

Employee and Agent Benefits (Ta

Employee and Agent Benefits (Tables)	12 Months Ended
	Dec. 31, 2024
Defined Benefit Plans and Other Postretirement Benefit Plans
Obligations and Funded Status (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement ​ ​ Pension benefits ​ benefits ​ ​ December 31, ​ December 31, ​ 2024 2023 2024 2023 ​ ​ (in millions) Change in benefit obligation ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Benefit obligation at beginning of year ​ $ (3,390.9) ​ $ (3,209.4) ​ $ (68.4) ​ $ (71.0) ​ Service cost ​ ​ (59.2) ​ (55.6) ​ ​ — ​ — ​ Interest cost ​ ​ (161.5) ​ (160.1) ​ ​ (3.2) ​ (3.4) ​ Actuarial gain (loss) ​ ​ 199.3 ​ (119.7) ​ ​ 2.5 ​ (2.9) ​ Participant contributions ​ ​ — ​ — ​ ​ (6.1) ​ (6.1) ​ Benefits paid ​ ​ 165.0 ​ 153.9 ​ ​ 13.6 ​ 15.0 ​ Settlement ​ ​ 1.4 ​ ​ — ​ ​ — ​ ​ — ​ Benefit obligation at end of year ​ $ (3,245.9) ​ $ (3,390.9) ​ $ (61.6) ​ $ (68.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in plan assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value of plan assets at beginning of year ​ $ 2,909.6 ​ $ 2,726.3 ​ $ 99.8 ​ $ 94.4 ​ Actual return on plan assets ​ ​ (14.4) ​ 258.5 ​ ​ 8.4 ​ 12.7 ​ Employer contribution ​ ​ 84.9 ​ 78.7 ​ ​ 1.3 ​ 1.6 ​ Participant contributions ​ ​ — ​ — ​ ​ 6.1 ​ 6.1 ​ Benefits paid ​ ​ (165.0) ​ (153.9) ​ ​ (13.6) ​ (15.0) ​ Settlement ​ ​ (1.4) ​ ​ — ​ ​ — ​ ​ — ​ Fair value of plan assets at end of year ​ $ 2,813.7 ​ $ 2,909.6 ​ $ 102.0 ​ $ 99.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ $ — ​ $ — ​ $ 40.4 ​ $ 31.4 ​ Other liabilities ​ ​ (432.2) ​ (481.3) ​ ​ — ​ — ​ Total ​ $ (432.2) ​ $ (481.3) ​ $ 40.4 ​ $ 31.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in accumulated other comprehensive (income) loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net actuarial (gain) loss ​ $ 371.7 ​ $ 425.4 ​ $ (29.9) ​ $ (24.4) ​ Prior service benefit ​ ​ (53.9) ​ (70.6) ​ ​ (3.2) ​ (4.3) ​ Pre-tax accumulated other comprehensive (income) loss ​ $ 317.8 ​ $ 354.8 ​ $ (33.1) ​ $ (28.7) ​ ​
Components of Net Periodic Benefit Cost (Income) (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension benefits ​ Other postretirement benefits ​ ​ For the year ended December 31, ​ 2024 2023 2022 2024 2023 2022 ​ ​ (in millions) Service cost ​ $ 59.2 ​ $ 55.6 ​ $ 78.4 ​ $ — ​ $ — ​ $ — ​ Interest cost ​ ​ 161.5 ​ ​ 160.1 ​ ​ 112.8 ​ ​ 3.2 ​ ​ 3.4 ​ ​ 2.3 ​ Expected return on plan assets ​ ​ (170.4) ​ ​ (163.2) ​ ​ (178.9) ​ ​ (4.5) ​ ​ (4.6) ​ ​ (4.9) ​ Amortization of prior service benefit ​ ​ (16.7) ​ ​ (16.8) ​ ​ (16.8) ​ ​ (1.1) ​ ​ (0.8) ​ ​ (1.1) ​ Recognized net actuarial (gain) loss ​ ​ 39.0 ​ ​ 41.0 ​ ​ 55.7 ​ ​ (0.9) ​ ​ (1.0) ​ ​ (1.1) ​ Settlement ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ Net periodic benefit cost (income) ​ $ 72.8 ​ $ 76.7 ​ $ 51.2 ​ $ (3.3) ​ $ (3.0) ​ $ (4.8) ​ ​ We use the fair market value of assets to determine components of net periodic benefit cost.
Amounts Recognized in Net Periodic Benefit Cost and Accumulated Other Comprehensive (Income) Loss (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension benefits ​ Other postretirement benefits ​ ​ For the year ended December 31, ​ 2024 2023 2024 2023 ​ ​ (in millions) Other changes recognized in accumulated other comprehensive (income) loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net actuarial (gain) loss ​ $ (14.5) ​ $ 24.4 ​ $ (6.4) ​ $ (5.2) Amortization of gain (loss) ​ ​ (39.0) ​ (41.0) ​ ​ 0.9 ​ 1.0 Amortization of prior service benefit ​ ​ 16.7 ​ 16.8 ​ ​ 1.1 ​ 0.8 Settlement ​ ​ (0.2) ​ ​ — ​ ​ — ​ ​ — Total recognized in pre-tax accumulated other comprehensive (income) loss ​ $ (37.0) ​ $ 0.2 ​ $ (4.4) ​ $ (3.4) Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss ​ $ 35.8 ​ $ 76.9 ​ $ (7.7) ​ $ (6.4) ​
Weighted-Average Assumptions Used to Determine Benefit Obligations (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ Pension benefits ​ ​ ​ December 31, ​ ​ 2024 2023 ​ Discount rate ​ 5.50 % 4.90 % Interest crediting rate - cash balance benefit ​ 5.00 % 5.00 % Rate of compensation increase ​ 4.52 % 4.56 % ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement benefits ​ ​ ​ December 31, ​ ​ 2024 2023 ​ Discount rate ​ 5.35 % 4.80 % Rate of compensation increase ​ N/A ​ N/A ​ ​
Weighted-Average Assumptions Used to Determine Net Periodic Benefit Cost (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pension benefits ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ Discount rate ​ 4.90 % 5.10 % 2.75 % Expected long-term return on plan assets ​ 6.10 % 6.20 % 5.20 % Interest crediting rate - cash balance benefit ​ 5.00 % 5.00 % 5.00 % Rate of compensation increase: ​ ​ ​ ​ ​ ​ ​ Cash balance benefit ​ 4.52 % 4.53 % 4.59 % Traditional benefit ​ N/A % N/A % N/A % ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement benefits ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ Discount rate ​ 4.80 % 5.00 % 2.50 % Expected long-term return on plan assets ​ 4.65 % 5.05 % 4.25 % Rate of compensation increase ​ N/A ​ N/A ​ N/A ​ ​
Assumed Health Care Cost Trend Rates (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ Health care cost trend rate assumed for next year under age 65 ​ 7.50 % 7.50 % Health care cost trend rate assumed for next year age 65 and over ​ 6.50 % 6.50 % Rate to which the cost trend rate is assumed to decline (the ultimate trend rate) ​ 4.50 % 4.50 % Year that the rate reaches the ultimate trend rate (under age 65) ​ 2033 ​ 2032 ​ Year that the rate reaches the ultimate trend rate (65 and older) ​ 2032 ​ 2031 ​ ​
Estimated Future Benefit Payments (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other postretirement ​ ​ ​ ​ ​ ​ benefits (gross benefit ​ ​ ​ ​ ​ ​ payments, including ​ ​ Pension benefits prescription drug benefits) ​ ​ (in millions) ​ Year ending December 31: ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 227.2 ​ $ 12.6 ​ 2026 ​ ​ 209.3 ​ ​ 11.4 ​ 2027 ​ ​ 219.2 ​ ​ 10.3 ​ 2028 ​ ​ 223.6 ​ ​ 9.2 ​ 2029 ​ ​ 230.8 ​ ​ 8.5 ​ 2030-2034 ​ ​ 1,273.2 ​ ​ 34.0 ​ ​
Defined Benefit Pension Plans Supplemental Information (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 ​ 2023 ​ ​ Qualified ​ Nonqualified ​ ​ ​ ​ Qualified ​ Nonqualified ​ ​ ​ ​ Plan Plan Total Plan Plan Total ​ ​ (in millions) Amount recognized in statement of financial position ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other assets ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ $ — ​ Other liabilities ​ ​ (34.9) ​ ​ (397.3) ​ ​ (432.2) ​ ​ (58.3) ​ ​ (423.0) ​ ​ (481.3) ​ Total ​ $ (34.9) ​ $ (397.3) ​ $ (432.2) ​ $ (58.3) ​ $ (423.0) ​ $ (481.3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Amount recognized in accumulated other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total net actuarial loss ​ $ 331.0 ​ $ 40.7 ​ $ 371.7 ​ $ 361.4 ​ $ 64.0 ​ $ 425.4 ​ Prior service benefit ​ ​ (47.4) ​ ​ (6.5) ​ ​ (53.9) ​ ​ (60.0) ​ ​ (10.6) ​ ​ (70.6) ​ Pre-tax accumulated other comprehensive loss ​ $ 283.6 ​ $ 34.2 ​ $ 317.8 ​ $ 301.4 ​ $ 53.4 ​ $ 354.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Components of net periodic benefit cost ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Service cost ​ $ 55.2 ​ $ 4.0 ​ $ 59.2 ​ $ 51.6 ​ $ 4.0 ​ $ 55.6 ​ Interest cost ​ ​ 141.6 ​ ​ 19.9 ​ ​ 161.5 ​ ​ 139.7 ​ ​ 20.4 ​ ​ 160.1 ​ Expected return on plan assets ​ ​ (170.4) ​ ​ — ​ ​ (170.4) ​ ​ (163.2) ​ ​ — ​ ​ (163.2) ​ Amortization of prior service benefit ​ ​ (12.7) ​ ​ (4.0) ​ ​ (16.7) ​ ​ (12.6) ​ ​ (4.2) ​ ​ (16.8) ​ Recognized net actuarial loss ​ ​ 35.5 ​ ​ 3.5 ​ ​ 39.0 ​ ​ 38.8 ​ ​ 2.2 ​ ​ 41.0 ​ Settlement ​ ​ 0.2 ​ ​ — ​ ​ 0.2 ​ ​ — ​ ​ — ​ ​ — ​ Net periodic benefit cost ​ $ 49.4 ​ $ 23.4 ​ $ 72.8 ​ $ 54.3 ​ $ 22.4 ​ $ 76.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other changes recognized in accumulated other comprehensive loss ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net actuarial (gain) loss ​ $ 5.2 ​ $ (19.7) ​ $ (14.5) ​ $ 9.5 ​ $ 14.9 ​ $ 24.4 ​ Amortization of net loss ​ ​ (35.4) ​ ​ (3.6) ​ ​ (39.0) ​ ​ (38.8) ​ ​ (2.2) ​ ​ (41.0) ​ Amortization of prior service benefit ​ ​ 12.7 ​ ​ 4.0 ​ ​ 16.7 ​ ​ 12.6 ​ ​ 4.2 ​ ​ 16.8 ​ Settlement ​ ​ (0.2) ​ ​ — ​ ​ (0.2) ​ ​ — ​ ​ — ​ ​ — ​ Total recognized in pre-tax accumulated other comprehensive (income) loss ​ $ (17.7) ​ $ (19.3) ​ $ (37.0) ​ $ (16.7) ​ $ 16.9 ​ $ 0.2 ​ Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive loss ​ $ 31.7 ​ $ 4.1 ​ $ 35.8 ​ $ 37.6 ​ $ 39.3 ​ $ 76.9 ​ ​
Pension benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Accumulated Benefit Obligation in Excess of Plan Assets (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2024 2023 ​ ​ (in millions) Projected benefit obligation ​ $ 3,245.9 ​ $ 3,390.9 ​ Accumulated benefit obligation ​ ​ 3,245.9 ​ 3,390.9 ​ Fair value of plan assets ​ ​ 2,813.7 ​ 2,909.6 ​
Fair Value of Plan Assets (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ Assets ​ Amount ​ Fair value hierarchy level ​ ​ ​ measured at ​ measured at ​ ​ ​ ​ fair value net asset value Level 1 Level 2 Level 3 ​ ​ ​ (in millions) ​ Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pooled separate account investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. large cap equity portfolios (1) ​ $ 236.5 ​ $ — ​ $ — ​ $ 236.5 ​ $ — ​ U.S. small/mid cap equity portfolios (2) ​ 98.4 ​ ​ — ​ — ​ 98.4 ​ — ​ Balanced asset portfolios (3) ​ 135.0 ​ ​ — ​ — ​ 135.0 ​ — ​ International equity portfolios (4) ​ 135.9 ​ ​ — ​ — ​ 135.9 ​ — ​ Fixed income security portfolios (5) ​ ​ 26.8 ​ ​ — ​ ​ — ​ ​ 26.8 ​ ​ — ​ Real estate investment portfolios (6) ​ 133.6 ​ ​ — ​ — ​ 133.6 ​ — ​ Single client separate account investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ ​ 93.7 ​ ​ — ​ ​ 93.7 ​ ​ — ​ ​ — ​ States and political subdivisions ​ ​ 15.5 ​ ​ — ​ ​ — ​ ​ 15.5 ​ ​ — ​ Corporate ​ ​ 1,387.2 ​ ​ — ​ ​ — ​ ​ 1,387.2 ​ ​ — ​ Hedge funds (7) ​ ​ 3.6 ​ ​ 3.6 ​ ​ — ​ ​ — ​ ​ — ​ Mutual funds ​ ​ 109.9 ​ ​ — ​ ​ 109.9 ​ ​ — ​ ​ — ​ Pooled separate account investment (8) ​ ​ 423.0 ​ ​ — ​ ​ — ​ ​ 423.0 ​ ​ — ​ Other (9) ​ ​ 14.6 ​ ​ — ​ ​ — ​ ​ 14.6 ​ ​ — ​ Total ​ $ 2,813.7 ​ $ 3.6 ​ $ 203.6 ​ $ 2,606.5 ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ Assets ​ Amount ​ Fair value hierarchy level ​ ​ measured at ​ measured at ​ ​ ​ fair value net asset value Level 1 Level 2 Level 3 ​ ​ (in millions) Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Pooled separate account investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. large cap equity portfolios (1) ​ $ 290.9 ​ $ — ​ $ — ​ $ 290.9 ​ $ — ​ U.S. small/mid cap equity portfolios (2) ​ 49.5 ​ ​ — ​ — ​ 49.5 ​ — ​ Balanced asset portfolios (3) ​ 97.0 ​ ​ — ​ — ​ 97.0 ​ — ​ International equity portfolios (4) ​ 141.8 ​ ​ — ​ — ​ 141.8 ​ — ​ Fixed income security portfolios (5) ​ 27.9 ​ ​ — ​ — ​ 27.9 ​ — ​ Real estate investment portfolios (6) ​ ​ 204.1 ​ ​ — ​ ​ — ​ ​ 204.1 ​ ​ — ​ Single client separate account investments: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed income securities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ ​ 124.9 ​ ​ — ​ ​ 124.9 ​ ​ — ​ ​ — ​ States and political subdivisions ​ ​ 27.0 ​ ​ — ​ ​ — ​ ​ 27.0 ​ ​ — ​ Corporate ​ ​ 1,394.2 ​ ​ — ​ ​ — ​ ​ 1,394.2 ​ ​ — ​ Pooled separate account investment (8) ​ ​ 497.9 ​ ​ — ​ ​ — ​ ​ 497.9 ​ ​ — ​ Other (9) ​ ​ 54.4 ​ ​ — ​ ​ — ​ ​ 54.4 ​ ​ — ​ Total ​ $ 2,909.6 ​ $ — ​ $ 124.9 ​ $ 2,784.7 ​ $ — ​ (1) The portfolios invest primarily in publicly traded equity securities of large U.S. companies. (2) The portfolios invest primarily in publicly traded equity securities of mid-sized and small U.S. companies. (3) The portfolios are a combination of underlying fixed income and equity investment options. These investment options may include balanced, asset allocation, target-date and target-risk investment options. Although typically lower risk than investment options that invest solely in equities, all investment options in this category have the potential to lose value. (4) The portfolios invest primarily in publicly traded equity securities of non-U.S. companies. (5) The portfolios invest primarily in fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations. (6) The portfolios invest primarily in U.S. commercial real estate properties through a separate account. (7) The hedge funds have varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these hedge funds. (8) The single client separate accounts invest in a money market pooled separate account. (9) Includes cash, net derivative assets (liabilities) and net receivables (payables) for the single client separate accounts.
Target Asset Allocation (Table)	​ ​ ​ ​ ​ Asset category Target allocation ​ Fixed income security portfolios ​ 70 % Equity portfolios ​ 15 % Private investments ​ 15 % ​
Other postretirement benefits
Defined Benefit Plans and Other Postretirement Benefit Plans
Fair Value of Plan Assets (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ Assets ​ Fair value hierarchy level ​ ​ ​ measured at ​ ​ ​ ​ fair value Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1.0 ​ $ 1.0 ​ $ — ​ $ — ​ Fixed income security portfolios (1) ​ 48.6 ​ 48.6 ​ — ​ — ​ U.S. equity portfolios (2) ​ 38.7 ​ 38.7 ​ — ​ — ​ International equity portfolios (3) ​ 13.7 ​ 13.7 ​ — ​ — ​ Total ​ $ 102.0 ​ $ 102.0 ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ Assets ​ Fair value hierarchy level ​ ​ ​ measured at ​ ​ ​ ​ fair value Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Asset category ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 1.3 ​ $ 1.3 ​ $ — ​ $ — ​ Fixed income security portfolios (1) ​ 47.9 ​ 47.9 ​ — ​ — ​ U.S. equity portfolios (2) ​ 36.7 ​ 36.7 ​ — ​ — ​ International equity portfolios (3) ​ 13.9 ​ 13.9 ​ — ​ — ​ Total ​ $ 99.8 ​ $ 99.8 ​ $ — ​ $ — ​ (1) The portfolios invest in various fixed income securities, primarily of U.S. origin. These include, but are not limited to, corporate bonds, residential mortgage-backed securities, commercial mortgage-backed securities, U.S. Treasury securities, agency securities, asset-backed securities and collateralized mortgage obligations. (2) The portfolios invest primarily in publicly traded equity securities of large U.S. companies. (3) The portfolios invest primarily in publicly traded equity securities of non-U.S. companies.
Target Asset Allocation (Table)	​ ​ ​ ​ ​ Asset category Target allocation ​ Fixed income security portfolios ​ 50 % U.S. equity portfolios ​ 35 % International equity portfolios ​ 15 %

Contingencies, Guarantees, In_2

Contingencies, Guarantees, Indemnifications and Leases (Tables)	12 Months Ended
	Dec. 31, 2024
Contingencies, Guarantees, Indemnifications and Leases
Lease Assets and Liabilities (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2024 ​ 2023 ​ ​ (in millions) Assets ​ ​ ​ ​ Operating lease assets (1) ​ $ 151.4 ​ $ 176.7 ​ Finance lease assets (1) ​ 67.6 ​ 73.9 ​ Total lease assets ​ $ 219.0 ​ $ 250.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ Operating lease liabilities (2) ​ $ 150.6 ​ $ 175.6 ​ Finance lease liabilities (2) ​ 69.0 ​ 74.8 ​ Total lease liabilities ​ $ 219.6 ​ $ 250.4 ​ (1) Operating and finance lease assets are primarily reported within property and equipment on the consolidated statements of financial position. (2) Operating and finance lease liabilities are reported within other liabilities on the consolidated statements of financial position.
Lease Cost (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ ​ (in millions) Finance lease cost (1): ​ ​ ​ ​ ​ ​ ​ Amortization of right-of-use assets ​ $ 29.8 ​ $ 32.9 ​ $ 34.0 Interest on lease liabilities ​ ​ 2.6 ​ ​ 1.9 ​ ​ 1.2 Operating lease cost (1) ​ ​ 55.3 ​ ​ 56.1 ​ ​ 61.6 Other lease cost (1) (2) ​ ​ 9.2 ​ ​ 9.5 ​ ​ 12.4 Sublease income (3) ​ ​ (0.5) ​ ​ (0.3) ​ ​ (1.5) Total lease cost ​ $ 96.4 ​ $ 100.1 ​ $ 107.7 (1) Finance, operating and other lease costs are primarily included in operating expenses on the consolidated statements of operations. (2) Other lease cost primarily reflects variable and short-term lease costs. (3) Sublease income is included in fees and other revenues on the consolidated statements of operations.
Future Payments Due by Period for Lease Obligations (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating leases Finance leases Total ​ ​ (in millions) ​ For the twelve months ending December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2025 ​ $ 46.1 ​ $ 29.1 ​ $ 75.2 ​ 2026 ​ ​ 41.2 ​ ​ 24.5 ​ ​ 65.7 ​ 2027 ​ ​ 32.8 ​ ​ 14.9 ​ ​ 47.7 ​ 2028 ​ ​ 18.6 ​ ​ 4.3 ​ ​ 22.9 ​ 2029 ​ ​ 8.5 ​ ​ — ​ ​ 8.5 ​ 2030 and thereafter ​ ​ 20.7 ​ ​ — ​ ​ 20.7 ​ Total lease payments ​ ​ 167.9 ​ ​ 72.8 ​ ​ 240.7 ​ Less: interest ​ ​ 17.3 ​ ​ 3.8 ​ ​ 21.1 ​ Present value of lease liabilities ​ $ 150.6 ​ $ 69.0 ​ $ 219.6 ​
Weighted-Average Remaining Lease Term and Weighted-Average Discount Rates (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 ​ 2023 ​ 2022 ​ Weighted-average remaining lease term (in years): ​ ​ ​ ​ ​ Operating leases ​ 5.5 6.0 6.4 ​ Finance leases ​ 2.8 3.0 2.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average discount rate: ​ ​ ​ ​ ​ Operating leases ​ 3.7 % 3.6 % 3.6 % Finance leases ​ 4.0 % 3.5 % 1.7 % ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2024
Stockholders' Equity
Common Stock Dividends (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 Dividends declared per common share ​ $ 2.85 ​ $ 2.60 ​ $ 2.56 ​
Reconciliation of Outstanding Common Shares (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 Beginning balance ​ 236,438,294 ​ 243,549,782 ​ 261,673,076 ​ Shares issued ​ 2,455,503 ​ 2,469,841 ​ 4,937,910 ​ Treasury stock acquired ​ (12,668,636) ​ (9,581,329) ​ (23,061,204) ​ Ending balance ​ 226,225,161 ​ 236,438,294 ​ 243,549,782 ​
Other Comprehensive Income (Loss) (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized losses on available-for-sale securities during the period ​ $ (1,033.4) ​ $ 227.0 ​ $ (806.4) ​ Reclassification adjustment for losses included in net income (1) ​ 138.4 ​ (26.2) ​ 112.2 ​ Adjustments for assumed changes in amortization patterns ​ 9.8 ​ (2.1) ​ 7.7 ​ Adjustments for assumed changes in policyholder liabilities ​ 10.8 ​ (2.3) ​ 8.5 ​ Net unrealized losses on available-for-sale securities ​ (874.4) ​ 196.4 ​ (678.0) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized gains on derivative instruments during the period ​ 71.2 ​ ​ (15.0) ​ ​ 56.2 ​ Reclassification adjustment for gains included in net income (2) ​ (3.5) ​ ​ 0.8 ​ ​ (2.7) ​ Adjustments for assumed changes in amortization patterns ​ 0.5 ​ ​ (0.1) ​ ​ 0.4 ​ Net unrealized gains on derivative instruments ​ 68.2 ​ ​ (14.3) ​ ​ 53.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement gain (3) ​ ​ 1,281.9 ​ ​ (271.9) ​ ​ 1,010.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk remeasurement loss (4) ​ ​ (10.3) ​ ​ 2.2 ​ ​ (8.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment ​ ​ (301.5) ​ ​ 4.9 ​ ​ (296.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ 20.7 ​ ​ (5.1) ​ ​ 15.6 ​ Amortization of amounts included in net periodic benefit cost (6) ​ 20.3 ​ ​ (5.2) ​ ​ 15.1 ​ Net unrecognized postretirement benefit obligation ​ 41.0 ​ ​ (10.3) ​ ​ 30.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 204.9 ​ $ (93.0) ​ $ 111.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized gains on available-for-sale securities during the period ​ $ 1,986.8 ​ $ (419.8) ​ $ 1,567.0 ​ Reclassification adjustment for losses included in net income (1) ​ 351.1 ​ (73.5) ​ 277.6 ​ Adjustments for assumed changes in amortization patterns ​ (2.6) ​ 0.6 ​ (2.0) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.7 ​ (0.2) ​ 0.5 ​ Net unrealized gains on available-for-sale securities ​ 2,336.0 ​ (492.9) ​ 1,843.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized losses on derivative instruments during the period ​ (44.9) ​ ​ 9.4 ​ ​ (35.5) ​ Reclassification adjustment for gains included in net income (2) ​ (7.4) ​ ​ 1.6 ​ ​ (5.8) ​ Adjustments for assumed changes in amortization patterns ​ (0.9) ​ ​ 0.2 ​ ​ (0.7) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.2 ​ ​ — ​ ​ 0.2 ​ Net unrealized losses on derivative instruments ​ (53.0) ​ ​ 11.2 ​ ​ (41.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement loss (3) ​ ​ (365.9) ​ ​ 53.2 ​ ​ (312.7) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk remeasurement loss (4) ​ ​ (39.2) ​ ​ 8.3 ​ ​ (30.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment during the period ​ ​ 68.0 ​ ​ 5.1 ​ ​ 73.1 ​ Reclassification adjustment for losses included in net income (5) ​ ​ 0.6 ​ ​ — ​ ​ 0.6 ​ Foreign currency translation adjustment ​ 68.6 ​ ​ 5.1 ​ ​ 73.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ (19.3) ​ ​ 5.2 ​ ​ (14.1) ​ Amortization of amounts included in net periodic benefit cost (6) ​ 22.4 ​ ​ (5.9) ​ ​ 16.5 ​ Net unrecognized postretirement benefit obligation ​ 3.1 ​ ​ (0.7) ​ ​ 2.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income ​ $ 1,949.6 ​ $ (415.8) ​ $ 1,533.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Pre-Tax Tax After-Tax ​ ​ (in millions) ​ Net unrealized losses on available-for-sale securities during the period ​ $ (13,158.9) ​ $ 2,787.9 ​ $ (10,371.0) ​ Reclassification adjustment for losses included in net income (1) ​ 398.9 ​ (87.6) ​ 311.3 ​ Adjustments for assumed changes in amortization patterns ​ (3.7) ​ 0.7 ​ (3.0) ​ Adjustments for assumed changes in policyholder liabilities ​ 273.2 ​ (57.3) ​ 215.9 ​ Net unrealized losses on available-for-sale securities ​ (12,490.5) ​ 2,643.7 ​ (9,846.8) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized losses on derivative instruments during the period ​ (1.4) ​ ​ 0.3 ​ ​ (1.1) ​ Reclassification adjustment for gains included in net income (2) ​ (28.0) ​ ​ 5.8 ​ ​ (22.2) ​ Adjustments for assumed changes in amortization patterns ​ (0.1) ​ ​ — ​ ​ (0.1) ​ Adjustments for assumed changes in policyholder liabilities ​ 0.4 ​ ​ (0.1) ​ ​ 0.3 ​ Net unrealized losses on derivative instruments ​ (29.1) ​ ​ 6.0 ​ ​ (23.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liability for future policy benefits discount rate remeasurement gain (3) ​ ​ 6,030.4 ​ ​ (1,251.9) ​ ​ 4,778.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Market risk benefit nonperformance risk remeasurement gain (4) ​ ​ 144.3 ​ ​ (30.2) ​ ​ 114.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Foreign currency translation adjustment ​ ​ (26.9) ​ ​ 4.8 ​ ​ (22.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Unrecognized postretirement benefit obligation during the period ​ 85.8 ​ ​ (22.3) ​ ​ 63.5 ​ Amortization of amounts included in net periodic benefit cost (6) ​ 36.7 ​ ​ (9.6) ​ ​ 27.1 ​ Net unrecognized postretirement benefit obligation ​ 122.5 ​ ​ (31.9) ​ ​ 90.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss ​ $ (6,249.3) ​ $ 1,340.5 ​ $ (4,908.8) ​ (1) Pre-tax reclassification adjustments relating to available-for-sale securities are reported in net realized capital gains (losses) and net realized capital gains (losses) on funds withheld assets on the consolidated statements of operations. (2) See Note 5, Derivative Financial Instruments, under the caption “Effect of Fair Value and Cash Flow Hedges on Consolidated Statements of Operations” for further details. (3) Includes the discount rate remeasurement gain (loss) associated with the LFPB and the associated reinsurance recoverable. See Note 10, Future Policy Benefits and Claims, under the caption “Liability for Future Policy Benefits” for further details. (4) See Note 11, Market Risk Benefits, for further details. (5) Relates to the release of cumulative translation adjustment from the dissolution of foreign subsidiaries. (6) 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 15, Employee and Agent Benefits, under the caption “Components of Net Periodic Benefit Cost” for further details.
Accumulated Other Comprehensive Income (Loss) (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ MRB ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net unrealized ​ Net unrealized ​ LFPB ​ nonperformance ​ Foreign ​ Unrecognized ​ Accumulated ​ ​ gains (losses) on ​ gains (losses) ​ discount rate ​ risk ​ currency ​ postretirement ​ other ​ ​ available-for-sale ​ on derivative ​ remeasurement ​ remeasurement ​ translation ​ benefit ​ comprehensive ​ securities (1) instruments gain (loss) gain (loss) adjustment obligation loss ​ ​ (in millions) Balances as of January 1, 2022 ​ $ 3,880.4 ​ $ 56.6 ​ $ (4,037.6) ​ $ (90.1) ​ $ (1,548.7) ​ $ (344.7) ​ $ (2,084.1) Other comprehensive loss during the period, net of adjustments ​ (10,157.9) ​ ​ (0.9) ​ ​ 4,778.5 ​ ​ 114.1 ​ ​ (22.9) ​ ​ 63.5 ​ ​ (5,225.6) Amounts reclassified from AOCI ​ 311.3 ​ ​ (22.2) ​ ​ — ​ ​ — ​ ​ — ​ ​ 27.1 ​ ​ 316.2 Other comprehensive loss ​ (9,846.6) ​ ​ (23.1) ​ ​ 4,778.5 ​ ​ 114.1 ​ ​ (22.9) ​ ​ 90.6 ​ ​ (4,909.4) Adjustment for reinsurance (2) ​ ​ 108.3 ​ ​ 6.2 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 114.5 Balances as of December 31, 2022 ​ ​ (5,857.9) ​ ​ 39.7 ​ ​ 740.9 ​ ​ 24.0 ​ ​ (1,571.6) ​ ​ (254.1) ​ ​ (6,879.0) Other comprehensive income during the period, net of adjustments ​ ​ 1,565.5 ​ ​ (36.0) ​ ​ (312.7) ​ ​ (30.9) ​ ​ 73.0 ​ ​ (14.1) ​ ​ 1,244.8 Amounts reclassified from AOCI ​ ​ 277.6 ​ ​ (5.8) ​ ​ — ​ ​ — ​ ​ 0.6 ​ ​ 16.5 ​ ​ 288.9 Other comprehensive income ​ ​ 1,843.1 ​ ​ (41.8) ​ ​ (312.7) ​ ​ (30.9) ​ ​ 73.6 ​ ​ 2.4 ​ ​ 1,533.7 Balances as of December 31, 2023 ​ ​ (4,014.8) ​ ​ (2.1) ​ ​ 428.2 ​ ​ (6.9) ​ ​ (1,498.0) ​ ​ (251.7) ​ ​ (5,345.3) Other comprehensive loss during the period, net of adjustments ​ ​ (790.3) ​ ​ 56.6 ​ ​ 1,010.0 ​ ​ (8.1) ​ ​ (287.9) ​ ​ 15.6 ​ ​ (4.1) Amounts reclassified from AOCI ​ ​ 112.2 ​ ​ (2.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ 15.1 ​ ​ 124.6 Other comprehensive income ​ ​ (678.1) ​ ​ 53.9 ​ ​ 1,010.0 ​ ​ (8.1) ​ ​ (287.9) ​ ​ 30.7 ​ ​ 120.5 Balances as of December 31, 2024 ​ $ (4,692.9) ​ $ 51.8 ​ $ 1,438.2 ​ $ (15.0) ​ $ (1,785.9) ​ $ (221.0) ​ $ (5,224.8) (1) Net unrealized gains (losses) on available-for-sale securities for which an allowance for credit loss has been recorded were $(3.8) million, $ (4.3) million and $0.3 million as of December 31, 2024, 2023 and 2022, respectively. (2) Reflects the January 1, 2022, balance associated with our exited ULSG business that was ceded to an unaffiliated reinsurance company.
Redeemable Noncontrolling Interest (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Beginning balance ​ $ 248.9 ​ $ 262.0 ​ $ 332.5 ​ Net income (loss) attributable to redeemable noncontrolling interest ​ ​ 11.8 ​ ​ 23.7 ​ ​ (25.8) ​ Redeemable noncontrolling interest of deconsolidated entities (1) ​ ​ (185.6) ​ ​ (3.0) ​ ​ (2.8) ​ Contributions from redeemable noncontrolling interest ​ 330.0 ​ 43.3 ​ 67.3 ​ Distributions to redeemable noncontrolling interest ​ (55.8) ​ (75.0) ​ (108.9) ​ Purchase of subsidiary shares from redeemable noncontrolling interest (2) ​ (0.6) ​ (1.6) ​ (1.1) ​ Change in redemption value of redeemable noncontrolling interest ​ (4.4) ​ (1.1) ​ (0.2) ​ Stock-based compensation attributable to redeemable noncontrolling interest ​ ​ 0.2 ​ ​ 0.1 ​ ​ 0.1 ​ Other comprehensive income (loss) attributable to redeemable noncontrolling interest ​ (6.8) ​ 0.5 ​ 0.9 ​ Ending balance ​ $ 337.7 ​ $ 248.9 ​ $ 262.0 ​ (1) We deconsolidated certain sponsored investment funds as they no longer met the requirements for consolidation. (2) In 2024, 2023 and 2022, we acquired an additional interest in Origin Asset Management.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2024
Fair Value Measurements
Fair Value (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ Fair value hierarchy level ​ ​ ​ measured at ​ net asset ​ ​ ​ ​ fair value value (5) Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,637.9 ​ $ — ​ $ 1,231.9 ​ $ 406.0 ​ $ — ​ Non-U.S. governments ​ 495.7 ​ — ​ — ​ 495.7 ​ — ​ States and political subdivisions ​ 6,076.5 ​ — ​ — ​ 6,009.7 ​ 66.8 ​ Corporate ​ 35,702.6 ​ — ​ 29.1 ​ 33,323.1 ​ 2,350.4 ​ Residential mortgage-backed pass-through securities ​ 3,674.2 ​ — ​ — ​ 3,674.2 ​ — ​ Commercial mortgage-backed securities ​ 5,188.0 ​ — ​ — ​ 5,185.3 ​ 2.7 ​ Collateralized debt obligations (1) ​ 6,560.4 ​ — ​ — ​ 6,560.4 ​ — ​ Other debt obligations ​ 8,915.7 ​ — ​ — ​ 7,437.4 ​ 1,478.3 ​ Total fixed maturities, available-for-sale ​ 68,251.0 ​ — ​ 1,261.0 ​ 63,091.8 ​ 3,898.2 ​ Fixed maturities, trading ​ 1,023.3 ​ — ​ — ​ 460.7 ​ 562.6 ​ Equity securities ​ 2,295.0 ​ — ​ 990.2 ​ 1,304.8 ​ — ​ Mortgage loans ​ ​ 140.6 ​ ​ — ​ ​ — ​ ​ — ​ ​ 140.6 ​ Derivative assets (2) ​ 648.2 ​ — ​ — ​ 626.8 ​ 21.4 ​ Other investments ​ 905.6 ​ 106.7 ​ 262.2 ​ 405.5 ​ 131.2 ​ Cash equivalents ​ 2,950.5 ​ — ​ 271.6 ​ 2,678.9 ​ — ​ Market risk benefit asset (3) ​ ​ 199.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 199.5 ​ Sub-total excluding separate account assets ​ 76,413.7 ​ 106.7 ​ 2,785.0 ​ 68,568.5 ​ 4,953.5 ​ Separate account assets ​ 173,327.1 ​ 7,573.6 ​ 112,920.3 ​ 52,106.5 ​ 726.7 ​ Total assets ​ $ 249,740.8 ​ $ 7,680.3 ​ $ 115,705.3 ​ $ 120,675.0 ​ $ 5,680.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ $ (578.4) ​ $ — ​ $ — ​ $ — ​ $ (578.4) ​ Market risk benefit liability (3) ​ ​ (62.1) ​ ​ — ​ ​ — ​ ​ — ​ ​ (62.1) ​ Funds withheld payable embedded derivative (4) ​ ​ 3,014.5 ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,014.5 ​ Long-term debt ​ ​ (21.8) ​ ​ — ​ ​ — ​ ​ (21.8) ​ ​ — ​ Derivative liabilities (2) ​ ​ (506.2) ​ ​ — ​ ​ — ​ ​ (498.3) ​ ​ (7.9) ​ Other liabilities ​ (5.2) ​ — ​ (5.2) ​ — ​ — ​ Total liabilities ​ $ 1,840.8 ​ $ — ​ $ (5.2) ​ $ (520.1) ​ $ 2,366.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 251,581.6 ​ $ 7,680.3 ​ $ 115,700.1 ​ $ 120,154.9 ​ $ 8,046.3 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ Assets/ ​ Amount ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (liabilities) ​ measured at ​ Fair value hierarchy level ​ ​ ​ measured at ​ net asset ​ ​ ​ ​ fair value value (5) Level 1 Level 2 Level 3 ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. government and agencies ​ $ 1,528.8 ​ $ — ​ $ 1,216.0 ​ $ 312.8 ​ $ — ​ Non-U.S. governments ​ 507.9 ​ — ​ 0.2 ​ 507.7 ​ — ​ States and political subdivisions ​ 6,676.8 ​ — ​ — ​ 6,606.9 ​ 69.9 ​ Corporate ​ 35,810.0 ​ — ​ 30.9 ​ 33,473.2 ​ 2,305.9 ​ Residential mortgage-backed pass-through securities ​ 3,061.1 ​ — ​ — ​ 3,061.1 ​ — ​ Commercial mortgage-backed securities ​ 4,775.5 ​ — ​ — ​ 4,772.5 ​ 3.0 ​ Collateralized debt obligations (1) ​ 5,403.7 ​ — ​ — ​ 5,328.3 ​ 75.4 ​ Other debt obligations ​ 7,909.3 ​ — ​ — ​ 6,726.7 ​ 1,182.6 ​ Total fixed maturities, available-for-sale ​ 65,673.1 ​ — ​ 1,247.1 ​ 60,789.2 ​ 3,636.8 ​ Fixed maturities, trading ​ 836.2 ​ — ​ 27.7 ​ 392.7 ​ 415.8 ​ Equity securities ​ 1,478.1 ​ — ​ 245.4 ​ 1,232.7 ​ — ​ Derivative assets (2) ​ 304.2 ​ — ​ — ​ 297.9 ​ 6.3 ​ Other investments ​ 815.6 ​ 73.7 ​ 220.1 ​ 356.7 ​ 165.1 ​ Cash equivalents ​ 3,771.4 ​ — ​ 511.6 ​ 3,259.8 ​ — ​ Market risk benefit asset (3) ​ ​ 153.4 ​ ​ — ​ ​ — ​ ​ — ​ ​ 153.4 ​ Sub-total excluding separate account assets ​ 73,032.0 ​ 73.7 ​ 2,251.9 ​ 66,329.0 ​ 4,377.4 ​ Separate account assets ​ 167,605.6 ​ 8,692.0 ​ 104,505.0 ​ 53,655.8 ​ 752.8 ​ Total assets ​ $ 240,637.6 ​ $ 8,765.7 ​ $ 106,756.9 ​ $ 119,984.8 ​ $ 5,130.2 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ $ (115.5) ​ $ — ​ $ — ​ $ — ​ $ (115.5) ​ Market risk benefit liability (3) ​ ​ (133.2) ​ ​ — ​ ​ — ​ ​ — ​ ​ (133.2) ​ Funds withheld payable embedded derivative (4) ​ ​ 2,567.1 ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,567.1 ​ Derivative liabilities (2) ​ ​ (494.0) ​ ​ — ​ ​ — ​ ​ (493.2) ​ ​ (0.8) ​ Other liabilities ​ (1.0) ​ — ​ — ​ (1.0) ​ — ​ Total liabilities ​ $ 1,823.4 ​ $ — ​ $ — ​ $ (494.2) ​ $ 2,317.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net assets ​ $ 242,461.0 ​ $ 8,765.7 ​ $ 106,756.9 ​ $ 119,490.6 ​ $ 7,447.8 ​ (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 5, Derivative Financial Instruments, for further information on fair value by class of derivative instruments. (3) Refer to Note 11, Market Risk Benefits, for further information on the change in the Level 3 fair value measurements of MRBs. (4) 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. The funds withheld payable embedded derivative could be in either an asset or (liability) position. (5) 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 $3.1 million and $7.1 million as of December 31, 2024 and December 31, 2023, respectively. Separate account assets using the NAV practical expedient consist of certain funds with varying investment strategies that also have a variety of redemption terms and conditions. We do not have unfunded commitments associated with these funds.
Reconciliation for All Assets and Liabilities Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Beginning ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ 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 ​ December 31, ​ 2024 (2) income (3) (4) Level 3 Level 3 2024 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 69.9 ​ $ — ​ $ (1.5) ​ $ 0.8 ​ $ 15.5 ​ $ (17.9) ​ $ 66.8 Corporate ​ ​ 2,305.9 ​ ​ (28.2) ​ ​ (25.1) ​ ​ 38.9 ​ ​ 58.9 ​ ​ — ​ ​ 2,350.4 Commercial mortgage-backed securities ​ 3.0 ​ — ​ — ​ ​ (0.3) ​ — ​ — ​ 2.7 Collateralized debt obligations ​ 75.4 ​ — ​ (0.7) ​ ​ (71.7) ​ — ​ (3.0) ​ — Other debt obligations ​ 1,182.6 ​ 0.2 ​ (0.8) ​ ​ 267.7 ​ 140.2 ​ (111.6) ​ 1,478.3 Total fixed maturities, available-for-sale ​ 3,636.8 ​ (28.0) ​ (28.1) ​ ​ 235.4 ​ 214.6 ​ (132.5) ​ 3,898.2 Fixed maturities, trading ​ ​ 415.8 ​ ​ (0.7) ​ ​ — ​ ​ 147.5 ​ ​ — ​ ​ — ​ ​ 562.6 Mortgage loans ​ ​ — ​ ​ — ​ ​ — ​ ​ 140.6 ​ ​ — ​ ​ — ​ ​ 140.6 Other investments ​ 165.1 ​ (22.8) ​ — ​ ​ (11.1) ​ — ​ — ​ 131.2 Separate account assets (1) ​ 752.8 ​ (17.5) ​ — ​ ​ (8.6) ​ — ​ — ​ 726.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (115.5) ​ (166.3) ​ — ​ ​ (296.6) ​ — ​ — ​ (578.4) Funds withheld payable embedded derivative ​ ​ 2,567.1 ​ ​ 447.4 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,014.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ 5.5 ​ 7.5 ​ — ​ ​ 0.8 ​ 0.1 ​ ​ (0.4) ​ 13.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Beginning ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ 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 December 31, ​ ​ 2023 ​ (2) ​ income (3) ​ (4) ​ Level 3 ​ Level 3 ​ 2023 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 70.9 ​ $ — ​ $ 0.7 ​ $ (1.7) ​ $ — ​ $ — ​ $ 69.9 Corporate ​ ​ 1,568.3 ​ ​ (4.5) ​ ​ 13.3 ​ ​ 593.6 ​ ​ 212.4 ​ ​ (77.2) ​ ​ 2,305.9 Commercial mortgage-backed securities ​ 3.4 ​ — ​ — ​ ​ (0.4) ​ — ​ — ​ 3.0 Collateralized debt obligations ​ 56.2 ​ — ​ 1.9 ​ ​ 165.8 ​ — ​ (148.5) ​ 75.4 Other debt obligations ​ 467.8 ​ 1.3 ​ 1.2 ​ ​ 537.0 ​ 239.5 ​ (64.2) ​ 1,182.6 Total fixed maturities, available-for-sale ​ 2,166.6 ​ (3.2) ​ 17.1 ​ ​ 1,294.3 ​ 451.9 ​ (289.9) ​ 3,636.8 Fixed maturities, trading ​ ​ 134.0 ​ ​ 2.4 ​ ​ — ​ ​ 279.4 ​ ​ — ​ ​ — ​ ​ 415.8 Other investments ​ ​ 1.9 ​ (5.7) ​ — ​ ​ 168.9 ​ — ​ — ​ 165.1 Separate account assets (1) ​ 1,034.9 ​ (8.7) ​ — ​ ​ (273.4) ​ — ​ — ​ 752.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (46.4) ​ (37.7) ​ — ​ ​ (31.4) ​ — ​ — ​ (115.5) Funds withheld payable embedded derivative ​ 3,652.8 ​ ​ (1,085.7) ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 2,567.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ (3.4) ​ 3.9 ​ — ​ ​ 4.9 ​ 0.1 ​ ​ — ​ 5.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Beginning ​ ​ ​ ​ ​ ​ ​ Net ​ ​ ​ ​ ​ ​ ​ Ending ​ ​ asset/ ​ Total realized/unrealized ​ purchases, ​ ​ ​ ​ ​ ​ ​ asset/ ​ ​ (liability) ​ gains (losses) ​ 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 ​ December 31, ​ 2022 (2) income (3) (4) Level 3 Level 3 2022 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 94.8 ​ $ — ​ $ (24.1) ​ $ (1.6) ​ $ 12.0 ​ $ (10.2) ​ $ 70.9 Corporate ​ ​ 834.3 ​ ​ (4.8) ​ ​ (28.6) ​ ​ 626.3 ​ ​ 176.3 ​ ​ (35.2) ​ ​ 1,568.3 Commercial mortgage-backed securities ​ 19.2 ​ — ​ (1.0) ​ ​ (4.6) ​ — ​ (10.2) ​ 3.4 Collateralized debt obligations ​ 85.8 ​ — ​ (1.0) ​ ​ 151.8 ​ — ​ (180.4) ​ 56.2 Other debt obligations ​ 42.1 ​ (0.3) ​ (20.4) ​ ​ 474.2 ​ — ​ (27.8) ​ 467.8 Total fixed maturities, available-for-sale ​ 1,076.2 ​ (5.1) ​ (75.1) ​ ​ 1,246.1 ​ 188.3 ​ (263.8) ​ 2,166.6 Fixed maturities, trading ​ ​ 4.9 ​ ​ (0.6) ​ ​ — ​ ​ 100.7 ​ ​ 29.0 ​ ​ — ​ ​ 134.0 Other investments ​ 2.1 ​ ​ — ​ ​ (0.6) ​ ​ 0.4 ​ ​ — ​ ​ — ​ ​ 1.9 Separate account assets (1) ​ 945.3 ​ ​ 113.5 ​ ​ — ​ ​ (23.9) ​ ​ — ​ ​ — ​ ​ 1,034.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ (83.2) ​ ​ 35.9 ​ ​ — ​ ​ 0.9 ​ ​ — ​ ​ — ​ ​ (46.4) Funds withheld payable embedded derivative ​ ​ — ​ ​ 3,652.8 ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ 3,652.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ — ​ ​ (5.4) ​ ​ (0.3) ​ ​ 2.6 ​ ​ — ​ ​ (0.3) ​ ​ (3.4) (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 Asset Management 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), net realized capital gains (losses) on funds withheld assets or change in fair value of funds withheld embedded derivative 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 year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Assets ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ Corporate ​ $ (39.1) ​ $ 0.3 ​ $ (1.3) Other debt obligations ​ ​ 0.2 ​ ​ 1.9 ​ ​ — Total fixed maturities, available-for-sale ​ (38.9) ​ 2.2 ​ (1.3) Fixed maturities, trading ​ ​ (6.2) ​ ​ 2.0 ​ ​ (0.6) Other investments ​ (10.0) ​ (5.2) ​ — Separate account assets ​ (9.8) ​ (80.3) ​ 89.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ Investment and universal life contracts ​ (155.8) ​ (29.2) ​ 22.6 Funds withheld payable embedded derivative ​ ​ 447.4 ​ ​ (1,085.7) ​ ​ 3,652.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ Net derivative assets (liabilities) ​ 7.8 ​ 7.5 ​ (3.4) ​ (3) Changes in unrealized gains (losses) included in OCI, including foreign currency translation adjustments related to Principal Asset Management, relating to positions still held were : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ (1.4) ​ $ (4.1) ​ $ (22.3) Corporate ​ ​ (25.7) ​ ​ (38.9) ​ ​ (19.8) Commercial mortgage-backed securities ​ ​ — ​ ​ — ​ ​ (0.5) Collateralized debt obligations ​ ​ 0.1 ​ ​ 0.7 ​ ​ — Other debt obligations ​ ​ (0.5) ​ ​ (29.8) ​ ​ (18.5) Total fixed maturities, available-for-sale ​ ​ (27.5) ​ ​ (72.1) ​ ​ (61.1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ — ​ ​ (0.2) ​ (4) Gross purchases, sales, issuances and settlements were: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ ​ Purchases Sales Issuances Settlements and settlements ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ 2.5 ​ $ — ​ $ — ​ $ (1.7) ​ $ 0.8 ​ Corporate ​ ​ 659.3 ​ ​ (322.2) ​ ​ — ​ ​ (298.2) ​ ​ 38.9 ​ Commercial mortgage-backed securities ​ — ​ — ​ — ​ (0.3) ​ (0.3) ​ Collateralized debt obligations ​ 35.1 ​ (90.0) ​ — ​ (16.8) ​ (71.7) ​ Other debt obligations ​ 601.3 ​ (101.4) ​ — ​ (232.2) ​ 267.7 ​ Total fixed maturities, available-for-sale ​ 1,298.2 ​ (513.6) ​ — ​ (549.2) ​ 235.4 ​ Fixed maturities, trading ​ ​ 422.9 ​ ​ (166.9) ​ ​ — ​ ​ (108.5) ​ ​ 147.5 ​ Mortgage loans ​ ​ 140.6 ​ ​ — ​ ​ — ​ ​ — ​ ​ 140.6 ​ Other investments ​ 182.3 ​ — ​ — ​ (193.4) ​ (11.1) ​ Separate account assets (5) ​ — ​ ​ (30.3) ​ ​ (60.0) ​ 81.7 ​ (8.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ — ​ — ​ (364.4) ​ 67.8 ​ (296.6) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ 0.4 ​ 0.4 ​ — ​ — ​ 0.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ ​ Purchases Sales Issuances Settlements and settlements ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ — ​ $ — ​ $ (1.7) ​ $ (1.7) ​ Corporate ​ ​ 815.2 ​ ​ (27.7) ​ ​ — ​ ​ (193.9) ​ ​ 593.6 ​ Commercial mortgage-backed securities ​ — ​ — ​ — ​ (0.4) ​ (0.4) ​ Collateralized debt obligations ​ 167.0 ​ — ​ — ​ (1.2) ​ 165.8 ​ Other debt obligations ​ 563.3 ​ — ​ — ​ (26.3) ​ 537.0 ​ Total fixed maturities, available-for-sale ​ 1,545.5 ​ (27.7) ​ — ​ (223.5) ​ 1,294.3 ​ Fixed maturities, trading ​ ​ 439.3 ​ ​ (145.2) ​ ​ — ​ ​ (14.7) ​ ​ 279.4 ​ Other investments ​ 194.2 ​ — ​ — ​ (25.3) ​ 168.9 ​ Separate account assets (5) ​ — ​ ​ (286.3) ​ ​ (109.1) ​ 122.0 ​ (273.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ — ​ — ​ (69.9) ​ 38.5 ​ (31.4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ 0.8 ​ 4.1 ​ — ​ — ​ 4.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net purchases, ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ sales, issuances ​ ​ Purchases Sales Issuances Settlements and settlements ​ ​ (in millions) ​ Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fixed maturities, available-for-sale: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ — ​ $ — ​ $ (1.6) ​ $ (1.6) ​ Corporate ​ ​ 817.3 ​ ​ (50.4) ​ ​ — ​ ​ (140.6) ​ ​ 626.3 ​ Commercial mortgage-backed securities ​ — ​ (4.1) ​ — ​ (0.5) ​ (4.6) ​ Collateralized debt obligations ​ 151.9 ​ — ​ — ​ (0.1) ​ 151.8 ​ Other debt obligations ​ 487.4 ​ (8.2) ​ — ​ (5.0) ​ 474.2 ​ Total fixed maturities, available-for-sale ​ 1,456.6 ​ (62.7) ​ — ​ (147.8) ​ 1,246.1 ​ Fixed maturities, trading ​ ​ 134.7 ​ ​ (32.6) ​ ​ — ​ ​ (1.4) ​ ​ 100.7 ​ Other investments ​ 0.4 ​ — ​ — ​ — ​ 0.4 ​ Separate account assets (5) ​ 11.8 ​ ​ (4.5) ​ ​ (50.0) ​ 18.8 ​ (23.9) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts ​ — ​ — ​ (22.2) ​ 23.1 ​ 0.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ 2.6 ​ — ​ — ​ 2.6 ​ (5) Issuances and settlements include amounts related to mortgage encumbrances associated with real estate in our separate accounts.
Transfers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ 15.5 ​ $ — ​ $ 17.9 ​ Corporate ​ ​ — ​ ​ 58.9 ​ ​ — ​ ​ — ​ Collateralized debt obligations ​ — ​ ​ — ​ ​ — ​ ​ 3.0 ​ Other debt obligations ​ — ​ ​ 140.2 ​ ​ — ​ ​ 111.6 ​ Total fixed maturities, available-for-sale ​ ​ — ​ ​ 214.6 ​ ​ — ​ ​ 132.5 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ — ​ ​ 0.1 ​ ​ — ​ ​ 0.4 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ ​ 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 ​ $ — ​ $ 212.4 ​ $ — ​ $ 77.2 ​ Collateralized debt obligations ​ — ​ ​ — ​ ​ — ​ ​ 148.5 ​ Other debt obligations ​ — ​ ​ 239.5 ​ ​ — ​ ​ 64.2 ​ Total fixed maturities, available-for-sale ​ ​ — ​ ​ 451.9 ​ ​ — ​ ​ 289.9 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ 0.1 ​ ​ — ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ ​ 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ States and political subdivisions ​ $ — ​ $ 12.0 ​ $ — ​ $ 10.2 ​ Corporate ​ ​ — ​ ​ 176.3 ​ ​ — ​ ​ 35.2 ​ Commercial mortgage-backed securities ​ — ​ — ​ — ​ 10.2 ​ Collateralized debt obligations ​ — ​ ​ — ​ ​ — ​ ​ 180.4 ​ Other debt obligations ​ — ​ ​ — ​ ​ — ​ ​ 27.8 ​ Total fixed maturities, available-for-sale ​ ​ — ​ ​ 188.3 ​ ​ — ​ ​ 263.8 ​ Fixed maturities, trading ​ ​ — ​ ​ 29.0 ​ ​ — ​ ​ — ​ Derivatives ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net derivative assets (liabilities) ​ ​ — ​ ​ — ​ ​ — ​ ​ 0.3 ​
Quantitative Information about Level 3 Fair Value Measurements (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ 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 ​ $ 1,817.8 ​ Discounted cash flow ​ Discount rate (1) ​ 2.1 %- 12.7 % ​ 8.0 % ​ ​ ​ ​ ​ ​ ​ Earnings before interest, taxes, depreciation and amortization multiple ​ 1.1 x- 1.7 x ​ 1.3 x ​ ​ ​ ​ ​ ​ ​ Illiquidity premium ​ 30 basis points (“bps”)- 791 bps ​ 142 bps ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ (42) bps- 2,947 bps ​ 149 bps Other debt obligations ​ 1,343.1 ​ Discounted cash flow ​ Discount rate (1) ​ 4.9 %- 7.7 % ​ 5.4 % ​ ​ ​ ​ ​ ​ ​ Illiquidity premium ​ (83) bps- 260 bps ​ 120 bps ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ (19) bps- 415 bps ​ 128 bps Fixed maturities, trading ​ ​ 289.6 ​ Discounted cash flow ​ Discount rate (1) ​ 9.5 %- 13.0 % ​ 9.9 % ​ ​ ​ ​ ​ ​ ​ Earnings before interest, taxes, depreciation and amortization multiple ​ ​ ​ 1.1 x ​ 1.1 x ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ (32) bps- 2,947 bps ​ 152 bps Other investments ​ ​ 129.0 ​ Discounted cash flow ​ Discount rate (1) ​ 11.5 %- 13.5 % ​ 12.4 % ​ ​ ​ ​ ​ ​ ​ Probability of default ​ 6.0 %- 10.0 % ​ 8.1 % ​ ​ ​ ​ ​ ​ ​ Potential loss severity ​ 87.0 %- 100.0 % ​ 92.0 % Separate account assets ​ 726.7 ​ Discounted cash flow - real estate ​ Discount rate (1) ​ 7.0 %- 11.0 % ​ 7.2 % ​ ​ ​ ​ ​ ​ ​ Terminal capitalization rate ​ 5.5 %- 9.5 % ​ 6.0 % ​ ​ ​ ​ ​ ​ ​ Average market rent growth rate ​ 2.0 %- 4.5 % ​ 2.7 % ​ ​ ​ ​ ​ Discounted cash flow - real estate debt ​ Loan to value ​ 46.4 %- 69.5 % ​ 59.2 % ​ ​ ​ ​ ​ ​ ​ Market interest rate ​ 4.9 %- 7.2 % ​ 6.1 % Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ (578.4) ​ Discounted cash flow ​ Long duration interest rate ​ 3.0 %- 4.9 % (2) ​ 4.8 % ​ ​ ​ ​ ​ ​ ​ Long-term equity market volatility ​ 14.5 %- 49.3 % ​ 21.4 % ​ ​ ​ ​ ​ ​ ​ Nonperformance risk ​ 0.4 %- 1.1 % ​ 0.8 % ​ ​ ​ ​ ​ ​ ​ Lapse rate ​ 0.0 %- 55.0 % ​ 8.5 % ​ ​ ​ ​ ​ ​ ​ Mortality rate ​ See note (3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ 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 ​ $ 1,997.4 ​ Discounted cash flow ​ Discount rate (1) ​ 4.9 %- 24.2 % ​ 12.0 % ​ ​ ​ ​ ​ ​ ​ Earnings before interest, taxes, depreciation and amortization multiple ​ ​ ​ 3.25 x ​ 3.25 x ​ ​ ​ ​ ​ ​ ​ Illiquidity premium ​ 30 bps- 483 bps ​ 121 bps ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ 67 bps- 217 bps ​ 141 bps Collateralized debt obligations ​ ​ 74.6 ​ Discounted cash flow ​ Discount rate (1) ​ ​ ​ 4.1 % ​ 4.1 % ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ ​ ​ 20 bps ​ 20 bps Other debt obligations ​ 879.5 ​ Discounted cash flow ​ Discount rate (1) ​ 5.0 %- 10.6 % ​ 7.4 % ​ ​ ​ ​ ​ ​ ​ Illiquidity premium ​ 69 bps- 650 bps ​ 337 bps ​ ​ ​ ​ ​ ​ ​ Comparability adjustment ​ (20) bps- 213 bps ​ 92 bps Fixed maturities, trading ​ ​ 203.9 ​ Discounted cash flow ​ Discount rate (1) ​ 11.4 %- 22.3 % ​ 13.3 % Other investments ​ ​ 163.2 ​ Discounted cash flow ​ Discount rate (1) ​ 12.0 %- 13.5 % ​ 12.6 % ​ ​ ​ ​ ​ ​ ​ Probability of default ​ 6.0 %- 10.0 % ​ 8.5 % ​ ​ ​ ​ ​ ​ ​ Potential loss severity ​ 87.0 %- 100.0 % ​ 90.7 % Separate account assets ​ 752.8 ​ Discounted cash flow - real estate ​ Discount rate (1) ​ 6.5 %- 10.0 % ​ 7.5 % ​ ​ ​ ​ ​ ​ ​ Terminal capitalization rate ​ 5.3 %- 9.5 % ​ 6.1 % ​ ​ ​ ​ ​ ​ ​ Average market rent growth rate ​ 2.0 %- 3.7 % ​ 2.9 % ​ ​ ​ ​ ​ Discounted cash flow - real estate debt ​ Loan to value ​ 46.0 %- 72.0 % ​ 55.3 % ​ ​ ​ ​ ​ ​ ​ Market interest rate ​ 5.3 %- 8.1 % ​ 6.4 % Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Investment and universal life contracts (4) ​ (115.5) ​ Discounted cash flow ​ Long duration interest rate ​ 2.5 %- 4.8 % (2) ​ 4.0 % ​ ​ ​ ​ ​ ​ ​ Long-term equity market volatility ​ 15.5 %- 40.1 % ​ 19.2 % ​ ​ ​ ​ ​ ​ ​ Nonperformance risk ​ 0.8 %- 1.6 % ​ 1.1 % ​ ​ ​ ​ ​ ​ ​ Lapse rate ​ 0.0 %- 55.0 % ​ 7.0 % ​ ​ ​ ​ ​ ​ ​ Mortality rate ​ See note (3) ​ ​ ​ ​ (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) 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. (3) This input is based on an appropriate industry mortality table and a range does not provide a meaningful presentation. (4) 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)	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ (in millions) ​ ​ ​ ​ ​ ​ ​ Mortgage loans of consolidated VIE (1) ​ ​ ​ ​ ​ ​ Fair value (1) ​ $ 140.6 ​ $ — Aggregate contractual principal ​ ​ 140.6 ​ ​ — ​ ​ ​ ​ ​ ​ ​ Other loans of consolidated VIE (2) ​ ​ ​ ​ ​ ​ Fair value (2) ​ $ 129.0 ​ $ 163.2 Aggregate contractual principal ​ 139.9 ​ 167.1 ​ ​ ​ ​ ​ ​ ​ Long-term debt of consolidated VIE (1) ​ ​ ​ ​ ​ ​ Fair value (1) ​ $ 21.8 ​ $ — Aggregate contractual principal ​ ​ 21.8 ​ ​ — (1) Assets and liabilities from consolidated VIE, which are reported as mortgage loans and long-term debt on the consolidated statements of financial position, originated in December 2024 with no change in fair value recognized due to timing of origination. (2) Reported with other investments on the consolidated statements of financial position. See Note 4, Investments, for additional information relating to other loans more than 90 days past due or in non-accrual status. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Other loans of consolidated VIE ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in fair value pre-tax loss - instrument specific credit risk ​ $ (22.8) ​ $ (5.6) ​ $ — Change in fair value pre-tax loss (1) ​ ​ (22.8) ​ ​ (5.6) ​ ​ — Interest income (2) ​ ​ 31.0 ​ ​ 8.1 ​ ​ — (1) Reported in net realized capital gains (losses) on the consolidated statements of operations. (2) Reported in net investment income on the consolidated statements of operations and recorded based on the effective interest rate of the loans.
Financial Instruments Not Reported at Fair Value (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair value hierarchy level ​ ​ Carrying amount Fair value Level 1 Level 2 Level 3 ​ ​ (in millions) Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ $ 20,343.6 ​ $ 18,466.5 ​ $ — ​ $ — ​ $ 18,466.5 ​ Policy loans ​ 867.5 ​ 879.3 ​ — ​ — ​ 879.3 ​ Other investments ​ 294.9 ​ 292.4 ​ — ​ 127.5 ​ 164.9 ​ Cash and cash equivalents ​ 1,261.4 ​ 1,261.4 ​ 1,238.5 ​ 22.9 ​ — ​ Reinsurance deposit receivable ​ ​ 4,897.5 ​ ​ 4,401.9 ​ ​ — ​ ​ — ​ ​ 4,401.9 ​ Cash collateral receivable ​ ​ 3.0 ​ ​ 3.0 ​ ​ 3.0 ​ ​ — ​ ​ — ​ Investment contracts ​ (34,140.3) ​ (32,922.2) ​ — ​ (8,306.5) ​ (24,615.7) ​ Short-term debt ​ (152.7) ​ (152.7) ​ — ​ (152.7) ​ — ​ Long-term debt ​ (3,933.5) ​ (3,715.7) ​ — ​ (3,713.2) ​ (2.5) ​ Separate account liabilities ​ (157,939.3) ​ (157,010.7) ​ — ​ — ​ (157,010.7) ​ Bank deposits (1) ​ (440.4) ​ (442.1) ​ — ​ (442.1) ​ — ​ Cash collateral payable ​ (428.9) ​ (428.9) ​ (428.9) ​ — ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 ​ ​ ​ ​ ​ ​ ​ ​ Fair value hierarchy level ​ Carrying amount Fair value Level 1 Level 2 Level 3 ​ ​ (in millions) Assets (liabilities) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans ​ $ 20,142.8 ​ $ 18,505.0 ​ $ — ​ $ — ​ $ 18,505.0 ​ Policy loans ​ 809.3 ​ 846.3 ​ — ​ — ​ 846.3 ​ Other investments ​ 268.6 ​ 260.9 ​ — ​ 142.9 ​ 118.0 ​ Cash and cash equivalents ​ 936.3 ​ 936.3 ​ 913.9 ​ 22.4 ​ — ​ Reinsurance deposit receivable ​ ​ 6,078.6 ​ ​ 5,487.7 ​ ​ — ​ ​ — ​ ​ 5,487.7 ​ Cash collateral receivable ​ ​ 38.7 ​ ​ 38.7 ​ ​ 38.7 ​ ​ — ​ ​ — ​ Investment contracts ​ (33,937.9) ​ (32,166.7) ​ — ​ (7,828.1) ​ (24,338.6) ​ Short-term debt ​ (61.1) ​ (61.1) ​ — ​ (61.1) ​ — ​ Long-term debt ​ (3,930.9) ​ (3,754.5) ​ — ​ (3,754.1) ​ (0.4) ​ Separate account liabilities ​ (152,229.2) ​ (151,280.9) ​ — ​ — ​ (151,280.9) ​ Bank deposits (1) ​ (399.5) ​ (385.3) ​ — ​ (385.3) ​ — ​ Cash collateral payable ​ (176.9) ​ (176.9) ​ (176.9) ​ — ​ — ​ (1) Excludes deposit liabilities without defined or contractual maturities.

Statutory Insurance Financial_2

Statutory Insurance Financial Information (Tables)	12 Months Ended
	Dec. 31, 2024
Statutory Insurance Financial Information
Statutory Net Income (Loss) and Statutory Capital and Surplus of Principal Life (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of or for the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Statutory net income (loss) ​ $ 1,093.6 ​ $ 1,285.0 ​ $ (1,563.1) ​ Statutory capital and surplus ​ ​ 4,695.5 ​ ​ 4,753.4 ​ ​ 4,304.4 ​ ​

Segment Information (Tables)

Segment Information (Tables)	12 Months Ended
	Dec. 31, 2024
Segment Information
Reconciliation of Assets from Segment to Consolidated (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2024 December 31, 2023 ​ ​ (in millions) Retirement and Income Solutions ​ $ 222,967.0 ​ $ 213,208.3 ​ Principal Asset Management ​ ​ 43,029.4 ​ ​ 45,905.2 ​ Benefits and Protection ​ ​ 46,006.7 ​ ​ 43,763.5 ​ Corporate ​ ​ 1,660.5 ​ ​ 2,169.7 ​ Total assets per consolidated statements of financial position ​ $ 313,663.6 ​ $ 305,046.7 ​
Reconciliation of revenue from segments to consolidated revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Revenue from contracts with external customers (1) ​ $ 4,957.8 ​ $ 1,824.5 ​ $ 4,142.5 ​ $ 240.9 ​ $ 11,165.7 ​ Adjustments for revenue from contracts with external customers not included in operating revenues (2) ​ ​ (74.7) ​ ​ — ​ 25.1 ​ — ​ (49.6) ​ Net investment income included in operating revenues ​ ​ 3,040.5 ​ ​ 426.7 ​ 613.6 ​ 200.4 ​ 4,281.2 ​ Operating revenues from equity method investments ​ ​ — ​ ​ 235.4 ​ — ​ (0.4) ​ 235.0 ​ Inter-segment operating revenues ​ ​ 52.5 ​ ​ 303.8 ​ 7.8 ​ 285.5 ​ 649.6 ​ Eliminations of inter-segment operating revenues ​ ​ — ​ ​ — ​ — ​ (649.6) ​ (649.6) ​ Segment operating revenues (3) ​ $ 7,976.1 ​ $ 2,790.4 ​ $ 4,789.0 ​ $ 76.8 ​ ​ 15,632.3 ​ Net realized capital gains, net of related revenue adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 102.7 ​ Revenues from exited business (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 513.3 ​ Adjustments related to equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (74.8) ​ Market risk benefit derivative settlements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (45.8) ​ Total revenues per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 16,127.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ (in millions) Revenue from contracts with external customers (1) ​ $ 4,647.5 ​ $ 1,775.5 ​ $ 3,938.1 ​ $ 204.7 ​ $ 10,565.8 Adjustments for revenue from contracts with external customers not included in operating revenues (2) ​ ​ (80.6) ​ ​ — ​ ​ 12.7 ​ ​ — ​ ​ (67.9) Net investment income included in operating revenues ​ ​ 2,648.1 ​ ​ 492.7 ​ ​ 584.4 ​ ​ 220.8 ​ ​ 3,946.0 Operating revenues from equity method investments ​ ​ — ​ ​ 216.3 ​ ​ — ​ ​ — ​ ​ 216.3 Inter-segment operating revenues ​ 35.2 ​ 297.8 ​ 16.1 ​ 202.6 ​ 551.7 Eliminations of inter-segment operating revenues ​ — ​ — ​ — ​ (551.7) ​ (551.7) Segment operating revenues (3) ​ $ 7,250.2 ​ $ 2,782.3 ​ $ 4,551.3 ​ $ 76.4 ​ ​ 14,660.2 Net realized capital gains, net of related revenue adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 57.9 Revenues from exited business (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (927.5) Adjustments related to equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (78.9) Market risk benefit derivative settlements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (45.9) Total revenues per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 13,665.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Revenue from contracts with external customers (1) ​ $ 3,667.1 ​ $ 1,889.4 ​ $ 3,713.2 ​ $ 206.7 ​ $ 9,476.4 Adjustments for revenue from contracts with external customers not included in operating revenues (2) ​ (89.2) ​ — ​ — ​ — ​ (89.2) Net investment income included in operating revenues ​ 2,322.1 ​ 783.7 ​ 592.2 ​ 113.0 ​ 3,811.0 Operating revenues from equity method investments ​ — ​ 202.2 ​ — ​ — ​ 202.2 Inter-segment operating revenues ​ (0.8) ​ 306.0 ​ (2.6) ​ 214.2 ​ 516.8 Eliminations of inter-segment operating revenues ​ — ​ — ​ — ​ (516.8) ​ (516.8) Segment operating revenues (3) ​ $ 5,899.2 ​ $ 3,181.3 ​ $ 4,302.8 ​ $ 17.1 ​ ​ 13,400.4 Net realized capital losses, net of related revenue adjustments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (189.6) Revenues from exited business (4) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,414.8 Adjustments related to equity method investments ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (54.5) Market risk benefit derivative settlements ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (35.0) Total revenues per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 17,536.1 (1) Includes amounts reported in premiums and other considerations as well as fees and other revenues on the consolidated statement of operations. (2) Includes certain revenues associated with our exited U.S. retail fixed annuity and ULSG businesses and fees associated with net realized capital gains (losses) that are not included in segment operating revenue. (3) See Note 21, Revenues from Contracts with Customers, for additional detail relating to segment operating revenues. (4) Revenues from exited business included:
Revenues from exited business (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ (in millions) Change in fair value of funds withheld embedded derivative $ 447.4 $ (1,085.7) $ 3,652.8 Net realized capital gains on funds withheld assets ​ ​ 87.7 ​ ​ 165.0 ​ ​ 749.4 Amortization of reinsurance gain ​ ​ 3.3 ​ ​ 5.9 ​ ​ 12.6 Other impacts of reinsured business ​ ​ (25.1) ​ ​ (12.7) ​ ​ — Total revenues from exited business $ 513.3 $ (927.5) $ 4,414.8
Reconciliation of Expenses from Segments to Consolidated (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Benefits, claims and settlement expenses ​ $ 5,147.7 ​ $ 362.2 ​ $ 2,638.4 ​ $ 5.7 ​ ​ ​ Liability for future policy benefits remeasurement (gain) loss ​ (4.9) ​ 1.0 ​ 154.5 ​ — ​ ​ Market risk benefit remeasurement loss ​ 32.2 ​ — ​ — ​ — ​ ​ Dividends to policyholders ​ 0.2 ​ — ​ 99.7 ​ — ​ ​ Commission expense ​ 268.6 ​ 189.7 ​ 537.4 ​ 80.2 ​ ​ Capitalization of deferred acquisition costs and contract costs ​ (143.2) ​ (31.2) ​ (316.2) ​ — ​ ​ Amortization of deferred acquisition costs and contract costs ​ 80.4 ​ 32.6 ​ 253.0 ​ — ​ ​ Depreciation and amortization ​ 80.5 ​ 66.4 ​ 21.0 ​ 18.8 ​ ​ Interest expense on corporate debt ​ — ​ 3.3 ​ — ​ 166.9 ​ ​ Compensation and other ​ 1,458.9 ​ 1,290.8 ​ 938.0 ​ 176.4 ​ ​ Total operating expenses ​ 1,745.2 ​ 1,551.6 ​ 1,433.2 ​ 442.3 ​ ​ Total segment expenses ​ $ 6,920.4 ​ $ 1,914.8 ​ $ 4,325.8 ​ $ 448.0 ​ $ 13,609.0 Net realized capital losses expense adjustments ​ ​ ​ ​ ​ 245.0 Market risk benefit derivative settlements ​ ​ ​ ​ ​ (45.8) Expenses from exited business (1) ​ ​ ​ ​ ​ 429.9 Total expenses per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ $ 14,238.1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ (in millions) Benefits, claims and settlement expenses ​ $ 4,624.0 ​ $ 422.9 ​ $ 2,576.3 ​ $ 9.4 ​ ​ ​ Liability for future policy benefits remeasurement (gain) loss ​ (68.0) ​ 0.9 ​ 16.0 ​ — ​ ​ Market risk benefit remeasurement loss ​ 3.7 ​ — ​ — ​ — ​ ​ Dividends to policyholders ​ 0.2 ​ — ​ 89.0 ​ — ​ ​ Commission expense ​ 201.4 ​ 178.0 ​ 496.7 ​ 67.2 ​ ​ Capitalization of deferred acquisition costs and contract costs ​ (93.7) ​ (28.1) ​ (307.5) ​ — ​ ​ Amortization of deferred acquisition costs and contract costs ​ 78.6 ​ 31.8 ​ 247.6 ​ — ​ ​ Depreciation and amortization ​ 85.3 ​ 76.0 ​ 23.9 ​ 17.7 ​ ​ Interest expense on corporate debt ​ — ​ 3.7 ​ — ​ 171.6 ​ ​ Compensation and other ​ 1,367.3 ​ 1,272.8 ​ 871.7 ​ 187.7 ​ ​ Total operating expenses ​ 1,638.9 ​ 1,534.2 ​ 1,332.4 ​ 444.2 ​ ​ Total segment expenses ​ $ 6,198.8 ​ $ 1,958.0 ​ $ 4,013.7 ​ $ 453.6 ​ $ 12,624.1 Net realized capital losses expense adjustments ​ ​ ​ ​ ​ 146.5 Market risk benefit derivative settlements ​ ​ ​ ​ ​ (45.9) Expenses from exited business (1) ​ ​ ​ ​ ​ 202.3 Total expenses per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ $ 12,927.0 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ ​ Solutions ​ Management ​ Protection ​ Corporate ​ Total ​ (in millions) Benefits, claims and settlement expenses ​ $ 3,290.5 ​ $ 758.9 ​ $ 2,453.4 ​ $ 23.6 ​ ​ ​ Liability for future policy benefits remeasurement gain ​ (11.1) ​ (4.7) ​ (43.8) ​ — ​ ​ Market risk benefit remeasurement loss ​ 3.1 ​ — ​ — ​ — ​ ​ Dividends to policyholders ​ 0.2 ​ — ​ 94.6 ​ — ​ ​ Commission expense ​ 189.2 ​ 193.7 ​ 447.1 ​ 77.4 ​ ​ Capitalization of deferred acquisition costs and contract costs ​ (86.5) ​ (34.1) ​ (306.6) ​ — ​ ​ Amortization of deferred acquisition costs and contract costs ​ 77.4 ​ 29.1 ​ 236.8 ​ — ​ ​ Depreciation and amortization ​ 86.2 ​ 74.6 ​ 23.7 ​ 18.4 ​ ​ Interest expense on corporate debt ​ 0.1 ​ 7.5 ​ — ​ 165.6 ​ ​ Compensation and other ​ 1,391.0 ​ 1,245.7 ​ 827.3 ​ 139.3 ​ ​ Total operating expenses ​ 1,657.4 ​ 1,516.5 ​ 1,228.3 ​ 400.7 ​ ​ Total segment expenses ​ $ 4,940.1 ​ $ 2,270.7 ​ $ 3,732.5 ​ $ 424.3 ​ $ 11,367.6 Net realized capital losses expense adjustments ​ ​ ​ ​ ​ ​ 61.8 Market risk benefit derivative settlements ​ ​ ​ ​ ​ ​ (35.0) Expenses from exited business (1) ​ ​ ​ ​ ​ ​ 154.7 Total expenses per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ $ 11,549.1
Reconciliation Expenses from exited business (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Strategic review costs and impacts ​ $ — ​ $ — ​ $ (40.4) Amortization of reinsurance loss ​ 592.9 ​ 74.6 69.3 Other impacts of reinsured business ​ (163.0) ​ 127.7 125.8 Total expenses from exited business ​ $ 429.9 ​ $ 202.3 $ 154.7
Reconciliation of Pre-tax Operating Earnings from Segments to Consolidated (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Segment pre-tax operating earnings (losses) ​ $ 1,056.2 $ 861.2 $ 463.2 $ (375.6) $ 2,005.0 Pre-tax net realized capital losses, as adjusted (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (142.3) Pre-tax income from exited business (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 83.4 Adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (56.5) Total income before income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 1,889.6 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Segment pre-tax operating earnings (losses) $ 1,051.4 $ 817.7 $ 537.6 $ (396.8) $ 2,009.9 Pre-tax net realized capital losses, as adjusted (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (88.6) Pre-tax loss from exited business (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1,129.8) Adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (52.7) Total income before income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 738.8 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Segment pre-tax operating earnings (losses) ​ $ 959.1 ​ $ 902.7 ​ $ 570.3 ​ $ (469.4) ​ $ 1,962.7 Pre-tax net realized capital losses, as adjusted (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (251.4) Pre-tax income from exited business (2) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 4,260.1 Adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 15.6 Total income before income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 5,987.0
Pre-tax net realized capital gains (losses), as adjusted from exited business (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Net realized capital losses ​ $ (27.3) ​ $ (72.2) ​ $ (182.1) ​ Derivative and hedging-related revenue adjustments ​ ​ 46.0 ​ ​ 23.3 ​ (91.3) ​ Market value adjustments to fee revenues ​ ​ 0.1 ​ ​ 1.3 ​ 0.7 ​ Certain variable annuity fees ​ ​ 71.3 ​ ​ 73.3 ​ ​ 75.9 ​ Equity method investments ​ ​ (17.3) ​ ​ 8.8 ​ ​ (15.0) ​ Sponsored investment funds and other adjustments ​ ​ 29.9 ​ ​ 23.4 ​ ​ 22.2 ​ Net realized capital gains (losses), net of related revenue adjustments ​ ​ 102.7 ​ ​ 57.9 ​ (189.6) ​ Amortization of actuarial balances ​ ​ (1.8) ​ ​ (0.2) ​ (0.1) ​ Capital (gains) losses distributed ​ ​ (171.1) ​ ​ (78.5) ​ 136.4 ​ Derivative and hedging-related expense adjustments ​ ​ (3.5) ​ ​ 1.8 ​ ​ — ​ Market value adjustments of market risk benefits ​ ​ (43.9) ​ ​ (71.3) ​ ​ (157.2) ​ Market value adjustments of embedded derivatives ​ ​ (24.7) ​ ​ 1.7 ​ (40.9) ​ Net realized capital losses, net of related expense adjustments ​ ​ (245.0) ​ ​ (146.5) ​ ​ (61.8) ​ Pre-tax net realized capital losses, as adjusted (a) ​ $ (142.3) ​ $ (88.6) ​ $ (251.4) ​ (a) As adjusted before noncontrolling interest capital gains (losses).
Pre-tax income (loss) from exited business (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ (in millions) Change in fair value of funds withheld embedded derivative $ 447.4 $ (1,085.7) $ 3,652.8 Net realized capital gains on funds withheld assets ​ ​ 87.7 ​ ​ 165.0 ​ ​ 749.4 Strategic review costs and impacts ​ ​ — ​ ​ — ​ ​ 40.4 Amortization of reinsurance loss ​ ​ (589.6) ​ ​ (68.7) ​ ​ (56.7) Other impacts of reinsured business ​ ​ 137.9 ​ ​ (140.4) ​ ​ (125.8) Total pre-tax income (loss) from exited business $ 83.4 $ (1,129.8) $ 4,260.1
Reconciliation of Income Tax Expense from Segments to Consolidated [Table]	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2024 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ ​ (in millions) Segment income tax expense (benefit) ​ $ 129.3 ​ $ 230.8 ​ $ 89.0 ​ $ (84.6) ​ $ 364.5 ​ Tax benefit related to net realized capital losses, as adjusted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (16.1) ​ Tax expense from exited business (1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 17.6 ​ Certain adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (74.3) ​ Total income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 291.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2023 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ (in millions) Segment income tax expense (benefit) ​ $ 130.9 ​ $ 220.7 ​ $ 97.7 ​ $ (42.2) ​ $ 407.1 Tax benefit related to net realized capital losses, as adjusted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (22.0) Tax benefit from exited business (1) ​ ​ ​ ​ ​ ​ ​ (238.1) Certain adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ (78.3) Total income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ $ 68.7 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, 2022 ​ ​ Retirement ​ Principal ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ and Income ​ Asset ​ Benefits and ​ ​ ​ ​ ​ ​ ​ Solutions Management Protection Corporate Total ​ (in millions) Segment income tax expense (benefit) ​ $ 90.6 ​ $ 213.3 ​ $ 109.1 ​ $ (69.1) ​ $ 343.9 Tax benefit related to net realized capital losses, as adjusted ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (56.6) Tax expense from exited business (1) ​ ​ ​ ​ ​ ​ ​ 956.4 Certain adjustments related to equity method investments and noncontrolling interest ​ ​ ​ ​ ​ ​ ​ (54.2) Total income taxes per consolidated statements of operations ​ ​ ​ ​ ​ ​ ​ $ 1,189.5 ​ (1) Income tax expense (benefit) related to exited business included:
Income tax expense (benefit) related to exited business (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ (in millions) ​ Change in fair value of funds withheld embedded derivative $ 94.0 $ (228.0) $ 767.1 Net realized capital gains on funds withheld assets ​ ​ 18.4 ​ ​ 34.6 ​ ​ 157.4 Strategic review costs and impacts (a) ​ ​ — ​ ​ (0.9) ​ ​ 70.3 Amortization of reinsurance loss ​ ​ (123.8) ​ ​ (14.4) ​ ​ (12.0) Other impacts of reinsured business ​ ​ 29.0 ​ ​ (29.4) ​ ​ (26.4) Total income tax expense (benefit) related to exited business $ 17.6 $ (238.1) $ 956.4 (a) Includes Global Intangible Low-Taxed Income allocated to exited business.

Revenues from Contracts with _2

Revenues from Contracts with Customers (Tables)	12 Months Ended
	Dec. 31, 2024
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ (in millions) ​ Revenue from contracts with customers by segment: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retirement and Income Solutions ​ $ 667.1 ​ $ 556.3 ​ $ 551.4 ​ Principal Asset Management: ​ ​ ​ ​ ​ ​ ​ ​ Investment Management ​ ​ 1,694.5 ​ 1,627.6 ​ 1,743.4 ​ International Pension ​ ​ 371.6 ​ ​ 383.1 ​ ​ 356.8 ​ Eliminations ​ ​ (15.8) ​ ​ (21.1) ​ ​ (22.6) ​ Total Principal Asset Management ​ ​ 2,050.3 ​ ​ 1,989.6 ​ ​ 2,077.6 ​ Benefits and Protection: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Specialty Benefits ​ ​ 15.4 ​ 15.9 ​ 15.1 ​ Life Insurance ​ ​ 94.4 ​ 74.0 ​ 65.1 ​ Eliminations ​ ​ (0.1) ​ (0.1) ​ (0.1) ​ Total Benefits and Protection ​ ​ 109.7 ​ 89.8 ​ 80.1 ​ Corporate ​ ​ 226.3 ​ 179.2 ​ 166.7 ​ Total segment revenue from contracts with customers ​ ​ 3,053.4 ​ 2,814.9 ​ 2,875.8 ​ Adjustments for fees and other revenues not within the scope of revenue recognition guidance (1) ​ ​ 1,192.4 ​ 1,200.5 ​ 1,172.8 ​ Pre-tax other adjustments (2) ​ ​ 74.7 ​ 80.5 ​ 89.2 ​ Total fees and other revenues per consolidated statements of operations $ 4,320.5 $ 4,095.9 $ 4,137.8 ​ (1) Fees and other revenues not within the scope of the revenue recognition guidance primarily represent revenue on contracts accounted for under the financial instruments or insurance contracts standards. (2) Pre-tax other adjustments relate to revenues from exited business, certain variable annuity fees and market value adjustments to fee revenues.
Retirement and Income Solutions
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Administrative service fee revenue ​ $ 651.1 ​ $ 539.5 ​ $ 537.0 ​ Deposit account fee revenue ​ ​ 12.4 ​ ​ 11.3 ​ ​ 10.2 ​ Commission income ​ ​ 3.6 ​ ​ 1.9 ​ ​ 1.2 ​ Other fee revenue ​ — ​ 3.6 ​ 3.0 ​ Total revenues from contracts with customers ​ 667.1 ​ 556.3 ​ 551.4 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 1,123.3 ​ 1,118.7 ​ 1,114.0 ​ Total fees and other revenues ​ 1,790.4 ​ 1,675.0 ​ 1,665.4 ​ Premiums and other considerations ​ 3,136.9 ​ 2,935.0 ​ 1,959.7 ​ Net investment income ​ 3,048.8 ​ 2,640.2 ​ 2,274.1 ​ Total operating revenues ​ $ 7,976.1 ​ $ 7,250.2 ​ $ 5,899.2 ​
Principal Asset Management | International Pension
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ (in millions) ​ International Pension: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fee revenue ​ $ 356.6 ​ $ 363.8 ​ $ 335.0 ​ Other fee revenue ​ 15.0 ​ 19.3 ​ 21.8 ​ Total revenues from contracts with customers ​ 371.6 ​ 383.1 ​ 356.8 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 5.4 ​ 5.8 ​ 5.3 ​ Total fees and other revenues ​ 377.0 ​ 388.9 ​ 362.1 ​ Premiums and other considerations ​ 28.7 ​ 29.0 ​ 77.7 ​ Net investment income ​ 580.4 ​ 636.8 ​ 900.7 ​ Total operating revenues ​ $ 986.1 ​ $ 1,054.7 ​ $ 1,340.5 ​
Principal Asset Management | Investment Management
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Investment Management: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Management fee revenue ​ $ 1,533.8 ​ $ 1,441.0 ​ $ 1,500.0 ​ Other fee revenue ​ 160.7 ​ 186.6 ​ 243.4 ​ Total revenues from contracts with customers ​ ​ 1,694.5 ​ 1,627.6 ​ 1,743.4 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ ​ 20.9 ​ 24.4 ​ 27.4 ​ Total fees and other revenues ​ ​ 1,715.4 ​ 1,652.0 ​ 1,770.8 ​ Net investment income ​ ​ 105.3 ​ 97.6 ​ 94.0 ​ Total operating revenues ​ $ 1,820.7 ​ $ 1,749.6 ​ $ 1,864.8 ​
Benefits and Protection | Specialty Benefits
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Specialty Benefits: ​ ​ ​ ​ Administrative service fees ​ $ 15.4 ​ $ 15.9 ​ $ 15.1 ​ Total revenues from contracts with customers ​ 15.4 ​ 15.9 ​ 15.1 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 17.9 ​ 18.2 ​ 18.6 ​ Total fees and other revenues ​ 33.3 ​ 34.1 ​ 33.7 ​ Premiums and other considerations ​ 3,223.9 ​ 3,020.9 ​ 2,771.1 ​ Net investment income ​ 191.6 ​ 174.4 ​ 179.8 ​ Total operating revenues ​ $ 3,448.8 ​ $ 3,229.4 ​ $ 2,984.6 ​
Benefits and Protection | Life Insurance
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ ​ (in millions) ​ Life Insurance: ​ ​ ​ ​ Administrative service fees ​ $ 39.3 ​ $ 31.2 ​ $ 27.6 ​ Commission income ​ 55.1 ​ 42.8 ​ 37.5 ​ Total revenues from contracts with customers ​ 94.4 ​ 74.0 ​ 65.1 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ 341.5 ​ 333.3 ​ 321.5 ​ Total fees and other revenues ​ 435.9 ​ 407.3 ​ 386.6 ​ Premiums and other considerations ​ 491.6 ​ 514.9 ​ 535.9 ​ Net investment income ​ 413.5 ​ 401.5 ​ 396.3 ​ Total operating revenues ​ $ 1,341.0 ​ $ 1,323.7 ​ $ 1,318.8 ​
Corporate
Revenues from Contracts with Customers
Disaggregation of Revenues from Contracts with Customers (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ ​ 2024 2023 2022 ​ ​ ​ (in millions) ​ Commission income ​ $ 482.0 ​ $ 373.9 ​ $ 366.2 ​ Other fee revenue ​ ​ 89.1 ​ ​ 84.1 ​ ​ 79.7 ​ Eliminations ​ (344.8) ​ (278.8) ​ (279.2) ​ Total revenues from contracts with customers ​ 226.3 ​ 179.2 ​ 166.7 ​ Fees and other revenues not within the scope of revenue recognition guidance ​ (315.9) ​ (299.0) ​ (312.6) ​ Total fees and other revenues ​ (89.6) ​ (119.8) ​ (145.9) ​ Premiums and other considerations ​ ​ (5.2) ​ ​ (14.5) ​ ​ (4.2) ​ Net investment income ​ 171.6 ​ 210.7 ​ 167.2 ​ Total operating revenues ​ $ 76.8 ​ $ 76.4 ​ $ 17.1 ​

Stock-Based Compensation Plans

Stock-Based Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2024
Stock-Based Compensation Plans
Stock-Based Compensation Disclosures (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions) Compensation cost ​ $ 106.8 ​ $ 97.7 ​ $ 89.9 ​ Related income tax benefit ​ ​ 23.9 ​ 23.1 ​ 20.3 ​ Capitalized as part of an asset ​ ​ 1.1 ​ 1.1 ​ 1.3 ​
Nonqualified Stock Options Status (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ ​ ​ ​ ​ ​ average ​ ​ ​ ​ Number of options exercise price Intrinsic value ​ ​ (in millions) ​ ​ ​ ​ (in millions) Options outstanding as of January 1, 2024 2.8 ​ $ 55.39 ​ ​ ​ ​ Exercised ​ 0.7 ​ ​ 53.47 ​ ​ ​ ​ Options outstanding as of December 31, 2024 ​ 2.1 ​ $ 56.03 ​ $ 45.4 ​ Options vested or expected to vest as of December 31, 2024 ​ 2.1 ​ $ 56.03 ​ $ 45.4 ​ Options exercisable as of December 31, 2024 ​ 2.1 ​ $ 56.03 ​ $ 45.4 ​
Nonqualified Stock Options Remaining Contractual Lives and Range of Exercise Prices (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted- ​ ​ Number of options ​ average remaining Range of exercise prices outstanding contractual life ​ ​ (in millions) ​ ​ $37.38 - $52.41 ​ 0.7 ​ 4.6 ​ $52.42 - $55.89 ​ 0.4 ​ 4.2 ​ $55.90 - $60.70 ​ 0.5 ​ 6.2 ​ $60.71 - $63.38 ​ 0.1 ​ 2.2 ​ $63.39 - $63.98 ​ 0.4 ​ 3.2 ​ $37.38 - $63.98 ​ 2.1 ​ ​ ​
Nonvested Performance Share Awards Activity (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted- ​ ​ performance ​ average grant-date ​ share awards fair value ​ ​ (in millions) ​ ​ ​ Nonvested performance share awards as of January 1, 2024 0.8 ​ $ 71.66 ​ Granted ​ 0.3 ​ ​ 82.52 ​ Vested ​ 0.1 ​ ​ 58.68 ​ Canceled ​ 0.1 ​ ​ 78.51 ​ Nonvested performance share awards as of December 31, 2024 ​ 0.9 ​ $ 77.38 ​
Nonvested Restricted Stock Units Activity (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted- ​ ​ restricted ​ average grant-date ​ stock units fair value ​ ​ (in millions) ​ ​ ​ Nonvested restricted stock units as of January 1, 2024 3.0 ​ $ 71.83 ​ Granted ​ 1.1 ​ ​ 80.25 ​ Vested ​ 1.0 ​ ​ 59.32 ​ Canceled ​ 0.1 ​ ​ 78.52 ​ Nonvested restricted stock units as of December 31, 2024 ​ 3.0 ​ $ 78.92 ​

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2024
Earnings Per Common Share
Earnings Per Common Share (Table)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the year ended December 31, ​ 2024 2023 2022 ​ ​ (in millions, except per share data) Net income ​ $ 1,597.9 ​ $ 670.1 ​ $ 4,797.5 ​ Subtract: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to noncontrolling interest ​ ​ 26.9 ​ 46.9 ​ 40.6 ​ Total ​ $ 1,571.0 ​ $ 623.2 ​ $ 4,756.9 ​ Weighted-average shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 232.0 ​ 241.3 ​ 251.1 ​ Dilutive effects: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Stock options ​ ​ 0.8 ​ 0.9 ​ 1.5 ​ Restricted stock units ​ ​ 2.0 ​ 2.0 ​ 2.2 ​ Performance share awards ​ ​ 0.5 ​ 0.4 ​ 0.5 ​ Diluted ​ ​ 235.3 ​ 244.6 ​ 255.3 ​ Net income per common share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ 6.77 ​ $ 2.58 ​ $ 18.94 ​ Diluted ​ $ 6.68 ​ $ 2.55 ​ $ 18.63 ​ ​

Nature of Operations and Sign_4

Nature of Operations and Significant Accounting Policies - Cash and Cash Equivalents, Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Cash and Cash Equivalents
Maximum maturity period when purchased for investments to be included in cash and cash equivalents	3 months
Investments
Real estate held for sale	$ 219.3	$ 230.6

Nature of Operations and Sign_5

Nature of Operations and Significant Accounting Policies - Contractholder and Policyholder Liabilities (Details) - Individual Life insurance	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contractholder and Policyholder Liabilities
Participating business as a percentage of life insurance in force (as a percent)	2%	3%	3%
Participating business as a percentage of life insurance policies in force (as a percent)	15%	16%	17%
Participating business as a percentage of life insurance premiums (as a percent)	15%	16%	17%

Nature of Operations and Sign_6

Nature of Operations and Significant Accounting Policies - Other Various Policies (Details)	12 Months Ended
	Dec. 31, 2024
Long-Term Debt
Minimum maturity period at date of issuance for debt to be classified as long-term	1 year

Nature of Operations and Sign_7

Nature of Operations and Significant Accounting Policies - Re-cohorting Impacts To Comprehensive Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Increase to income before taxes
Cost of reinsurance amortization	$ (631.6)	$ (17.7)	$ (19.3)
Income (loss) before income taxes	$ 1,889.6	$ 738.8	5,987
Adjustment related to actuarial balance re-cohorting
Increase to income before taxes
Cost of reinsurance amortization			33.7
Change in additional liability for certain benefit features			167.4
Income (loss) before income taxes			201.1
Increase to pre-tax other comprehensive income
Cost of reinsurance unrealized gains (losses)			(2.1)
Change in additional liability for certain benefit features unrealized gains			7.8
Total increase to pre-tax other comprehensive income			5.7
Total increase to pre-tax comprehensive income			$ 206.8

Goodwill and Other Intangible_3

Goodwill and Other Intangible Assets - Changes in Goodwill (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in Goodwill
Beginning balance, Goodwill	$ 1,608.5	$ 1,598.2
Goodwill from acquisitions	11.3
Foreign currency, Goodwill	(70.1)	10.3
Ending balance, Goodwill	1,549.7	1,608.5
Retirement and Income Solutions
Changes in Goodwill
Beginning balance, Goodwill	675.9	675.9
Goodwill from acquisitions	11.3
Ending balance, Goodwill	687.2	675.9
Principal Asset Management
Changes in Goodwill
Beginning balance, Goodwill	903.1	892.8
Foreign currency, Goodwill	(70.1)	10.3
Ending balance, Goodwill	833	903.1
Benefits and Protection
Changes in Goodwill
Beginning balance, Goodwill	29.5	29.5
Ending balance, Goodwill	$ 29.5	$ 29.5

Goodwill and Other Intangible_4

Goodwill and Other Intangible Assets - Finite-Lived Intangible Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Finite Lived Intangible Asset Disclosures
Weighted average remaining expected life of finite lived intangible assets	15 years
Gross carrying value	$ 1,157.9	$ 1,215.1
Accumulated amortization	523.1	512.7
Net carrying value	634.8	702.4
Amortization expense for intangible assets with finite useful lives	66.1	68.6	$ 70.7
Estimated amortization expense for the next five years
Year 1: Finite lived intangible assets amortization	60.1
Year 2: Finite lived intangible assets amortization	56.1
Year 3: Finite lived intangible assets amortization	55.9
Year 4: Finite lived intangible assets amortization	40.9
Year 5: Finite lived intangible assets amortization	39.6
Other finite lived intangible assets
Finite Lived Intangible Asset Disclosures
Finite lived intangible assets fully amortized during the period	$ 18.4	$ 31.2

Goodwill and Other Intangible_5

Goodwill and Other Intangible Assets - Indefinite-Lived Intangible Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Indefinite Lived Intangible Assets
Net carrying amount of unamortized indefinite lived intangible assets	$ 755.1	$ 767.4
WM Advisors, Inc.
Indefinite Lived Intangible Assets
Net carrying amount of unamortized indefinite lived intangible assets	$ 608	$ 608

Variable Interest Entities - Co

Variable Interest Entities - Consolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 313,663.6	$ 305,046.7
Total liabilities	302,194.6	293,836.1
Redeemable noncontrolling interest	337.7	248.9	$ 262	$ 332.5
Aggregate consolidated variable interest entities
Carrying amounts of consolidated VIE assets and liabilities
Total assets	35,834.9	37,511.3
Total liabilities	33,051.8	34,778.5
Redeemable noncontrolling interest	309.9	226.4
Mandatory retirement savings funds
Carrying amounts of consolidated VIE assets and liabilities
Total assets	33,130.4	35,034.4
Total liabilities	32,802.2	34,688.3
Real estate VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	814.3	829.1
Total liabilities	69.4	63
Sponsored investment funds
Carrying amounts of consolidated VIE assets and liabilities
Total assets	833.7	523.8
Total liabilities	160.3	6.3
Redeemable noncontrolling interest	309.9	226.4
Residential mortgage loans VIE
Carrying amounts of consolidated VIE assets and liabilities
Total assets	806.5	874.7
Total liabilities	19.9	20.9
Asset-backed limited partnership
Carrying amounts of consolidated VIE assets and liabilities
Total assets	$ 250	$ 249.3

Variable Interest Entities - Un

Variable Interest Entities - Unconsolidated VIEs (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	$ 313,663.6	$ 305,046.7
Money Market Funds
Total assets of unconsolidated money market mutual funds	4,500	3,800
Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Carrying value used if distributions received are in excess of investment	0
Corporate debt securities | Available-for-sale | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	308.2	364.9
Maximum exposure to loss	359.7	369.8
Residential mortgage-backed pass-through securities | Available-for-sale | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	3,674.2	3,061.1
Maximum exposure to loss	3,881.3	3,199.7
Residential mortgage-backed pass-through securities | Trading | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	9	10.4
Maximum exposure to loss	9	10.4
Commercial mortgage-backed securities | Available-for-sale | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	5,188	4,775.5
Maximum exposure to loss	5,634.3	5,428.6
Commercial mortgage-backed securities | Trading | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	44.2	53.1
Maximum exposure to loss	44.2	53.1
Collateralized debt obligations | Available-for-sale | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	6,560.4	5,403.7
Maximum exposure to loss	6,518.7	5,465.4
Collateralized debt obligations | Trading | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	135.3	2
Maximum exposure to loss	135.3	2
Other debt obligations | Available-for-sale | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	8,904	7,902.2
Maximum exposure to loss	10,580.8	9,002.9
Other debt obligations | Trading | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	210	228.4
Maximum exposure to loss	210	228.4
Equity securities | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	85.1	110.4
Maximum exposure to loss	85.1	110.4
Other investments: Other limited partnership and fund interests | Variable Interest Entity
Unconsolidated Variable Interest Entity disclosures
Asset carrying value	2,766.4	2,091.7
Maximum exposure to loss	4,804.6	3,785.9
Fully secured debt of international real estate funds with recourse to the investment manager, included in maximum loss exposure	$ 236.1	$ 251.9

Investments - Fixed Maturities

Investments - Fixed Maturities (Details) - USD ($) $ in Millions		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Available-for-sale securities
Amortized cost, fixed maturities		$ 74,048.4	$ 70,781.4
Gross unrealized gains, fixed maturities		700.3	773.6
Gross unrealized losses, fixed maturities		6,479	5,877.2
Allowance, fixed maturities		18.7	4.7	$ 7.8	$ 15.5
Fair value, fixed maturities	[1]	68,251	65,673.1
Amortized cost, excluding portfolio layer method basis adjustment		74,104.1
Gross unrealized gains, excluding portfolio layer method basis adjustment		644.6
Gross unrealized losses, excluding portfolio layer method basis adjustment		6,479
Allowance, excluding portfolio layer method basis adjustment		18.7
Fair value, excluding portfolio layer method basis adjustment		68,251
Amortized cost, unallocated portfolio layer method basis adjustment		(55.7)
Gross unrealized gains, unallocated portfolio layer method basis adjustment		55.7
Accrued interest receivable		647.3	619.2
U.S. government and agencies
Available-for-sale securities
Amortized cost, fixed maturities		1,937.4	1,745.3
Gross unrealized gains, fixed maturities		0.2	19.3
Gross unrealized losses, fixed maturities		299.7	235.8
Fair value, fixed maturities		1,637.9	1,528.8
Non-U.S. governments
Available-for-sale securities
Amortized cost, fixed maturities		567.3	550.3
Gross unrealized gains, fixed maturities		12.9	17.3
Gross unrealized losses, fixed maturities		84.5	59.7
Fair value, fixed maturities		495.7	507.9
States and political subdivisions
Available-for-sale securities
Amortized cost, fixed maturities		7,207.8	7,566.4
Gross unrealized gains, fixed maturities		10.4	44.3
Gross unrealized losses, fixed maturities		1,141.7	933.9
Fair value, fixed maturities		6,076.5	6,676.8
Corporate debt securities
Available-for-sale securities
Amortized cost, fixed maturities		38,911.1	38,431.3
Gross unrealized gains, fixed maturities		509.9	578.5
Gross unrealized losses, fixed maturities		3,699.9	3,195.2
Allowance, fixed maturities		18.5	4.6	7.7	15.1
Fair value, fixed maturities		35,702.6	35,810
Residential mortgage-backed pass-through securities
Available-for-sale securities
Amortized cost, fixed maturities		3,881.3	3,199.7
Gross unrealized gains, fixed maturities		8.7	26
Gross unrealized losses, fixed maturities		215.8	164.6
Fair value, fixed maturities		3,674.2	3,061.1
Commercial mortgage-backed securities
Available-for-sale securities
Amortized cost, fixed maturities		5,634.3	5,428.6
Gross unrealized gains, fixed maturities		4.6	1.2
Gross unrealized losses, fixed maturities		450.9	654.3
Allowance, fixed maturities					0.3
Fair value, fixed maturities		5,188	4,775.5
Collateralized debt obligations
Available-for-sale securities
Amortized cost, fixed maturities		6,518.7	5,386
Gross unrealized gains, fixed maturities		48	44.9
Gross unrealized losses, fixed maturities		6.3	27.2
Fair value, fixed maturities		6,560.4	5,403.7
Other debt obligations
Available-for-sale securities
Amortized cost, fixed maturities		9,446.2	8,473.8
Gross unrealized gains, fixed maturities		49.9	42.1
Gross unrealized losses, fixed maturities		580.2	606.5
Allowance, fixed maturities		0.2	0.1	$ 0.1	$ 0.1
Fair value, fixed maturities		$ 8,915.7	$ 7,909.3
[1] See Note 4, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Investments - Amortization by E

Investments - Amortization by Expected Maturity (Details) - USD ($) $ in Millions		Dec. 31, 2024	Dec. 31, 2023
Amortized cost of fixed maturities available-for-sale
Due in one year or less		$ 1,383.9
Due after one year through five years		8,931.7
Due after five years through ten years		10,158.1
Due after ten years		28,149.9
Subtotal		48,623.6
Mortgage-backed and other asset-backed securities		25,480.5
Amortized cost, fixed maturities		74,048.4	$ 70,781.4
Amortized cost, excluding portfolio layer method basis adjustment		74,104.1
Fair value of fixed maturities available-for-sale
Due in one year or less		1,386.9
Due after one year through five years		8,760.2
Due after five years through ten years		9,748.2
Due after ten years		24,017.4
Subtotal		43,912.7
Mortgage-backed and other asset-backed securities		24,338.3
Fair value, fixed maturities	[1]	$ 68,251	$ 65,673.1
[1] See Note 4, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Investments - Net Investment In

Investments - Net Investment Income (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Major categories of net investment income
Gross investment income (loss)	$ 4,720.4	$ 4,330	$ 3,978.3
Investment expenses	(271.2)	(238.1)	(139.8)
Net investment income (loss)	4,449.2	4,091.9	3,838.5
Fixed maturities | Available-for-sale
Major categories of net investment income
Gross investment income (loss)	2,728.5	2,508.9	2,100.3
Fixed maturities | Trading
Major categories of net investment income
Gross investment income (loss)	49.1	43.3	36.8
Equity securities
Major categories of net investment income
Gross investment income (loss)	68.2	66.3	8.9
Mortgage loans
Major categories of net investment income
Gross investment income (loss)	802.4	761.7	771.7
Real estate
Major categories of net investment income
Gross investment income (loss)	175.1	177.2	277.7
Policy loans
Major categories of net investment income
Gross investment income (loss)	44.1	41.3	36.5
Cash and cash equivalents
Major categories of net investment income
Gross investment income (loss)	267.1	196.6	57.4
Derivatives
Major categories of net investment income
Gross investment income (loss)	94.3	38.6	171.3
Other investment types
Major categories of net investment income
Gross investment income (loss)	$ 491.6	$ 496.1	$ 517.7

Investments - Net Realized Capi

Investments - Net Realized Capital Gains and Losses (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Major components of net realized capital gains (losses) on investments
Fixed maturities, available-for-sale: Gross gains		$ 13.1	$ 51.4	$ 41.5
Fixed maturities, available-for-sale: Gross losses		(61)	(141.7)	(191.5)
Fixed maturities, available-for-sale: Net credit recoveries (losses)		(21.7)	(26.2)	(8.9)
Fixed maturities, available-for-sale: Hedging, net		(11.5)	2.2	(0.7)
Fixed maturities, trading		1.6	(8.6)	(13.4)
Equity securities		128.4	64	(171.9)
Mortgage loans gains (losses)		(101.3)	(134.5)	(74.6)
Derivative net realized capital gains (losses)		14.9	(34.1)	237
Other gains (losses)		10.2	155.3	0.4
Net realized capital gains (losses)	[1]	(27.3)	(72.2)	(182.1)
Unrealized gains (losses) on fixed maturities, trading		0.7	(9.6)	(3.2)
Unrealized gains (losses) on fixed maturities, trading, reported in net realized capital gains (losses) on funds withheld assets		2	6.8	(1.4)
Unrealized gains (losses) on fixed maturities, trading still held at reported in market risk benefit remeasurement (gain) loss		1.7	2.9	(16.6)
Unrealized gains (losses) on equity securities		106.9	73.4	(117.1)
Unrealized gains (losses) on equity securities reported in net investment income		37.9	34.7	(0.7)
Unrealized gains (losses) on equity securities reported in net realized capital gains (losses) on funds withheld assets		0	1.7	(1.7)
Proceeds from sales of investments
Proceeds from sales of investments in fixed maturities, available-for-sale		$ 3,346.4	$ 5,392.7	$ 13,647
[1] Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Investments - Allowance for Cre

Investments - Allowance for Credit Loss (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Rollforward of the allowance for credit loss by major security type
Beginning balance	$ 4.7	$ 7.8	$ 15.5
Additions for credit losses not previously recorded	16.2	8.2	5.8
Reductions for securities sold during the period	(0.3)		(8.7)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		(7.5)	(4.2)
Write-offs charged against allowance	(1.6)	(3.8)	(0.3)
Foreign currency translation adjustment	(0.3)		(0.3)
Ending balance	18.7	4.7	7.8
Accrued interest written off to net investment income	1	0.1
Corporate debt securities
Rollforward of the allowance for credit loss by major security type
Beginning balance	4.6	7.7	15.1
Additions for credit losses not previously recorded	16.1	8.2	5.8
Reductions for securities sold during the period	(0.3)		(8.7)
Additional increases (decreases) for credit losses on securities with an allowance recorded in the previous period		(7.5)	(4.2)
Write-offs charged against allowance	(1.6)	(3.8)
Foreign currency translation adjustment	(0.3)		(0.3)
Ending balance	18.5	4.6	7.7
Accrued interest written off to net investment income	1	0.1
Commercial mortgage-backed securities
Rollforward of the allowance for credit loss by major security type
Beginning balance			0.3
Write-offs charged against allowance			(0.3)
Other debt obligations
Rollforward of the allowance for credit loss by major security type
Beginning balance	0.1	0.1	0.1
Additions for credit losses not previously recorded	0.1
Ending balance	$ 0.2	$ 0.1	$ 0.1

Investments - Gross Unrealized

Investments - Gross Unrealized Losses for Fixed Maturities (Details) $ in Millions	Dec. 31, 2024 USD ($) security	Dec. 31, 2023 USD ($) security
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	$ 11,600.7	$ 6,667.6
Fixed maturities, Less than twelve months, Gross unrealized losses	273.4	180
Fixed maturities, Greater than or equal to twelve months, Fair value	34,766.6	41,511
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	6,201.8	5,692.9
Fixed maturities, Total, Fair value	46,367.3	48,178.6
Fixed maturities, Total, Gross unrealized losses	6,475.2	5,872.9
U.S. government and agencies
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	909.1	316.4
Fixed maturities, Less than twelve months, Gross unrealized losses	17.4	3.1
Fixed maturities, Greater than or equal to twelve months, Fair value	810.6	997.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	283.1	232.6
Fixed maturities, Total, Fair value	1,719.7	1,313.5
Fixed maturities, Total, Gross unrealized losses	300.5	235.7
Non-U.S. governments
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	32.9	41.9
Fixed maturities, Less than twelve months, Gross unrealized losses	1.3	1.7
Fixed maturities, Greater than or equal to twelve months, Fair value	308.8	331.3
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	83.2	57.9
Fixed maturities, Total, Fair value	341.7	373.2
Fixed maturities, Total, Gross unrealized losses	84.5	59.6
States and political subdivisions
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	743.2	596.6
Fixed maturities, Less than twelve months, Gross unrealized losses	26	19
Fixed maturities, Greater than or equal to twelve months, Fair value	4,745.7	5,075.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	1,115.8	914.8
Fixed maturities, Total, Fair value	5,488.9	5,671.7
Fixed maturities, Total, Gross unrealized losses	1,141.8	933.8
Corporate debt securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	4,970.7	3,210.1
Fixed maturities, Less than twelve months, Gross unrealized losses	164.2	126.9
Fixed maturities, Greater than or equal to twelve months, Fair value	20,099.1	22,929.1
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	3,532.3	3,064.4
Fixed maturities, Total, Fair value	25,069.8	26,139.2
Fixed maturities, Total, Gross unrealized losses	3,696.5	3,191.3
Residential mortgage-backed pass-through securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	1,938.4	633
Fixed maturities, Less than twelve months, Gross unrealized losses	33.2	4.9
Fixed maturities, Greater than or equal to twelve months, Fair value	1,214	1,275.6
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	182.6	159.7
Fixed maturities, Total, Fair value	3,152.4	1,908.6
Fixed maturities, Total, Gross unrealized losses	215.8	164.6
Commercial mortgage-backed securities
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	691.7	280.3
Fixed maturities, Less than twelve months, Gross unrealized losses	8.2	4.1
Fixed maturities, Greater than or equal to twelve months, Fair value	3,860.1	4,192.4
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	442.6	650.1
Fixed maturities, Total, Fair value	4,551.8	4,472.7
Fixed maturities, Total, Gross unrealized losses	450.8	654.2
Collateralized debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	582.2	405.6
Fixed maturities, Less than twelve months, Gross unrealized losses	1.3	1.8
Fixed maturities, Greater than or equal to twelve months, Fair value	29.8	2,301.6
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	5	25.4
Fixed maturities, Total, Fair value	612	2,707.2
Fixed maturities, Total, Gross unrealized losses	6.3	27.2
Other debt obligations
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	1,732.5	1,183.7
Fixed maturities, Less than twelve months, Gross unrealized losses	21.8	18.5
Fixed maturities, Greater than or equal to twelve months, Fair value	3,698.5	4,408.8
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	557.2	588
Fixed maturities, Total, Fair value	5,431	5,592.5
Fixed maturities, Total, Gross unrealized losses	579	606.5
Principal Life Insurance Company
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Less than twelve months, Fair value	10,805.4	5,836
Fixed maturities, Less than twelve months, Gross unrealized losses	252.3	140.5
Fixed maturities, Greater than or equal to twelve months, Fair value	34,145.3	40,717.9
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	6,121.5	5,576.6
Fixed maturities, Total, Fair value	44,950.7	46,553.9
Fixed maturities, Total, Gross unrealized losses	$ 6,373.8	$ 5,717.1
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)	97%	94%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Average Price (percent of carrying value to amortized cost)	88%	89%
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Less Than Twelve Months | security	1,747	983
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Less Than Twelve Months (percent of carrying value to amortized cost)	98%	98%
Available-for-sale Securities in Unrealized Loss Positions, Percent Investment Grade, Less Than Twelve Months (as a percent)	96%	91%
Available-for-sale Securities in Unrealized Loss Position, Aggregate Losses On Investment Grade Investments, Less Than Twelve Months	$ 245.4	$ 131.2
Available-for-sale Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions, Twelve Months or Longer | security	6,219	7,042
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	85%	88%
Principal Life Insurance Company | States and political subdivisions
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	$ 1,108	$ 906.9
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	81%	85%
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	$ 3,470	$ 2,968.9
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	85%	88%
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	$ 441.5	$ 645.6
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)	90%	87%
Principal Life Insurance Company | Collateralized mortgage obligation security
Gross Unrealized Losses for Fixed Maturities
Fixed maturities, Greater than or equal to twelve months, Gross unrealized losses	$ 490.8	$ 472.9
Available-for-sale Securities, Continuous Unrealized Loss Position, Qualitative Disclosure
Available-for-sale Securities in Unrealized Loss Positions, Average Price, Twelve Months or Longer (percent of carrying value to amortized cost)	83%	85%

Investments - Net Unrealized Ga

Investments - Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Net Unrealized Gains and Losses on Available-for-Sale Securities and Derivative Instruments
Net unrealized losses on fixed maturities, available-for-sale	$ (5,942.5)	$ (5,143)
Net unrealized gains (losses) on derivative instruments	66.1	(1.6)
Adjustments for assumed changes in amortization patterns	5.1	(5.2)
Adjustments for assumed changes in policyholder liabilities	12.2	1.4
Net unrealized gains (losses) on other investments and noncontrolling interest adjustments	(52.5)	43.1
Provision for deferred income tax benefits	1,270.5	1,088.4
Net unrealized losses on available-for-sale securities and derivative instruments	$ (4,641.1)	$ (4,016.9)

Investments - Mortgage Loan Cre

Investments - Mortgage Loan Credit Monitoring (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Vintage year, Direct financing leases
2024	$ 48.3
2023	1.8	$ 46.1
2022	126.3	145.5
2021	43.7	48.8
2020	90	111.6
2019		12.9
Prior		285.2
Prior	252.9
Direct financing leases, Total amortized cost	563	650.1
Reinsurance recoverable and deposit receivable	19,493.4	20,614.9
Accrued interest receivable on direct financing leases	1.2	1.2
Mortgage and other loans
Accrued interest receivable	647.3	619.2
A- and above
Vintage year, Direct financing leases
2024	1
2023		1.1
2022	38.5	122
2021	11	12.4
2020	33.8	56.7
2019		1.3
Prior		207.3
Prior	177.4
Direct financing leases, Total amortized cost	261.7	400.8
BBB+ thru BBB-
Vintage year, Direct financing leases
2024	4.9
2023	1.8	2.8
2022	87.3	23.5
2021	19	20.8
2020	52.8	46.9
2019		11.6
Prior		76.3
Prior	67
Direct financing leases, Total amortized cost	232.8	181.9
BB+ thru BB-
Vintage year, Direct financing leases
2024	38.8
2023		42.2
2022	0.5
2021	6.8	15.6
2020	3.4	8
Prior		1.6
Prior	8.5
Direct financing leases, Total amortized cost	58	67.4
B+ and below
Vintage year, Direct financing leases
2024	3.6
2021	6.9
Direct financing leases, Total amortized cost	10.5
Commercial mortgage loans
Vintage year, Mortgage loans
2024	1,607.8
2023	1,330.1	1,057.7
2022	1,620.2	1,775.3
2021	2,418.3	2,755.5
2020	1,686.6	1,802
2019		2,410.3
Prior	8,409.7	6,781
Mortgage loans, Total amortized cost	17,072.7	16,581.8
Mortgage and other loans
Accrued interest receivable	69.2	58.3
Commercial mortgage loans | A- and above
Vintage year, Mortgage loans
2024	1,182.1
2023	793.1	664.8
2022	1,234.3	1,277.1
2021	2,101.3	2,364
2020	1,463.4	1,587.3
2019		1,954.4
Prior	6,594	5,576.6
Mortgage loans, Total amortized cost	13,368.2	13,424.2
Commercial mortgage loans | BBB+ thru BBB-
Vintage year, Mortgage loans
2024	210
2023	393.6	282.4
2022	231.6	356
2021	269.1	374.8
2020	180.6	212
2019		337.3
Prior	1,217.5	911.7
Mortgage loans, Total amortized cost	2,502.4	2,474.2
Commercial mortgage loans | BB+ thru BB-
Vintage year, Mortgage loans
2024	215.7
2023	143.4	110.5
2022	154.3	142.2
2021	47.9	16.7
2020	40.1	2.7
2019		35.2
Prior	271.7	234.2
Mortgage loans, Total amortized cost	873.1	541.5
Commercial mortgage loans | B+ and below
Vintage year, Mortgage loans
2020	2.5
2019		83.4
Prior	326.5	58.5
Mortgage loans, Total amortized cost	329	141.9
Residential mortgage loans
Vintage year, Mortgage loans
2023		503.4
2022		1,068.3
2021		1,346.7
2020		229.7
2019		122.8
Prior		425.6
2024 mortgage loans excluding portfolio layer method basis adjustments	350.9
2023 mortgage loans excluding portfolio layer method basis adjustments	417
2022 mortgage loans excluding portfolio layer method basis adjustments	976.4
2021 mortgage loans excluding portfolio layer method basis adjustments	1,239.7
2020 mortgage loans excluding portfolio layer method basis adjustments	198.5
Prior mortgage loans excluding portfolio layer method basis adjustments	433.3
Total mortgage loans excluding portfolio layer method basis adjustments	3,615.8
Unallocated portfolio layer method basis adjustment	(8.4)
Mortgage loans, Total amortized cost	3,607.4	3,696.5
Mortgage and other loans
Accrued interest receivable	12	11.4
Residential mortgage loans | Performing
Vintage year, Mortgage loans
2024	350.4
2023	411.5	502.3
2022	970.3	1,064.3
2021	1,234.9	1,341.8
2020	196	228.4
2019		120.8
Prior	427.6	421
Mortgage loans, Total amortized cost	3,590.7	3,678.6
Residential mortgage loans | Non-performing
Vintage year, Mortgage loans
2024	0.5
2023	5.5	1.1
2022	6.1	4
2021	4.8	4.9
2020	2.5	1.3
2019		2
Prior	5.7	4.6
Mortgage loans, Total amortized cost	$ 25.1	17.9
Mortgage and other loans
Mortgage loans, delinquent to be considered non-performing (in days)	90 days
Other loans
Vintage year, Mortgage loans
2024	$ 84.3
2023	61.9	168.5
Prior	0.1	0.1
Mortgage loans, Total amortized cost	146.3	168.6
Mortgage and other loans
Accrued interest receivable	1.3	1.6
Other loans | Performing
Vintage year, Mortgage loans
2024	84.2
2023	61.9	168.5
Mortgage loans, Total amortized cost	146.1	168.5
Other loans | Non-performing
Vintage year, Mortgage loans
2024	0.1
Prior	0.1	0.1
Mortgage loans, Total amortized cost	$ 0.2	$ 0.1

Investments - Financing Receiva

Investments - Financing Receivable, Non-Accrual and Aging (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	$ 86.1	$ 68.6	$ 67.8
Financing receivables, Non-accrual assets without a valuation allowance		0.5
Financing receivables, Nonaccrual, Interest Income	0.9	1.2	0.9
Direct financing leases, Total amortized cost	563	650.1
Mortgage loans and direct financing leases, Total amortized cost	21,397.8	21,097
Mortgage loans and direct financing leases, Recorded investment 90 days or more past due and accruing	10.9	8.3
Reinsurance recoverable and deposit receivable	19,493.4	20,614.9
30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost	3.6
Mortgage loans and direct financing leases, Total amortized cost	130.4	54.8
60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost		4.1
Mortgage loans and direct financing leases, Total amortized cost	18.9	21
90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans and direct financing leases, Total amortized cost	51.4	29.6
Past Due
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost	3.6	4.1
Mortgage loans and direct financing leases, Total amortized cost	200.7	105.4
Reinsurance recoverable and deposit receivable	0	0
Current
Financing receivables, non-accrual and aging disclosures
Direct financing leases, Total amortized cost	559.4	646
Mortgage loans and direct financing leases, Total amortized cost	21,197.1	20,991.6
Commercial mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	70.5	58.4	50
Financing receivables, Nonaccrual, Interest Income	0.8	1.2	0.9
Mortgage loans, Total amortized cost	17,072.7	16,581.8
Commercial mortgage loans | 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	70.3	7.8
Commercial mortgage loans | 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	2.2	0.8
Commercial mortgage loans | 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	26.3	12.5
Commercial mortgage loans | Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	98.8	21.1
Commercial mortgage loans | Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	16,973.9	16,560.7
Residential mortgage loans
Financing receivables, non-accrual and aging disclosures
Financing receivables, Non-accrual status	15.6	10.2	$ 17.8
Financing receivables, Non-accrual assets without a valuation allowance		0.5
Financing receivables, Nonaccrual, Interest Income	0.1
Mortgage loans, Total amortized cost	3,607.4	3,696.5
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	3,615.8
Mortgage loans, Recorded investment 90 days or more past due and accruing	9.5	7.7
Residential mortgage loans | 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost		46
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	54.4
Residential mortgage loans | 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost		15.6
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	14.9
Residential mortgage loans | 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost		16.4
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	23.5
Residential mortgage loans | Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost		78
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	92.8
Residential mortgage loans | Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost		3,618.5
Mortgage loans, Total amortized cost, Excludes unallocated basis adjustments	3,523
Other loans
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	146.3	168.6
Mortgage loans, Recorded investment 90 days or more past due and accruing	1.4	0.6
Other loans | 30 to 59 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	2.1	1
Other loans | 60 to 89 Days Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	1.8	0.5
Other loans | 90 Days or More Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	1.6	0.7
Other loans | Past Due
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	5.5	2.2
Other loans | Current
Financing receivables, non-accrual and aging disclosures
Mortgage loans, Total amortized cost	$ 140.8	$ 166.4

Investments - Mortgage Loan Val

Investments - Mortgage Loan Valuation Allowance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Direct financing leases, Changes in financing receivable valuation allowance
Beginning balance, Direct financing lease valuation allowance	$ 0.9	$ 0.6	$ 0.4
Provision: Direct financing lease valuation allowance	2.4	0.3	0.2
Foreign currency translation adjustment: Direct financing lease valuation allowance	(0.3)
Ending balance, Direct financing lease valuation allowance	3	0.9	0.6
Total, Changes in financing receivable valuation allowance
Beginning balance valuation allowance	139.6	86.8	49
Provision	114	51.9	35.7
Charge-offs	(51.6)	(0.4)	(0.2)
Recoveries	0.9	1.4	2.3
Foreign currency translation adjustment	(0.7)	(0.1)
Ending balance valuation allowance	202.2	139.6	86.8
Allowance recorded	202.2	139.6	86.8
Commercial mortgage loans
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	128.8	77.9	43.9
Provision: Financing receivable valuation allowance	111.5	51	34
Charge-offs: Financing receivable valuation allowance	(51.4)
Foreign currency translation adjustment: Financing receivable valuation allowance	(0.3)	(0.1)
Ending balance, Financing receivable valuation allowance	$ 188.6	128.8	77.9
Total, Changes in financing receivable valuation allowance
Mortgage loans, Days delinquent to be analyzed for valuation allowance	60 days
Residential mortgage loans
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	$ 6.7	5.6	2
Provision: Financing receivable valuation allowance		0.1	1.5
Charge-offs: Financing receivable valuation allowance	(0.2)	(0.4)	(0.2)
Recoveries: Financing receivable valuation allowance	0.9	1.4	2.3
Foreign currency translation adjustment: Financing receivable valuation allowance	(0.1)
Ending balance, Financing receivable valuation allowance	$ 7.3	6.7	5.6
Total, Changes in financing receivable valuation allowance
Mortgage loans, Days delinquent to be analyzed for valuation allowance	60 days
Reinsurance recoverables
Mortgage loans and reinsurance recoverables, Changes in financing receivable valuation allowance
Beginning balance, Financing receivable valuation allowance	$ 3.2	2.7	2.7
Provision: Financing receivable valuation allowance	0.1	0.5
Ending balance, Financing receivable valuation allowance	3.3	3.2	2.7
Other loans
Total, Changes in financing receivable valuation allowance
Beginning balance valuation allowance	0	0
Ending balance valuation allowance	0	0	0
Allowance recorded	$ 0	$ 0	$ 0

Investments - Mortgage Loans (D

Investments - Mortgage Loans (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commercial mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	$ 126.7	$ 109.2	$ 325.4
Mortgage loans, sold	148.1	12.1	15.6
Mortgage loans, Total amortized cost	$ 17,072.7	$ 16,581.8
Percent of mortgage loans (as a percent)	100%	100%
Commercial mortgage loans | Office
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 3,182.9	$ 3,643
Percent of mortgage loans (as a percent)	18.50%	21.90%
Commercial mortgage loans | Retail
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,476.9	$ 1,454.7
Percent of mortgage loans (as a percent)	8.70%	8.80%
Commercial mortgage loans | Industrial
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,364.5	$ 3,515.7
Percent of mortgage loans (as a percent)	25.60%	21.20%
Commercial mortgage loans | Apartments
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 7,220.4	$ 7,128.2
Percent of mortgage loans (as a percent)	42.30%	43%
Commercial mortgage loans | Hotel
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 65	$ 68.6
Percent of mortgage loans (as a percent)	0.40%	0.40%
Commercial mortgage loans | Mixed use/other
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 763	$ 771.6
Percent of mortgage loans (as a percent)	4.50%	4.70%
Commercial mortgage loans | New England
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 347.2	$ 366.5
Percent of mortgage loans (as a percent)	2%	2.20%
Commercial mortgage loans | Middle Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,714.9	$ 4,512.6
Percent of mortgage loans (as a percent)	27.70%	27.10%
Commercial mortgage loans | East North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 591	$ 583.3
Percent of mortgage loans (as a percent)	3.50%	3.50%
Commercial mortgage loans | West North Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 394	$ 336
Percent of mortgage loans (as a percent)	2.30%	2%
Commercial mortgage loans | South Atlantic
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 2,987.7	$ 2,761.9
Percent of mortgage loans (as a percent)	17.50%	16.70%
Commercial mortgage loans | East South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 417.7	$ 429.4
Percent of mortgage loans (as a percent)	2.40%	2.60%
Commercial mortgage loans | West South Central
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 1,310.5	$ 1,268.6
Percent of mortgage loans (as a percent)	7.70%	7.70%
Commercial mortgage loans | Mountain
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 979.5	$ 824.2
Percent of mortgage loans (as a percent)	5.70%	5%
Commercial mortgage loans | Pacific
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 4,851.9	$ 4,974.4
Percent of mortgage loans (as a percent)	28.40%	30%
Commercial mortgage loans | International
Mortgage loan disclosures
Mortgage loans, Total amortized cost	$ 478.3	$ 524.9
Percent of mortgage loans (as a percent)	2.80%	3.20%
Residential mortgage loans
Mortgage loan disclosures
Mortgage loans, purchased	$ 382.6	$ 554.7	1,846
Mortgage loans, sold	29.1	115.9	$ 535.7
Mortgage loans, Total amortized cost	$ 3,607.4	$ 3,696.5

Investments - Mortgage Loan Mod

Investments - Mortgage Loan Modifications (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) contract
Mortgage Loan Modifications
Number of contracts | contract	1
Recorded investment | $	$ 35.5
Commercial mortgage loans
Mortgage Loan Modifications
Number of contracts | contract	1
Recorded investment | $	$ 35.5

Investments - Real Estate (Deta

Investments - Real Estate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Real estate
Depreciation expense on invested real estate	$ 69.5	$ 69.9	$ 66.1
Accumulated depreciation on invested real estate	$ 925.2	$ 749.6

Investments - Other Investments

Investments - Other Investments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Summarized financial information of unconsolidated entities
Total assets	$ 313,663.6	$ 305,046.7
Total liabilities	302,194.6	293,836.1
Total stockholders' equity	11,131.3	10,961.7	$ 10,017.8	$ 12,140.5
Total revenues	16,127.7	13,665.8	17,536.1
Net income (loss)	1,597.9	670.1	4,797.5
Other Types of Investments
Cash surrender value of company owned life insurance	1,273.5	1,186.3
Certain sponsored investment funds carried at fair value	667.7	576.9
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Summarized financial information of unconsolidated entities
Total assets	222,907.6	215,978.7
Total liabilities	87,104.7	100,865.3
Total stockholders' equity	135,802.9	115,113.4
Total revenues	22,609.3	12,449.3	44,974.8
Net income (loss)	9,765.6	(2,674.2)	34,322.7
Our share of net income of unconsolidated entities	305.1	314.9	$ 302.2
Net Investment in unconsolidated entities
Summarized financial information of unconsolidated entities
Net investment in unconsolidated entities	$ 3,965.7	$ 3,488.7

Investments - Securities Posted

Investments - Securities Posted as Collateral (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Securities Posted as Collateral
Mortgage loans	$ 20,484.2	$ 20,142.8
Pledged as collateral
Securities Posted as Collateral
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	3,636.7	4,139.7
Pledged as collateral | Funding agreements with Federal Home Loan Bank
Securities Posted as Collateral
Mortgage loans	6,748.8	6,616.8
Pledged as collateral with right to be sold or repledged
Securities Posted as Collateral
Securities posted as collateral eligible to be sold or repledged	$ 206	$ 519.9

Investments - Balance Sheet Off

Investments - Balance Sheet Offsetting, Assets (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	$ 768.6	$ 449.1
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(254.8)	(178.5)
Collateral received, financial assets	(512.5)	(261.8)
Net amount of assets subject to netting agreements	1.3	8.8
Derivative assets
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	648.2	304
Amount of liabilities that offset the gross amount of assets subject to netting agreements not offset in statement of financial position	(254.8)	(178.5)
Collateral received, financial assets	(392.1)	(116.7)
Net amount of assets subject to netting agreements	1.3	8.8
Reverse repurchase agreements
Financial Asset Offsetting
Gross amount of recognized assets subject to netting agreements	120.4	145.1
Collateral received, financial assets	$ (120.4)	$ (145.1)

Investments - Balance Sheet O_2

Investments - Balance Sheet Offsetting, Liabilities (Details) - Derivative liabilities - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Financial Liability Offsetting
Gross amount of recognized liabilities subject to netting agreements	$ 506	$ 494
Amount of assets that offset the gross amount of liabilities subject to netting agreements not offset in statement of financial position	(254.8)	(178.5)
Collateral pledged, financial liabilities	(239.4)	(301.1)
Net amount of liabilities subject to netting agreements	$ 11.8	$ 14.4

Derivative Financial Instrume_3

Derivative Financial Instruments - Notional Amounts and Credit Exposure (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Derivative Financial Instruments, exposure
Cash and securities posted under collateral arrangements associated with derivative credit support agreements and Futures Commission Merchant agreements	$ 533.7	$ 544.2
Aggregate fair value of all derivative instruments with credit-risk-related contingent features that were in a liability position	472.3	482.3
Collateral and initial margin posted supporting derivatives with credit-risk-related contingent features that were in a liability position	533.7	544.2
Additional collateral required to be posted if derivative credit-risk-related contingent features were triggered	95.7
Cash collateral received associated with derivative credit support annex agreements and Futures Commission Merchant agreements	358.9	103.3
Notional amount	101,572.1	94,371.1
Gross credit exposure	664.3	314.3
Less: collateral received	450.3	148.7
Net credit exposure	214	165.6
Interest rate swaps
Derivative Financial Instruments, exposure
Cash exchanged under contract	0
Principal payments made under contract	0
Notional amount	60,776.6	57,792.2
Gross credit exposure	10	42.9
Interest rate options
Derivative Financial Instruments, exposure
Notional amount	4,735	4,498.4
Gross credit exposure	28.1	37
Interest rate forwards
Derivative Financial Instruments, exposure
Notional amount	2,125.6	1,990.8
Gross credit exposure		4.2
Interest rate futures
Derivative Financial Instruments, exposure
Notional amount	845	1,205
Currency swaps
Derivative Financial Instruments, exposure
Notional amount	2,883.8	2,105.8
Gross credit exposure	191.4	120.9
Currency forwards
Derivative Financial Instruments, exposure
Notional amount	981.2	1,062.5
Gross credit exposure	7.6	20.8
Equity options
Derivative Financial Instruments, exposure
Notional amount	4,380.1	2,331.3
Gross credit exposure	388.1	83.8
Equity futures
Derivative Financial Instruments, exposure
Notional amount	852.5	568.4
Credit default swaps
Derivative Financial Instruments, exposure
Notional amount	375	305
Gross credit exposure	4	4.7
Total return swaps | Equity contracts
Derivative Financial Instruments, exposure
Notional amount	775.3
Gross credit exposure	20.8
Total return swaps | Credit contracts
Derivative Financial Instruments, exposure
Notional amount	250
Gross credit exposure	14.3
Embedded derivative financial instruments
Derivative Financial Instruments, exposure
Notional amount	$ 22,592	$ 22,511.7

Derivative Financial Instrume_4

Derivative Financial Instruments - Fair Value of Derivatives (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Derivatives, fair value disclosures
Derivative instruments, assets	$ 648.2	$ 304.2
Derivative instruments, liabilities	(1,929.9)	(1,957.6)
Fair value of embedded derivative liabilities reported with contractholder funds	578.4	115.5
Fair value of net (asset) liability embedded derivative reported with funds withheld payable	(3,014.5)	(2,567.1)
Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	170.4	93.6
Derivative instruments, liabilities	103.7	112.2
Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	477.8	210.6
Derivative instruments, liabilities	(2,033.6)	(2,069.8)
Interest rate contracts | Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets		9
Derivative instruments, liabilities	83	72.6
Interest rate contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	35.4	70.3
Derivative instruments, liabilities	246.9	284.3
Foreign exchange contracts | Derivatives designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	170.4	84.6
Derivative instruments, liabilities	20.7	39.6
Foreign exchange contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	20	51.9
Derivative instruments, liabilities	34.8	22.2
Equity contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	405	83.8
Derivative instruments, liabilities	119.8	74.2
Credit contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, assets	17.4	4.6
Derivative instruments, liabilities	1	1.1
Other contracts | Derivatives not designated as hedging instruments
Derivatives, fair value disclosures
Derivative instruments, liabilities	$ (2,436.1)	$ (2,451.6)

Derivative Financial Instrume_5

Derivative Financial Instruments - Credit Derivatives Sold (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Credit derivatives sold disclosures
Notional amount	$ 470
Fair value	17.4
Maximum future payments	$ 470
Weighted average expected life	15 years 10 months 24 days
Single name credit default swaps
Credit derivatives sold disclosures
Notional amount	$ 220	$ 220
Fair value	3.9	4.5
Maximum future payments	$ 220	$ 220
Weighted average expected life	1 year 8 months 12 days	2 years 8 months 12 days
Single name credit default swaps | Corporate debt securities | A
Credit derivatives sold disclosures
Notional amount	$ 40	$ 40
Fair value	0.2	0.3
Maximum future payments	$ 40	$ 40
Weighted average expected life	6 months	1 year 6 months
Single name credit default swaps | Corporate debt securities | BBB
Credit derivatives sold disclosures
Notional amount	$ 160	$ 140
Fair value	3.6	3.8
Maximum future payments	$ 160	$ 140
Weighted average expected life	2 years 1 month 6 days	3 years
Single name credit default swaps | Corporate debt securities | BB
Credit derivatives sold disclosures
Notional amount		$ 20
Fair value		0.2
Maximum future payments		$ 20
Weighted average expected life		3 years 6 months
Single name credit default swaps | Sovereign | A
Credit derivatives sold disclosures
Notional amount	$ 20	$ 20
Fair value	0.1	0.2
Maximum future payments	$ 20	$ 20
Weighted average expected life	6 months	1 year 6 months
Single name total return swaps
Credit derivatives sold disclosures
Notional amount	$ 250
Fair value	13.5
Maximum future payments	$ 250
Weighted average expected life	28 years 6 months
Single name total return swaps | Government/municipalities | AAA
Credit derivatives sold disclosures
Notional amount	$ 40
Fair value	2.3
Maximum future payments	$ 40
Weighted average expected life	30 years 7 months 6 days
Single name total return swaps | Government/municipalities | AA
Credit derivatives sold disclosures
Notional amount	$ 130
Fair value	6.4
Maximum future payments	$ 130
Weighted average expected life	26 years 6 months
Single name total return swaps | Government/municipalities | A
Credit derivatives sold disclosures
Notional amount	$ 80
Fair value	4.8
Maximum future payments	$ 80
Weighted average expected life	30 years 8 months 12 days

Derivative Financial Instrume_6

Derivative Financial Instruments - Fair Value Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Hedges
Carrying amount of hedged liability - Active hedging relationships	$ 2,769.6	$ 300.5
Hedged Liability, Statement of Financial Position [Extensible Enumeration]	Contractholder Funds.	Contractholder Funds.
Carrying amount of hedged liability - Active or discontinued hedging relationships	$ 2,769.6	$ 300.5
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	(22)	0.4
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	(22)	0.4
Gain (loss) from components excluded from assessment of fair value hedge effectiveness	(0.9)	(1.8)	$ 0
Fixed maturities, available-for-sale
Fair Value Hedges
Carrying amount of hedged asset - Active hedging relationships	$ 3,208.4	$ 3,510.1
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Debt Securities, Available-for-Sale, Excluding Accrued Interest	Debt Securities, Available-for-Sale, Excluding Accrued Interest
Carrying amount of hedged asset - Discontinued hedging relationships	$ 528.6	$ 304.7
Carrying amount of hedged asset - Active or discontinued hedging relationships	3,737	3,814.8
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	(33.1)	(87)
Cumulative amount of fair value hedging basis adjustment - Discontinued hedging relationships	(7)	(5.2)
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	(40.1)	(92.2)
Amortized cost basis of closed portfolio used in portfolio layer hedging relationship	2,849.3	3,178.5
Cumulative basis adjustments associated with portfolio layer hedging relationship	(55.7)	(62.2)
Amount of hedged item in portfolio layer hedging relationship	1,160	1,395
Mortgage loans
Fair Value Hedges
Carrying amount of hedged asset - Active hedging relationships	$ 1,707.1	$ 0
Hedged Asset, Statement of Financial Position [Extensible Enumeration]	Mortgage Loans on Real Estate, Commercial and Consumer, Net	Mortgage Loans on Real Estate, Commercial and Consumer, Net
Carrying amount of hedged asset - Active or discontinued hedging relationships	$ 1,707.1	$ 0
Cumulative amount of fair value hedging basis adjustment - Active hedging relationships	(8.4)	0
Cumulative amount of fair value hedging basis adjustment - Active or discontinued hedging relationships	(8.4)	0
Amortized cost basis of closed portfolio used in portfolio layer hedging relationship	1,707.1	0
Cumulative basis adjustments associated with portfolio layer hedging relationship	(8.4)	0
Amount of hedged item in portfolio layer hedging relationship	$ 220	$ 0

Derivative Financial Instrume_7

Derivative Financial Instruments - Cash Flow Hedges (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash Flow Hedges
Maximum length of time hedging exposure to variability in future cash flows for forecasted transactions	2 years 2 months 12 days
Net gains (losses) reported in AOCI related to active cash flow hedges of forecasted transactions	$ (10.8)
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	72.4	$ (44.6)	$ (2)
Net gains (losses) expected to be reclassified from accumulated OCI into net income in the next 12 months	28.1
Interest rate contracts - hedged on fixed maturities, available for sale
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	(10.8)	30.4	(102.1)
Interest rate contracts - hedged on investment contracts
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	(9)	(11)	15.9
Foreign exchange contracts - hedged on fixed maturities, available for sale
Cash Flow Hedges
Amount of gain (loss) recognized in AOCI on derivatives in cash flow hedging relationships	$ 92.2	$ (64)	$ 84.2

Derivative Financial Instrume_8

Derivative Financial Instruments - Effect of Hedges on Consolidated Statements of Operations (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Gains (losses) recognized for hedging relationships
Net investment income (loss)		$ 4,449.2	$ 4,091.9	$ 3,838.5
Net realized capital gains (losses)	[1]	(27.3)	(72.2)	(182.1)
Benefits, claims and settlement expenses		8,072.6	7,788.2	6,631.3
Fair Value Hedges | Net investment income
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		66.8	62.5
Fair Value Hedges | Benefits, claims and settlement expenses
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		(19.9)	(4.3)
Fair Value Hedges | Interest rate contracts | Net investment income
Gains (losses) recognized for hedging relationships
Gain (loss) recognized on hedged item		(4)	45.3	(154.4)
Gain (loss) recognized on derivatives		6.1	(43.9)	151.6
Amortization of hedged item basis adjustments		2.6		(1.3)
Amounts related to periodic settlements on derivatives		59	60.5	5.2
Total gain (loss) recognized for hedging relationships				1.1
Fair Value Hedges | Interest rate contracts | Benefits, claims and settlement expenses
Gains (losses) recognized for hedging relationships
Gain (loss) recognized on hedged item		(22.3)	0.4
Gain (loss) recognized on derivatives		25.8	(2.1)
Amounts related to periodic settlements on derivatives		(23.4)	(2.6)
Fair Value Hedges | Foreign exchange contracts | Net investment income
Gains (losses) recognized for hedging relationships
Amounts related to periodic settlements on derivatives		3.1	0.6
Fair Value Hedges | Foreign exchange contracts | Net realized capital gains (losses)
Gains (losses) recognized for hedging relationships
Gain (loss) recognized on hedged item		(11.7)	3.7
Gain (loss) recognized on derivatives		11.7	(3.7)
Cash Flow Hedges | Net investment income
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		29.5	25.5	23.5
Cash Flow Hedges | Net realized capital gains (losses)
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		0.3	3.4	19.1
Cash Flow Hedges | Benefits, claims and settlement expenses
Gains (losses) recognized for hedging relationships
Total gain (loss) recognized for hedging relationships		9.6	14.1	3.6
Cash Flow Hedges | Interest rate contracts | Gain (loss) reclassified from AOCI on derivatives
Gains (losses) recognized for hedging relationships
Net investment income (loss)		3.4	4.1	9
Benefits, claims and settlement expenses		(0.2)	(0.1)	(0.1)
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		0.5	1.9	18.5
Cash Flow Hedges | Interest rate contracts | Benefits, claims and settlement expenses
Gains (losses) recognized for hedging relationships
Amounts related to periodic settlements on derivatives		9.8	14.2	3.7
Cash Flow Hedges | Foreign exchange contracts | Gain (loss) reclassified from AOCI on derivatives
Gains (losses) recognized for hedging relationships
Net realized capital gains (losses)		(0.2)	1.5	0.6
Cash Flow Hedges | Foreign exchange contracts | Net investment income
Gains (losses) recognized for hedging relationships
Amounts related to periodic settlements on derivatives		26.1	21.4	14.5
Net investment hedging relationships
Gains (losses) recognized for hedging relationships
Amount of gain (loss) recognized in AOCI on derivatives		3.5	(0.7)	1.5
Net investment hedging relationships | Gain (loss) reclassified from AOCI on derivatives
Gains (losses) recognized for hedging relationships
Net realized capital gains (losses)		0	0	0
Net investment hedging relationships | Foreign exchange contracts
Gains (losses) recognized for hedging relationships
Amount of gain (loss) recognized in AOCI on derivatives		$ 3.5	$ (0.7)	$ 1.5
[1] Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Derivative Financial Instrume_9

Derivative Financial Instruments - Derivatives Not Designated as Hedging Instruments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Effect of derivatives not designated as hedging instruments on the consolidated statements of operations
Amount of gain (loss) recognized in net income on derivatives	$ (134.2)	$ (1,396.3)	$ 3,469.1
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	(159.6)	(61.4)	(317.7)
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	(30.4)	(40)	83.7
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	55	(144.1)	20.7
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	16.3	4.1	0.1
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	$ (15.5)	$ (1,154.9)	$ 3,682.3

Closed Block - Assets and Liabi

Closed Block - Assets and Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Closed Block liabilities and assets designated to the Closed Block
Closed Block liabilities: Policyholder dividend obligation	$ 0	$ 0
Closed Block liabilities
Closed Block liabilities: Future policy benefits and claims	2,850	2,982.9
Closed Block liabilities: Other policyholder funds	4.4	5.1
Closed Block liabilities: Policyholder dividends payable	155.1	157.2
Closed Block liabilities: Income taxes currently payable	1.3	4
Closed Block liabilities: Other liabilities	27.6	23.2
Total Closed Block liabilities	3,038.4	3,172.4
Assets designated to the Closed Block
Closed Block assets: Fixed maturities, available-for-sale	1,752	1,766.7
Closed Block assets: Fixed maturities, trading	0.7	2
Closed Block assets: Equity securities	0.9	0.9
Closed Block assets: Mortgage loans	413.3	469.5
Closed Block assets: Policy loans	353.6	379.9
Closed Block assets: Other investments	61.2	61.2
Closed Block assets: Total investments	2,581.7	2,680.2
Closed Block assets: Cash and cash equivalents		6.1
Closed Block assets: Accrued investment income	32.3	32.6
Closed Block assets: Reinsurance recoverable and deposit receivable	3.5	3.5
Closed Block assets: Premiums due and other receivables		3.4
Closed Block assets: Deferred tax asset	51.6	52.1
Closed Block assets: Other assets	2	5.3
Total assets designated to the Closed Block	2,671.1	2,783.2
Excess of Closed Block liabilities over assets designated to the Closed Block	367.3	389.2
Amounts included in accumulated other comprehensive income (loss)	(66.2)	(69.6)
Maximum future earnings to be recognized from Closed Block assets and liabilities	$ 301.1	$ 319.6	$ 344.5	$ 379.2

Closed Block - Revenues and Exp

Closed Block - Revenues and Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Closed Block: Premiums and other considerations	$ 153	$ 166.1	$ 178
Closed Block: Net investment income (loss)	130.6	127.3	129.1
Closed Block: Net realized capital gains (losses)	(11.2)	(10)	(21.2)
Closed Block: Total revenues	272.4	283.4	285.9
Expenses
Closed Block: Benefits, claims and settlement expenses	151.1	161.6	184.3
Closed Block: Dividends to policyholders	97.4	86.8	92.5
Closed Block: Operating expenses	1.9	2.6	2.2
Closed Block: Total expenses	250.4	251	279
Closed Block revenues, net of Closed Block expenses, before income taxes	22	32.4	6.9
Closed Block: Income taxes	4.2	6.1	0.7
Closed Block revenues, net of Closed Block expenses and income taxes	17.8	26.3	6.2
Funding adjustments and other transfers	0.7	(1.4)	28.5
Closed Block revenues, net of Closed Block expenses, income taxes and funding adjustments	$ 18.5	$ 24.9	$ 34.7

Closed Block - Change in Maximu

Closed Block - Change in Maximum Future Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in maximum future earnings of the Closed Block
Maximum future earnings to be recognized from Closed Block assets and liabilities, beginning of year	$ 319.6	$ 344.5	$ 379.2
Maximum future earnings to be recognized from Closed Block assets and liabilities, end of year	301.1	319.6	344.5
Change in maximum future earnings	$ (18.5)	$ (24.9)	$ (34.7)

Deferred Acquisition Costs an_3

Deferred Acquisition Costs and Other Actuarial Balances - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Acquisition Costs
Amortization of deferred acquisition costs	$ 392.5	$ 389.8	$ 386.9
Long-duration and short-duration insurance
Deferred Acquisition Costs
Amortization of deferred acquisition costs	$ 392.5	$ 389.8	$ 386.9

Deferred Acquisition Costs an_4

Deferred Acquisition Costs and Other Actuarial Balances - Disaggregated DAC amounts (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Acquisition Costs
Deferred acquisition costs	$ 4,006.9	$ 3,950.5
Short-duration contracts
Deferred Acquisition Costs
Deferred acquisition costs	30.6	31.1
Other balances
Deferred Acquisition Costs
Deferred acquisition costs	5.9	7.7
Retirement and Income Solutions
Deferred Acquisition Costs
Deferred acquisition costs	957.2	918.9
Retirement and Income Solutions | Workplace savings and retirement solutions
Deferred Acquisition Costs
Deferred acquisition costs	515.5	506.4	$ 498
Retirement and Income Solutions | Individual variable annuities
Deferred Acquisition Costs
Deferred acquisition costs	323.4	279.5	278
Retirement and Income Solutions | Pension risk transfer
Deferred Acquisition Costs
Deferred acquisition costs	21.1	15.4	8.1
Retirement and Income Solutions | Individual fixed deferred annuities
Deferred Acquisition Costs
Deferred acquisition costs	84.2	106.1	131
Retirement and Income Solutions | Investment only
Deferred Acquisition Costs
Deferred acquisition costs	13	11.5	14.9
Benefits and Protection
Deferred Acquisition Costs
Deferred acquisition costs	3,043.8	3,023.9
Deferred acquisition costs excluding short-duration contracts and other balances	3,013.2	2,992.8
Benefits and Protection | Specialty Benefits | Individual disability
Deferred Acquisition Costs
Deferred acquisition costs	696.9	667.7	626.1
Deferred acquisition costs excluding short-duration contracts and other balances	696.9	667.7
Benefits and Protection | Life Insurance | Universal life
Deferred Acquisition Costs
Deferred acquisition costs	1,527.7	1,545.3	1,569.7
Deferred acquisition costs excluding short-duration contracts and other balances	1,527.7	1,545.3
Benefits and Protection | Life Insurance | Term life
Deferred Acquisition Costs
Deferred acquisition costs	710.8	695.1	685.7
Deferred acquisition costs excluding short-duration contracts and other balances	710.8	695.1
Benefits and Protection | Life Insurance | Participating life
Deferred Acquisition Costs
Deferred acquisition costs	77.8	84.7	$ 93
Deferred acquisition costs excluding short-duration contracts and other balances	$ 77.8	$ 84.7

Deferred Acquisition Costs an_5

Deferred Acquisition Costs and Other Actuarial Balances - Retirement and Income Solutions - Balances and changes in DAC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	$ 3,950.5
Amortized to expense	(392.5)	$ (389.8)	$ (386.9)
Ending balance, Deferred acquisition costs	4,006.9	3,950.5
Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	918.9
Amortized to expense	(95.2)	(95.8)	(101)
Ending balance, Deferred acquisition costs	957.2	918.9
Workplace savings and retirement solutions | Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	506.4	498
Costs deferred	47.7	48.1
Amortized to expense	(38.6)	(39.7)
Ending balance, Deferred acquisition costs	515.5	506.4	498
Individual variable annuities | Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	279.5	278
Costs deferred	72.7	27.4
Amortized to expense	(28.8)	(25.9)
Ending balance, Deferred acquisition costs	323.4	279.5	278
Pension risk transfer | Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	15.4	8.1
Costs deferred	6.6	7.9
Amortized to expense	(0.9)	(0.6)
Ending balance, Deferred acquisition costs	21.1	15.4	8.1
Individual fixed deferred annuities | Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	106.1	131
Amortized to expense	(21.9)	(24.9)
Ending balance, Deferred acquisition costs	84.2	106.1	131
Investment only | Retirement and Income Solutions
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	11.5	14.9
Costs deferred	6.5	1.3
Amortized to expense	(5)	(4.7)
Ending balance, Deferred acquisition costs	$ 13	$ 11.5	$ 14.9

Deferred Acquisition Costs an_6

Deferred Acquisition Costs and Other Actuarial Balances - Benefits and Protection - Balances and changes in DAC (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	$ 3,950.5
Amortized to expense	(392.5)	$ (389.8)	$ (386.9)
Ending balance, Deferred acquisition costs	4,006.9	3,950.5
Benefits and Protection
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	3,023.9
Amortized to expense	(296.2)	(292.9)	(284.8)
Ending balance, Deferred acquisition costs	3,043.8	3,023.9
Individual disability | Benefits and Protection | Specialty Benefits
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	667.7	626.1
Costs deferred	79	86.7
Amortized to expense	(49.8)	(45.1)
Ending balance, Deferred acquisition costs	696.9	667.7	626.1
Universal life | Benefits and Protection | Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	1,545.3	1,569.7
Costs deferred	76.7	70.7
Amortized to expense	(94.3)	(95.1)
Ending balance, Deferred acquisition costs	1,527.7	1,545.3	1,569.7
Term life | Benefits and Protection | Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	695.1	685.7
Costs deferred	78.3	71.3
Amortized to expense	(62.6)	(61.9)
Ending balance, Deferred acquisition costs	710.8	695.1	685.7
Participating life | Benefits and Protection | Life Insurance
Deferred Acquisition Costs
Beginning balance, Deferred acquisition costs	84.7	93
Costs deferred	1.7	1.4
Amortized to expense	(8.6)	(9.7)
Ending balance, Deferred acquisition costs	$ 77.8	$ 84.7	$ 93

Deferred Acquisition Costs an_7

Deferred Acquisition Costs and Other Actuarial Balances - Unearned Revenue Liability (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Actuarial Balances
Total unearned revenue liability	$ 515.4	$ 492.7
Universal life | Benefits and Protection | Life Insurance
Other Actuarial Balances
Total unearned revenue liability	510.1	485.5	$ 459
Other balances
Other Actuarial Balances
Total unearned revenue liability	$ 5.3	$ 7.2

Deferred Acquisition Costs an_8

Deferred Acquisition Costs and Other Actuarial Balances - Unearned Revenue Liability Balances and Changes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability	$ 492.7
Ending balance, Unearned Revenue Liability	515.4	$ 492.7
Universal life | Benefits and Protection | Life Insurance
Other Actuarial Balances
Beginning balance, Unearned Revenue Liability	485.5	459
Deferrals	56.1	56.3
Revenue recognized	(31.5)	(29.8)
Ending balance, Unearned Revenue Liability	510.1	485.5
Reinsurance impact	(220.8)	(225.1)
Balance at end of period after reinsurance	$ 289.3	$ 260.4

Separate Account Balances (Deta

Separate Account Balances (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Separate Account Balances
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	$ 79.8	$ 88.2

Separate Account Balances - Sep

Separate Account Balances - Separate Account Asset (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Separate Account Assets
Total separate account assets per consolidated statements of financial position	$ 173,327.1	$ 167,605.6
Fixed maturities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	33,301.1	35,503.9
Fixed maturities | U.S. government and agencies
Separate Account Assets
Total separate account assets per consolidated statements of financial position	7,537.1	8,467.3
Fixed maturities | Non-U.S. governments
Separate Account Assets
Total separate account assets per consolidated statements of financial position	8,461.5	8,522.3
Fixed maturities | States and political subdivisions
Separate Account Assets
Total separate account assets per consolidated statements of financial position	170.1	205.1
Fixed maturities | Corporate debt securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	12,590.9	13,386.4
Fixed maturities | Residential mortgage-backed pass-through securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	3,746	4,126.1
Fixed maturities | Commercial mortgage-backed securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	201.4	221.1
Fixed maturities | Other debt obligations
Separate Account Assets
Total separate account assets per consolidated statements of financial position	594.1	575.6
Equity securities
Separate Account Assets
Total separate account assets per consolidated statements of financial position	126,575	118,073.7
Real estate
Separate Account Assets
Total separate account assets per consolidated statements of financial position	441.3	494.6
Other investments
Separate Account Assets
Total separate account assets per consolidated statements of financial position	8,160.2	9,436.2
Cash and cash equivalents
Separate Account Assets
Total separate account assets per consolidated statements of financial position	4,021.7	3,332.8
Other assets
Separate Account Assets
Total separate account assets per consolidated statements of financial position	$ 827.8	$ 764.4

Separate Account Balances - S_2

Separate Account Balances - Separate Account Liabilities (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Separate Account Balances
Separate account liabilities	$ 173,327.1	$ 167,605.6
Other balances
Separate Account Balances
Separate account liabilities	280.2	247.9
Retirement and Income Solutions
Separate Account Balances
Separate account liabilities	133,438	126,650.4
Retirement and Income Solutions | Group retirement contracts
Separate Account Balances
Separate account liabilities	125,103.1	117,518.5	$ 107,240.1
Retirement and Income Solutions | Individual variable annuities
Separate Account Balances
Separate account liabilities	8,334.9	9,131.9	8,659
Principal Asset Management | International Pension
Separate Account Balances
Separate account liabilities	32,802.2	34,724.8
Principal Asset Management | International Pension | Pension | Latin America
Separate Account Balances
Separate account liabilities	32,802.2	34,580.6	33,316.7
Principal Asset Management | International Pension | Guaranteed pension | Asia
Separate Account Balances
Separate account liabilities		144.2	915
Benefits and Protection | Life Insurance | Universal life
Separate Account Balances
Separate account liabilities	$ 6,806.7	$ 5,982.5	$ 5,011

Separate Account Balances - Ret

Separate Account Balances - Retirement and Income Solutions (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in separate account liabilities
Balance at beginning of period	$ 167,605.6
Balance at end of period	173,327.1	$ 167,605.6
Retirement and Income Solutions
Changes in separate account liabilities
Balance at beginning of period	126,650.4
Balance at end of period	133,438	126,650.4
Retirement and Income Solutions | Group retirement contracts
Changes in separate account liabilities
Balance at beginning of period	117,518.5	107,240.1
Premiums and deposits	16,573.1	11,379
Policy charges	(365.6)	(366)
Surrenders, withdrawals and benefit payments	(19,191.4)	(13,916.8)
Investment performance	14,632.1	15,820.7
Net transfers (to) from general account	(4,148.3)	(2,461.1)
Other	84.7	(177.4)
Balance at end of period	125,103.1	117,518.5
Cash surrender value	123,965.4	116,522.1
Retirement and Income Solutions | Individual variable annuities
Changes in separate account liabilities
Balance at beginning of period	9,131.9	8,659
Premiums and deposits	344.5	328.5
Policy charges	(197.6)	(204.5)
Surrenders, withdrawals and benefit payments	(1,977.7)	(1,018.2)
Investment performance	1,079	1,315.1
Net transfers (to) from general account	(2.1)	30.4
Other	(43.1)	21.6
Balance at end of period	8,334.9	9,131.9
Cash surrender value	$ 8,219.1	$ 9,011.5

Separate Account Balances - Pri

Separate Account Balances - Principal Asset Management - International Pension (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in separate account liabilities
Balance at beginning of period	$ 167,605.6
Balance at end of period	173,327.1	$ 167,605.6
Principal Asset Management | International Pension
Changes in separate account liabilities
Balance at beginning of period	34,724.8
Balance at end of period	32,802.2	34,724.8
Principal Asset Management | International Pension | Pension | Latin America
Changes in separate account liabilities
Balance at beginning of period	34,580.6	33,316.7
Premiums and deposits	3,347.7	3,628.6
Policy charges	(16.6)	(17.8)
Surrenders, withdrawals and benefit payments	(3,638)	(4,191.7)
Investment performance	2,890.1	2,733.7
Other	22.8	7.6
Foreign currency translation adjustment	(4,384.4)	(896.5)
Balance at end of period	32,802.2	34,580.6
Cash surrender value	32,802.2	34,580.6
Principal Asset Management | International Pension | Guaranteed pension | Asia
Changes in separate account liabilities
Balance at beginning of period	144.2	915
Premiums and deposits	31.9	217.2
Policy charges	(1.2)	(16.9)
Surrenders, withdrawals and benefit payments	(142.8)	(1,006.8)
Investment performance	3.3	37.7
Other	(35.3)	(0.3)
Foreign currency translation adjustment	$ (0.1)	(1.7)
Balance at end of period		144.2
Cash surrender value		$ 144.2

Separate Account Balances - Ben

Separate Account Balances - Benefits and Protection (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in separate account liabilities
Balance at beginning of period	$ 167,605.6
Balance at end of period	173,327.1	$ 167,605.6
Benefits and Protection | Life Insurance | Universal life
Changes in separate account liabilities
Balance at beginning of period	5,982.5	5,011
Premiums and deposits	557.2	532.1
Policy charges	(132.7)	(129)
Surrenders, withdrawals and benefit payments	(492.2)	(342.1)
Investment performance	880.5	902.8
Net transfers (to) from general account	11.4	7.7
Balance at end of period	6,806.7	5,982.5
Cash surrender value	$ 6,869.5	$ 6,041.9

Contractholder Funds (Details)

Contractholder Funds (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	$ 26,760.3	$ 25,322.2
Investment contracts without significant fee revenue	15,805.8	15,784.5
Embedded derivatives and other balances	533.5	394.4
Total contractholder funds per consolidated statements of financial position	43,099.6	41,501.1
Retirement and Income Solutions
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	20,191.1	18,774
Retirement and Income Solutions | Workplace savings and retirement solutions
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	13,982.8	12,721.5	$ 12,154.7
Retirement and Income Solutions | Individual variable annuities
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	1,746	514.2	381.4
Retirement and Income Solutions | Individual fixed deferred annuities
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	4,462.3	5,538.3	7,228.3
Benefits and Protection | Life Insurance | Universal life
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	6,930.4	6,910.4	$ 6,947.9
Corporate | Inter-segment eliminations
Contract holder Funds
Total policyholder account balances for contracts with significant insurance risk or investment contracts with significant fee revenue	$ (361.2)	$ (362.2)

Contractholder Funds - GICs and

Contractholder Funds - GICs and Funding Agreements (Details) - Principal Life Insurance Company $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($)	Nov. 30, 2023 USD ($)	Feb. 28, 2021 USD ($)	Nov. 30, 2017 USD ($)	Jun. 30, 2015 USD ($)	Dec. 31, 2011 USD ($)	Dec. 31, 2001 USD ($)	Dec. 31, 1998 USD ($)
Funding agreement disclosures
Number of separate funding agreement programs | item	5
FHLB Des Moines funding agreement program
Funding agreement disclosures
Funding agreements	$ 3,976.5	$ 3,981.8
1998 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued									$ 4,000
Funding agreements	75.8	75.9
2001 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued								$ 7,000
Funding agreements	202	201.9
2011 Funding agreement program
Funding agreement disclosures
Maximum authorized amount of funding agreements to be issued							$ 5,000
Funding agreements	$ 8,335.8	$ 8,072.6
Additional maximum authorized amount of funding agreements to be issued			$ 4,000	$ 4,000	$ 4,000	$ 4,000

Contractholder Funds - Changes

Contractholder Funds - Changes in Policyholder Account Balances (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Changes in policyholder account balances
Policyholder account balance, beginning of period	$ 25,322.2
Policyholder account balance, end of period	26,760.3	$ 25,322.2
Retirement and Income Solutions
Changes in policyholder account balances
Policyholder account balance, beginning of period	18,774
Policyholder account balance, end of period	20,191.1	18,774
Retirement and Income Solutions | Workplace savings and retirement solutions
Changes in policyholder account balances
Policyholder account balance, beginning of period	12,721.5	12,154.7
Premiums and deposits	4,945.1	4,441.7
Policy charges	(36.7)	(31.6)
Surrenders, withdrawals and benefit payments	(3,791.8)	(4,356.6)
Net transfers from (to) separate account	(220.5)	264.8
Interest credited	395.9	280.2
Other	(30.7)	(31.7)
Policyholder account balance, end of period	$ 13,982.8	$ 12,721.5
Weighted-average crediting rate	3.26%	2.54%
Cash surrender value	$ 12,524.6	$ 11,211.9
Retirement and Income Solutions | Individual variable annuities
Changes in policyholder account balances
Policyholder account balance, beginning of period	514.2	381.4
Premiums and deposits	1,686.5	586.7
Surrenders, withdrawals and benefit payments	(2,098.2)	(1,123)
Net transfers from (to) separate account	1,635.3	659.3
Interest credited	8	9.8
Other	0.2
Policyholder account balance, end of period	$ 1,746	$ 514.2
Weighted-average crediting rate	3.39%	3.22%
Cash surrender value	$ 1,778.7	$ 512.6
Retirement and Income Solutions | Individual fixed deferred annuities
Changes in policyholder account balances
Policyholder account balance, beginning of period	5,538.3	7,228.3
Premiums and deposits	43.2	36.8
Surrenders, withdrawals and benefit payments	(1,255.7)	(1,888.4)
Interest credited	136.5	161.6
Policyholder account balance, end of period	$ 4,462.3	$ 5,538.3
Weighted-average crediting rate	3.09%	2.84%
Cash surrender value	$ 4,208.5	$ 5,434.4
Benefits and Protection | Life Insurance | Universal life
Changes in policyholder account balances
Policyholder account balance, beginning of period	6,910.4	6,947.9
Premiums and deposits	1,283.7	1,260.5
Policy charges	(877.1)	(858.1)
Surrenders, withdrawals and benefit payments	(591.7)	(483.6)
Net transfers from (to) separate account	(76.4)	(197.7)
Interest credited	282.6	242.1
Other	(1.1)	(0.7)
Policyholder account balance, end of period	6,930.4	6,910.4
Reinsurance impact	(3,232.8)	(3,396.8)
Policyholder account balance at end of period after reinsurance	$ 3,697.6	$ 3,513.6
Weighted-average crediting rate	4.13%	4.01%
Net amount at risk	$ 86,141.3	$ 86,671
Cash surrender value	$ 6,052.5	$ 5,953

Contractholder Funds - Guarante

Contractholder Funds - Guaranteed Minimum Interest Rate (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Excess of crediting rates over GMIR
Total policyholder account value	$ 26,760.3	$ 25,322.2
Retirement and Income Solutions
Excess of crediting rates over GMIR
Total policyholder account value	20,191.1	18,774
Workplace savings and retirement solutions | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	12,125.1	10,733
Policyholder account value without GMIR	1,857.7	1,988.5
Total policyholder account value	13,982.8	12,721.5	$ 12,154.7
Workplace savings and retirement solutions | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,486.9	1,423.9
Workplace savings and retirement solutions | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	4,783.3	7,166.5
Workplace savings and retirement solutions | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	5,833.4	2,118.3
Workplace savings and retirement solutions | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7.6	7.4
Workplace savings and retirement solutions | 4.01% and above | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	13.9	16.9
Workplace savings and retirement solutions | At GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3,753.1	5,516.4
Workplace savings and retirement solutions | At GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3,727	5,135
Workplace savings and retirement solutions | At GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	4.6	357.1
Workplace savings and retirement solutions | At GMIR | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7.6	7.4
Workplace savings and retirement solutions | At GMIR | 4.01% and above | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	13.9	16.9
Workplace savings and retirement solutions | Up to 0.50% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	186.9	7.2
Workplace savings and retirement solutions | Up to 0.50% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR		3.3
Workplace savings and retirement solutions | Up to 0.50% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR		3.8
Workplace savings and retirement solutions | Up to 0.50% above GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	186.9	0.1
Workplace savings and retirement solutions | 0.51% to 1.00% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1.8	1,255.7
Workplace savings and retirement solutions | 0.51% to 1.00% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR		101.8
Workplace savings and retirement solutions | 0.51% to 1.00% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR		1,153.1
Workplace savings and retirement solutions | 0.51% to 1.00% above GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1.8	0.8
Workplace savings and retirement solutions | 1.01% to 2.00% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	4,998	1,065.1
Workplace savings and retirement solutions | 1.01% to 2.00% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,041.7	1,006
Workplace savings and retirement solutions | 1.01% to 2.00% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,056.3
Workplace savings and retirement solutions | 1.01% to 2.00% above GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,900	59.1
Workplace savings and retirement solutions | 2.01% or more above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3,185.3	2,888.6
Workplace savings and retirement solutions | 2.01% or more above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	445.2	312.8
Workplace savings and retirement solutions | 2.01% or more above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR		874.6
Workplace savings and retirement solutions | 2.01% or more above GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 2,740.1	$ 1,701.2
Workplace savings and retirement solutions | Minimum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Workplace savings and retirement solutions | Minimum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Workplace savings and retirement solutions | Minimum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Workplace savings and retirement solutions | Minimum | 4.01% and above | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Workplace savings and retirement solutions | Maximum | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1%	1%
Workplace savings and retirement solutions | Maximum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2%	2%
Workplace savings and retirement solutions | Maximum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3%	3%
Workplace savings and retirement solutions | Maximum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4%	4%
Individual variable annuities | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 254.5	$ 300.7
Policyholder account value without GMIR	1,491.5	213.5
Total policyholder account value	1,746	514.2	381.4
Individual variable annuities | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	19.2	22.6
Individual variable annuities | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3.8	4.6
Individual variable annuities | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	231.5	273.5
Individual variable annuities | At GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	254.5	300.7
Individual variable annuities | At GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	19.2	22.6
Individual variable annuities | At GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	3.8	4.6
Individual variable annuities | At GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 231.5	$ 273.5
Individual variable annuities | Minimum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Individual variable annuities | Minimum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Individual variable annuities | Minimum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Individual variable annuities | Minimum | 4.01% and above | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Individual variable annuities | Maximum | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1%	1%
Individual variable annuities | Maximum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2%	2%
Individual variable annuities | Maximum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3%	3%
Individual variable annuities | Maximum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4%	4%
Individual fixed deferred annuities | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 4,284.6	$ 5,300.1
Policyholder account value without GMIR	177.7	238.2
Total policyholder account value	4,462.3	5,538.3	7,228.3
Individual fixed deferred annuities | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,586.7	1,991.6
Individual fixed deferred annuities | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	139.5	253.9
Individual fixed deferred annuities | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,416.4	2,897.7
Individual fixed deferred annuities | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	142	156.9
Individual fixed deferred annuities | At GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,850.3	3,460.9
Individual fixed deferred annuities | At GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	213.1	305.5
Individual fixed deferred annuities | At GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	78.8	100.8
Individual fixed deferred annuities | At GMIR | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,416.4	2,897.7
Individual fixed deferred annuities | At GMIR | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	142	156.9
Individual fixed deferred annuities | Up to 0.50% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	27.8	116.3
Individual fixed deferred annuities | Up to 0.50% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	27.5	115.4
Individual fixed deferred annuities | Up to 0.50% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	0.3	0.9
Individual fixed deferred annuities | 0.51% to 1.00% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	60.8	148.1
Individual fixed deferred annuities | 0.51% to 1.00% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	56	121.8
Individual fixed deferred annuities | 0.51% to 1.00% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	4.8	26.3
Individual fixed deferred annuities | 1.01% to 2.00% above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	245.1	572.9
Individual fixed deferred annuities | 1.01% to 2.00% above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	196.9	449.4
Individual fixed deferred annuities | 1.01% to 2.00% above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	48.2	123.5
Individual fixed deferred annuities | 2.01% or more above GMIR | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,100.6	1,001.9
Individual fixed deferred annuities | 2.01% or more above GMIR | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,093.2	999.5
Individual fixed deferred annuities | 2.01% or more above GMIR | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 7.4	$ 2.4
Individual fixed deferred annuities | Minimum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Individual fixed deferred annuities | Minimum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Individual fixed deferred annuities | Minimum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Individual fixed deferred annuities | Minimum | 4.01% and above | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Individual fixed deferred annuities | Maximum | Up to 1.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	1%	1%
Individual fixed deferred annuities | Maximum | 1.01% - 2.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	2%	2%
Individual fixed deferred annuities | Maximum | 2.01% - 3.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	3%	3%
Individual fixed deferred annuities | Maximum | 3.01% - 4.00% | Retirement and Income Solutions
Excess of crediting rates over GMIR
GMIR	4%	4%
Universal life | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 5,925.1	$ 6,067.7
Policyholder account value without GMIR	1,005.3	842.7
Total policyholder account value	6,930.4	6,910.4	$ 6,947.9
Universal life | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	21.3	19.5
Universal life | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,663.5	1,613.2
Universal life | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,425.1	2,596.8
Universal life | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,763.3	1,784
Universal life | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	51.9	54.2
Universal life | At GMIR | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2,497.8	2,721.3
Universal life | At GMIR | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	268.6	294.1
Universal life | At GMIR | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	646	729.7
Universal life | At GMIR | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,559.7	1,657
Universal life | At GMIR | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	23.5	40.5
Universal life | Up to 0.50% above GMIR | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	691.4	730.9
Universal life | Up to 0.50% above GMIR | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	632.2	677.2
Universal life | Up to 0.50% above GMIR | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	56.7	49.8
Universal life | Up to 0.50% above GMIR | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	2.5	3.9
Universal life | 0.51% to 1.00% above GMIR | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,238.9	1,316.4
Universal life | 0.51% to 1.00% above GMIR | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1.5	16.1
Universal life | 0.51% to 1.00% above GMIR | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	424	418.1
Universal life | 0.51% to 1.00% above GMIR | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	771.9	836.3
Universal life | 0.51% to 1.00% above GMIR | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	34.5	37.6
Universal life | 0.51% to 1.00% above GMIR | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	7	8.3
Universal life | 1.01% to 2.00% above GMIR | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	1,026.5	875.1
Universal life | 1.01% to 2.00% above GMIR | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	14.9	1
Universal life | 1.01% to 2.00% above GMIR | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	518.6	485.6
Universal life | 1.01% to 2.00% above GMIR | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	368.7	350.6
Universal life | 1.01% to 2.00% above GMIR | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	105.4	36.4
Universal life | 1.01% to 2.00% above GMIR | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	18.9	1.5
Universal life | 2.01% or more above GMIR | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	470.5	424
Universal life | 2.01% or more above GMIR | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	4.9	2.4
Universal life | 2.01% or more above GMIR | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	452.3	415.4
Universal life | 2.01% or more above GMIR | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	6.3	3
Universal life | 2.01% or more above GMIR | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
Policyholder account value with GMIR	$ 7	$ 3.2
Universal life | Minimum | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	1.01%	1.01%
Universal life | Minimum | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	2.01%	2.01%
Universal life | Minimum | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	3.01%	3.01%
Universal life | Minimum | 4.01% and above | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	4.01%	4.01%
Universal life | Maximum | Up to 1.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	1%	1%
Universal life | Maximum | 1.01% - 2.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	2%	2%
Universal life | Maximum | 2.01% - 3.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	3%	3%
Universal life | Maximum | 3.01% - 4.00% | Benefits and Protection | Life Insurance
Excess of crediting rates over GMIR
GMIR	4%	4%

Future Policy Benefits and Cl_3

Future Policy Benefits and Claims - Disaggregated Amounts Included in Future Policy Benefits and Claims (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Future Policy Benefits and Claims
Liability for future policy benefits	$ 36,831.4	$ 36,514.6
Additional liability for certain benefit features	6,037.2	5,326.5
Participating contracts	2,924.2	3,060.5
Short-duration contracts	1,267.4	1,283.4
Cost of reinsurance liability	958.1	424.6
Reinsurance recoverable liability	60.3	45.2
Other	100.8	171.7
Future policy benefits and claims per consolidated statements of financial position	48,179.4	46,826.5
Retirement and Income Solutions
Future Policy Benefits and Claims
Liability for future policy benefits	29,462.7	28,769.9
Future policy benefits and claims per consolidated statements of financial position	29,818.3	29,161.9
Retirement and Income Solutions | Pension risk transfer
Future Policy Benefits and Claims
Liability for future policy benefits	24,958.1	23,855.8
Retirement and Income Solutions | Individual fixed income annuities
Future Policy Benefits and Claims
Liability for future policy benefits	4,504.6	4,914.1
Principal Asset Management
Future Policy Benefits and Claims
Future policy benefits and claims per consolidated statements of financial position	4,129	4,595.6
Principal Asset Management | International Pension | Latin America | Individual fixed income annuities
Future Policy Benefits and Claims
Liability for future policy benefits	4,126.9	4,593.7
Benefits and Protection
Future Policy Benefits and Claims
Liability for future policy benefits	3,077	2,984.3
Future policy benefits and claims per consolidated statements of financial position	14,046.4	12,888.3
Benefits and Protection | Specialty Benefits | Individual disability
Future Policy Benefits and Claims
Liability for future policy benefits	1,829	1,898.4
Benefits and Protection | Life Insurance | Term life
Future Policy Benefits and Claims
Liability for future policy benefits	1,248	1,085.9
Benefits and Protection | Life Insurance | Universal life
Future Policy Benefits and Claims
Additional liability for certain benefit features	6,037.2	5,326.5
Corporate
Future Policy Benefits and Claims
Future policy benefits and claims per consolidated statements of financial position	185.7	180.7
Corporate | Long-term care insurance
Future Policy Benefits and Claims
Liability for future policy benefits	$ 164.8	$ 166.7

Future Policy Benefits and Cl_4

Future Policy Benefits and Claims - Liability for Unpaid Claims (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in unpaid claims
Balance at beginning of period, unpaid claims	$ 1,405.9	$ 1,395	$ 1,370.9
Balance at beginning of period, reinsurance recoverables for unpaid claims	67.8	68.6	68.7
Net balance at beginning of period, unpaid claims	1,338.1	1,326.4	1,302.2
Incurred:
Incurred: Current year	1,749.4	1,650.4	1,581.8
Incurred: Prior years	(111.2)	(95.4)	(44.4)
Total incurred	1,638.2	1,555	1,537.4
Payments:
Payments: Current year	1,288	1,189.2	1,138
Payments: Prior years	369.6	354.1	375.2
Total payments	1,657.6	1,543.3	1,513.2
Net balance at end of period, unpaid claims	1,318.7	1,338.1	1,326.4
Balance at end of period, reinsurance recoverables for unpaid claims	61.2	67.8	68.6
Balance at end of period, unpaid claims	$ 1,379.9	$ 1,405.9	$ 1,395

Future Policy Benefits and Cl_5

Future Policy Benefits and Claims - Claims Development Tables (Details) $ in Millions	Dec. 31, 2024 USD ($) claim	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)	Dec. 31, 2018 USD ($)	Dec. 31, 2017 USD ($)	Dec. 31, 2016 USD ($)	Dec. 31, 2015 USD ($)
Claims Development
Total outstanding liabilities for unpaid claims net of reinsurance	$ 1,399.5
Long-Term Disability/Group Life Waiver
Claims Development
Net incurred claims	2,329.7
Net cumulative paid claims	1,343.1
Liability for unpaid claims net, not separately presented	249.3
Total outstanding liabilities for unpaid claims net of reinsurance	1,235.9
Long-Term Disability/Group Life Waiver | Incurral year 2015
Claims Development
Net incurred claims	208.5	$ 208.3	$ 210.5	$ 211.8	$ 210	$ 208.2	$ 215.3	$ 217.2	$ 227.2	$ 231
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims | claim	7,184
Net cumulative paid claims	$ 166.5	160.3	154	146.5	137.1	126.8	114.6	98	67	$ 16.9
Long-Term Disability/Group Life Waiver | Incurral year 2016
Claims Development
Net incurred claims	218	219	221.9	218.7	214.4	219.5	219.4	228.4	229.8
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims | claim	6,172
Net cumulative paid claims	$ 171.5	165.3	157.1	147.2	136.8	124.9	105.6	70.6	$ 16.2
Long-Term Disability/Group Life Waiver | Incurral year 2017
Claims Development
Net incurred claims	248.7	248.9	246.5	245.2	245.8	243.1	239.7	238.4
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims | claim	6,092
Net cumulative paid claims	$ 185.6	176.8	165.4	151.7	135.9	115	76.5	$ 17.8
Long-Term Disability/Group Life Waiver | Incurral year 2018
Claims Development
Net incurred claims	241.9	238	235.3	239.8	239.2	245.1	239.4
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims | claim	5,784
Net cumulative paid claims	$ 173.3	163.3	150.3	135.7	115.7	79.9	$ 20.1
Long-Term Disability/Group Life Waiver | Incurral year 2019
Claims Development
Net incurred claims	243.4	238.6	240.2	240.4	248.4	255.2
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims | claim	5,962
Net cumulative paid claims	$ 163.6	150.6	136.4	117.5	79.7	$ 19.2
Long-Term Disability/Group Life Waiver | Incurral year 2020
Claims Development
Net incurred claims	211.3	217.7	221.1	231	252.1
Incurred but not reported claims	$ 0.1
Cumulative number of reported claims | claim	5,942
Net cumulative paid claims	$ 140.8	130	113.1	78.8	$ 20.6
Long-Term Disability/Group Life Waiver | Incurral year 2021
Claims Development
Net incurred claims	221.2	221.6	244.5	259.7
Incurred but not reported claims	$ 6.2
Cumulative number of reported claims | claim	5,586
Net cumulative paid claims	$ 128.6	113.2	79	$ 19.8
Long-Term Disability/Group Life Waiver | Incurral year 2022
Claims Development
Net incurred claims	227.6	240.5	274.3
Incurred but not reported claims	$ 8.5
Cumulative number of reported claims | claim	5,646
Net cumulative paid claims	$ 111.4	76.6	$ 19.6
Long-Term Disability/Group Life Waiver | Incurral year 2023
Claims Development
Net incurred claims	245.2	267.4
Incurred but not reported claims	$ 15.2
Cumulative number of reported claims | claim	5,354
Net cumulative paid claims	$ 77.3	20
Long-Term Disability/Group Life Waiver | Incurral year 2024
Claims Development
Net incurred claims	263.9
Incurred but not reported claims	$ 96.7
Cumulative number of reported claims | claim	2,953
Net cumulative paid claims	$ 24.5
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML
Claims Development
Net incurred claims	2,151.4
Net cumulative paid claims	2,061.2
Total outstanding liabilities for unpaid claims net of reinsurance	90.2
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML | Incurral year 2023
Claims Development
Net incurred claims	$ 1,022.1	1,032.3
Cumulative number of reported claims | claim	4,774,225
Net cumulative paid claims	$ 1,021.3	954
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML | Incurral year 2024
Claims Development
Net incurred claims	1,129.3
Incurred but not reported claims	$ 66.9
Cumulative number of reported claims | claim	4,787,967
Net cumulative paid claims	$ 1,039.9
Group Life
Claims Development
Net incurred claims	568.2
Net cumulative paid claims	500.9
Liability for unpaid claims net, not separately presented	6.1
Total outstanding liabilities for unpaid claims net of reinsurance	73.4
Group Life | Incurral year 2023
Claims Development
Net incurred claims	283.1	284.8
Incurred but not reported claims	$ 0.9
Cumulative number of reported claims | claim	5,814
Net cumulative paid claims	$ 277.2	$ 215.1
Group Life | Incurral year 2024
Claims Development
Net incurred claims	285.1
Incurred but not reported claims	$ 29.6
Cumulative number of reported claims | claim	5,265
Net cumulative paid claims	$ 223.7

Future Policy Benefits and Cl_6

Future Policy Benefits and Claims - Reconciliation of Unpaid Claims to Liability for Unpaid Claims Table (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	$ 1,399.5
Reconciling items:
Reinsurance recoverable on unpaid claims	35.3
Impact of discounting	(226.6)
Loss adjustment expense liability	32.1
Liability for unpaid claims - short duration contracts	1,240.3
Insurance contracts other than short duration	139.6
Liability for unpaid claims	1,379.9	$ 1,405.9	$ 1,395	$ 1,370.9
Long-Term Disability/Group Life Waiver
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	1,235.9
Reconciling items:
Reinsurance recoverable on unpaid claims	35.1
Impact of discounting	(226.6)	(215)
Loss adjustment expense liability	17.7
Liability for unpaid claims - short duration contracts	1,062.1	1,082.6
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	90.2
Reconciling items:
Loss adjustment expense liability	4.1
Liability for unpaid claims - short duration contracts	94.3	83.7
Group Life
Future Policy Benefits and Claims
Net outstanding liabilities for unpaid claims	73.4
Reconciling items:
Reinsurance recoverable on unpaid claims	0.2
Loss adjustment expense liability	10.3
Liability for unpaid claims - short duration contracts	$ 83.9	$ 97.1

Future Policy Benefits and Cl_7

Future Policy Benefits and Claims - Claim Duration and Payout Table (Details)	Dec. 31, 2024
Long-Term Disability/Group Life Waiver
Future Policy Benefits and Claims
Year 1	8.40%
Year 2	24.90%
Year 3	15.50%
Year 4	8%
Year 5	5.80%
Year 6	5.20%
Year 7	4.40%
Year 8	3.60%
Year 9	2.90%
Year 10	2.90%
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML
Future Policy Benefits and Claims
Year 1	92.20%
Year 2	7.60%
Group Life
Future Policy Benefits and Claims
Year 1	78.40%
Year 2	19.50%

Future Policy Benefits and Cl_8

Future Policy Benefits and Claims - Discounting Table (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Short-Duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	$ 1,240.3
Aggregate amount of discount	$ 226.6
Short-Duration Insurance Contract, Discounted Liability, Interest Accretion, Statement of Income or Comprehensive Income [Extensible Enumeration]	Policyholder Benefits and Claims Incurred, Net	Policyholder Benefits and Claims Incurred, Net	Policyholder Benefits and Claims Incurred, Net
Long-Term Disability/Group Life Waiver
Short-Duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	$ 1,062.1	$ 1,082.6
Aggregate amount of discount	226.6	215
Interest accretion	$ 34.7	$ 34.7	$ 33
Long-Term Disability/Group Life Waiver | Minimum
Short-Duration Insurance Contracts, Discounted Liabilities [Line Items]
Discount rate	2.80%	2.80%
Long-Term Disability/Group Life Waiver | Maximum
Short-Duration Insurance Contracts, Discounted Liabilities [Line Items]
Discount rate	7%	7%
Dental, Vision, STD, Critical Illness, Accident, Hospital Indemnity and PFML
Short-Duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	$ 94.3	$ 83.7
Group Life
Short-Duration Insurance Contracts, Discounted Liabilities [Line Items]
Carrying amount of liabilities for unpaid claims	$ 83.9	$ 97.1

Future Policy Benefits and Cl_9

Future Policy Benefits and Claims - Gross Premiums or Assessments and Interest Accretion (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Future Policy Benefits and Claims
Gross premiums or assessments	$ 5,212.2	$ 4,938.7	$ 3,864.3
Interest accretion	2,093.1	1,975	2,142.5
Retirement and Income Solutions
Future Policy Benefits and Claims
Gross premiums or assessments	3,149.7	2,948.4	1,971.1
Interest accretion	1,343.5	1,227.7	1,165.4
Retirement and Income Solutions | Pension risk transfer
Future Policy Benefits and Claims
Gross premiums or assessments	3,103.1	2,905.9	1,941
Interest accretion	1,135.1	1,008.6	935.7
Retirement and Income Solutions | Individual fixed income annuities
Future Policy Benefits and Claims
Gross premiums or assessments	46.6	42.5	30.1
Interest accretion	208.4	219.1	229.7
Principal Asset Management | International Pension | Latin America | Individual fixed income annuities
Future Policy Benefits and Claims
Gross premiums or assessments	29	29.7	78.8
Interest accretion	330.2	385.8	662
Benefits and Protection
Future Policy Benefits and Claims
Gross premiums or assessments	2,028.6	1,955.5	1,809.2
Interest accretion	410.1	351.9	305.3
Benefits and Protection | Specialty Benefits | Individual disability
Future Policy Benefits and Claims
Gross premiums or assessments	640	624.6	601
Interest accretion	99.8	94.5	90.2
Benefits and Protection | Life Insurance | Universal life
Future Policy Benefits and Claims
Gross premiums or assessments	715.3	681.8	577.7
Interest accretion	253.3	209.2	171.2
Benefits and Protection | Life Insurance | Term life
Future Policy Benefits and Claims
Gross premiums or assessments	673.3	649.1	630.5
Interest accretion	57	48.2	43.9
Corporate | Long-term care insurance
Future Policy Benefits and Claims
Gross premiums or assessments	4.9	5.1	5.2
Interest accretion	$ 9.3	$ 9.6	$ 9.8

Future Policy Benefits and C_10

Future Policy Benefits and Claims - Retirement and Income Solutions (Details) - Retirement and Income Solutions - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension risk transfer
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 23,855.8	$ 21,211.4
Effect of changes in discount rate assumptions at beginning of period	1,036.1	1,799.6
Balance at beginning of period at original discount rate	24,891.9	23,011
Effect of changes in cash flow assumptions	(3.4)	(53.4)
Effect of actual variances from expected experience	(1.5)	(14.6)
Adjusted beginning of period balance at original discount rate	24,887	22,943
Interest accrual	1,135.1	1,008.6
Benefit payments	(2,238.1)	(1,981.4)
Issuances	3,112.9	2,921.7
Balance at end of period at original discount rate	26,896.9	24,891.9
Effect of changes in discount rate assumptions at end of period	(1,938.8)	(1,036.1)
Balance at end of period, Present value of expected future policy benefit payments	24,958.1	23,855.8
Future policy benefits after reinsurance	$ 24,958.1	$ 23,855.8
Weighted-average duration for future policy benefits (in years)	8 years	8 years 6 months
Individual fixed income annuities
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 4,914.1	$ 5,019.4
Effect of changes in discount rate assumptions at beginning of period	296.7	439
Balance at beginning of period at original discount rate	5,210.8	5,458.4
Effect of changes in cash flow assumptions	(38.4)	(1.3)
Effect of actual variances from expected experience	(1.7)	(0.1)
Adjusted beginning of period balance at original discount rate	5,170.7	5,457
Interest accrual	208.4	219.1
Benefit payments	(500.2)	(507.3)
Issuances	46.1	42
Balance at end of period at original discount rate	4,925	5,210.8
Effect of changes in discount rate assumptions at end of period	(420.4)	(296.7)
Balance at end of period, Present value of expected future policy benefit payments	4,504.6	4,914.1
Reinsurance impact	(4,469.4)	(4,869.1)
Future policy benefits after reinsurance	$ 35.2	$ 45
Weighted-average duration for future policy benefits (in years)	7 years 2 months 12 days	7 years 10 months 24 days

Future Policy Benefits and C_11

Future Policy Benefits and Claims - Principal Asset Management - International Pension (Details) - Principal Asset Management - International Pension - Latin America - Individual fixed income annuities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	$ 4,593.7	$ 5,042.3
Effect of changes in discount rate assumptions at beginning of period	(351.8)	(754.6)
Balance at beginning of period at original discount rate	4,241.9	4,287.7
Effect of actual variances from expected experience	1.1	0.9
Adjusted beginning of period balance at original discount rate	4,243	4,288.6
Interest accrual	330.2	385.8
Benefit payments	(326.7)	(355.9)
Issuances	29.4	30
Foreign currency translation adjustment	(517.4)	(106.6)
Balance at end of period at original discount rate	3,758.5	4,241.9
Effect of changes in discount rate assumptions at end of period	368.4	351.8
Balance at end of period, Present value of expected future policy benefit payments	$ 4,126.9	$ 4,593.7
Weighted-average duration for future policy benefits (in years)	9 years 9 months 18 days	9 years 10 months 24 days

Future Policy Benefits and C_12

Future Policy Benefits and Claims - Benefits and Protection (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Present value of expected future policy benefit payments
Future policy benefits			$ 36,831.4	$ 36,514.6
Benefits and Protection
Present value of expected future policy benefit payments
Future policy benefits			3,077	2,984.3
Benefits and Protection | Life Insurance | Term life
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums			3,793.7	3,423.2
Effect of changes in discount rate assumptions at beginning of period			100.1	196
Balance at beginning of period at original discount rate			3,893.8	3,619.2
Effect of changes in cash flow assumptions			419.9	143.5
Effect of actual variances from expected experience			42.5	103.3
Adjusted beginning of period balance at original discount rate			4,356.2	3,866
Interest accrual			190.9	171.9
Net premiums collected			(390.8)	(359.8)
Issuances			241	215.7
Balance at end of period at original discount rate			4,397.3	3,893.8
Effect of changes in discount rate assumptions at end of period			(290.1)	(100.1)
Balance at end of period, Present value of expected net premiums			4,107.2	3,793.7
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments			4,879.6	4,332.2
Effect of changes in discount rate assumptions at beginning of period			124.5	251.6
Balance at beginning of period at original discount rate			5,004.1	4,583.8
Effect of changes in cash flow assumptions			488.1	181.8
Effect of actual variances from expected experience			45.1	116.8
Adjusted beginning of period balance at original discount rate			5,537.3	4,882.4
Interest accrual			247.9	220.1
Benefit payments			(321.6)	(330.4)
Issuances			257.6	232
Balance at end of period at original discount rate			5,721.2	5,004.1
Effect of changes in discount rate assumptions at end of period			(366)	(124.5)
Balance at end of period, Present value of expected future policy benefit payments			5,355.2	4,879.6
Future policy benefits			1,248	1,085.9
Reinsurance impact			19.5	45.2
Future policy benefits after reinsurance			$ 1,267.5	$ 1,131.1
Increase (decrease) in LFPB from actuarial assumptions	$ 68.2	$ 38.3
Income before taxes, net of reinsurance increase (decrease) from actuarial assumptions	(52.9)	(25.4)
Weighted-average duration for future policy benefits (in years)			8 years 4 months 24 days	9 years 4 months 24 days
Benefits and Protection | Specialty Benefits | Individual disability
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums			$ 2,552.3	$ 2,341.8
Effect of changes in discount rate assumptions at beginning of period			313.7	395.2
Balance at beginning of period at original discount rate			2,866	2,737
Effect of changes in cash flow assumptions			183.9	(37.6)
Effect of actual variances from expected experience			168.3	244.3
Adjusted beginning of period balance at original discount rate			3,218.2	2,943.7
Interest accrual			103.5	95.6
Net premiums collected			(289.1)	(273.4)
Issuances			84.4	100.1
Balance at end of period at original discount rate			3,117	2,866
Effect of changes in discount rate assumptions at end of period			(436.4)	(313.7)
Balance at end of period, Present value of expected net premiums			2,680.6	2,552.3
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments			4,450.7	4,040.6
Effect of changes in discount rate assumptions at beginning of period			903.5	1,021.4
Balance at beginning of period at original discount rate			5,354.2	5,062
Effect of changes in cash flow assumptions			216.2	(51.5)
Effect of actual variances from expected experience			173.2	260.8
Adjusted beginning of period balance at original discount rate			5,743.6	5,271.3
Interest accrual			203.3	190.1
Benefit payments			(219)	(210)
Issuances			84.5	102.8
Balance at end of period at original discount rate			5,812.4	5,354.2
Effect of changes in discount rate assumptions at end of period			(1,302.8)	(903.5)
Balance at end of period, Present value of expected future policy benefit payments			4,509.6	4,450.7
Future policy benefits			1,829	1,898.4
Reinsurance impact			(412.1)	(421.6)
Future policy benefits after reinsurance			$ 1,416.9	$ 1,476.8
Increase (decrease) in LFPB from actuarial assumptions	32.3	(13.9)
Income before taxes, net of reinsurance increase (decrease) from actuarial assumptions	$ (18.2)	$ 10.2
Weighted-average duration for future policy benefits (in years)			18 years 3 months 18 days	18 years 4 months 24 days

Future Policy Benefits and C_13

Future Policy Benefits and Claims - Additional Liability for Certain Benefit Features (Details) - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2024	Dec. 31, 2023
Changes in the additional liability for certain benefits features
Balance at end of period			$ 6,037.2	$ 5,326.5
Benefits and Protection | Life Insurance | Universal life
Changes in the additional liability for certain benefits features
Balance at beginning of period			5,326.5	4,095.2
Effect of changes in cash flow assumptions			151.9	725.4
Effect of actual variances from expected experience			28	45.2
Interest accrual			253.3	209.2
Net assessments collected			425.2	378.1
Benefit payments			(147.7)	(126.6)
Balance at end of period			6,037.2	5,326.5
Reinsurance impact			(6,011.3)	(5,306.2)
Balance at end of period after reinsurance			$ 25.9	$ 20.3
Weighted-average duration for additional liability (in years)			23 years 3 months 18 days	26 years 2 months 12 days
Additional liability for certain benefit features increase (decrease) from update of actuarial assumptions	$ 151.9	$ 725.4
Income before taxes, net of reinsurance increase (decrease) due to updating actuarial assumptions related to the additional liability for certain benefit features	$ (0.3)	$ (13.1)

Future Policy Benefits and C_14

Future Policy Benefits and Claims - Corporate (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Present value of expected future policy benefit payments
Future policy benefits	$ 36,831.4	$ 36,514.6
Corporate | Long-term care insurance
Present value of expected net premiums
Balance at beginning of period, Present value of expected net premiums	42.8	64.6
Effect of changes in discount rate assumptions at beginning of period	(3)	(3.6)
Balance at beginning of period at original discount rate	39.8	61
Effect of changes in cash flow assumptions	(5.3)	(13.3)
Effect of actual variances from expected experience	(2.2)	(5.7)
Adjusted beginning of period balance at original discount rate	32.3	42
Interest accrual	1.9	2.9
Net premiums collected	(4.7)	(5.1)
Balance at end of period at original discount rate	29.5	39.8
Effect of changes in discount rate assumptions at end of period	1.3	3
Balance at end of period, Present value of expected net premiums	30.8	42.8
Present value of expected future policy benefit payments
Balance at beginning of period, Present value of expected future policy benefit payments	209.5	248.1
Effect of changes in discount rate assumptions at beginning of period	(20)	(18.9)
Balance at beginning of period at original discount rate	189.5	229.2
Effect of changes in cash flow assumptions	(1.2)	(40.5)
Effect of actual variances from expected experience	2.5	2.5
Adjusted beginning of period balance at original discount rate	190.8	191.2
Interest accrual	11.2	12.5
Benefit payments	(15.2)	(14.2)
Balance at end of period at original discount rate	186.8	189.5
Effect of changes in discount rate assumptions at end of period	8.8	20
Balance at end of period, Present value of expected future policy benefit payments	195.6	209.5
Future policy benefits	164.8	166.7
Reinsurance impact	$ (164.8)	$ (166.7)
Weighted-average duration for future policy benefits (in years)	9 years 3 months 18 days	10 years 4 months 24 days

Future Policy Benefits and C_15

Future Policy Benefits and Claims - Expected Future Gross Premiums and Benefit Payments (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Retirement and Income Solutions | Pension risk transfer
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	$ 39,532.3	$ 36,325.5
Retirement and Income Solutions | Individual fixed income annuities
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	6,622.6	7,292
Principal Asset Management | International Pension | Latin America | Individual fixed income annuities
Future Policy Benefits and Claims
Expected undiscounted future benefit payments	5,509.1	6,296
Benefits and Protection | Specialty Benefits | Individual disability
Future Policy Benefits and Claims
Expected discounted future gross premiums	5,484	5,456.4
Expected undiscounted future gross premiums	8,680	8,264.8
Expected undiscounted future benefit payments	9,808.8	8,981.2
Benefits and Protection | Life Insurance | Term life
Future Policy Benefits and Claims
Expected discounted future gross premiums	6,651.2	6,385.1
Expected undiscounted future gross premiums	11,391.4	10,287.2
Expected undiscounted future benefit payments	8,970.7	7,832.3
Corporate | Long-term care insurance
Future Policy Benefits and Claims
Expected discounted future gross premiums	38.4	42.8
Expected undiscounted future gross premiums	55.7	60.3
Expected undiscounted future benefit payments	$ 357.3	$ 371

Future Policy Benefits and C_16

Future Policy Benefits and Claims - Interest Accretion and Current Discount Rates (Details)	Dec. 31, 2024	Dec. 31, 2023
Retirement and Income Solutions | Pension risk transfer
Future Policy Benefits and Claims
Interest accretion rate	4.61%	4.52%
Current discount rate	5.55%	4.99%
Retirement and Income Solutions | Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion rate	4.22%	4.22%
Current discount rate	5.50%	4.97%
Principal Asset Management | International Pension | Latin America | Individual fixed income annuities
Future Policy Benefits and Claims
Interest accretion rate	4.21%	4.22%
Current discount rate	3.04%	3.23%
Benefits and Protection | Specialty Benefits | Individual disability
Future Policy Benefits and Claims
Interest accretion rate	3.89%	3.96%
Current discount rate	5.64%	5.05%
Benefits and Protection | Life Insurance | Universal life
Future Policy Benefits and Claims
Interest accretion rate	4.75%	4.75%
Benefits and Protection | Life Insurance | Term life
Future Policy Benefits and Claims
Interest accretion rate	4.82%	4.83%
Current discount rate	5.35%	4.90%
Corporate | Long-term care insurance
Future Policy Benefits and Claims
Interest accretion rate	6.16%	6.16%
Current discount rate	5.58%	5.01%

Market Risk Benefits - Asset an

Market Risk Benefits - Asset and Liability Position and Reconciliation (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Market Risk Benefits
Market risk benefit asset	$ 199.5	$ 153.4
Market risk benefit liability	62.1	133.2
Net asset (liability)	137.4	20.2
Retirement and Income Solutions
Market Risk Benefits
Market risk benefit asset	199.5	153.4
Market risk benefit liability	62.1	111.9
Retirement and Income Solutions | Individual variable annuities
Market Risk Benefits
Market risk benefit asset	199.5	153.4
Market risk benefit liability	62.1	111.9
Net asset (liability)	$ 137.4	41.5	$ (72.2)
Principal Asset Management
Market Risk Benefits
Market risk benefit liability		21.3
Principal Asset Management | International Pension | Guaranteed pension | Asia
Market Risk Benefits
Market risk benefit liability		21.3
Net asset (liability)		$ (21.3)	$ (26)

Market Risk Benefits - Net Asse

Market Risk Benefits - Net Asset (Liability) Balances and Changes in Valuation of the MRBs for Individual Variable Annuities (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	$ 20.2
Balance at end of period, market risk benefits	137.4	$ 20.2
Retirement and Income Solutions | Individual variable annuities
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	41.5	(72.2)
Effect of changes in nonperformance risk at beginning of period	7.7	(31.7)
Adjusted balance at beginning of period, market risk benefits	49.2	(103.9)
Interest accrual and expected policyholder behavior	(66.8)	(80.9)
Benefit payments	0.6	0.4
Changes in interest rates	100.4	39.9
Changes in equity markets	92.4	155.1
Changes in equity index volatility	12	47.9
Actual policyholder behavior different from expected behavior	(12.7)	(4)
Changes in future expected policyholder behavior	(20.2)
Changes in other future expected assumptions	1.5	(5.3)
Adjusted balance at end of period, market risk benefits	156.4	49.2
Effect of changes in nonperformance risk at end of period	19	7.7
Balance at end of period, market risk benefits	$ 137.4	$ 41.5
Weighted-average attained age of policyholders (years)	67 years 4 months 24 days	67 years 8 months 12 days
Net amount at risk	$ 46.8	$ 111.2

Market Risk Benefits - Net As_2

Market Risk Benefits - Net Asset (Liability) Balances and Changes in Valuation of MRBs for Asia - Guaranteed Pension (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	$ 20.2
Balance at end of period, market risk benefits	137.4	$ 20.2
Principal Asset Management | International Pension | Guaranteed pension | Asia
Net asset (liability) balances and the changes in the valuation of the MRBs
Balance at beginning of period, market risk benefits	(21.3)	(26)
Effect of changes in nonperformance risk at beginning of period	1	1.2
Adjusted balance at beginning of period, market risk benefits	(20.3)	(24.8)
Interest accrual and expected policyholder behavior	(0.2)	(10.1)
Benefit payments	20.2	13.8
Changes in interest rates	(0.6)	1.2
Changes in equity markets	0.7	0.2
Actual policyholder behavior different from expected behavior	$ 0.2	(0.6)
Adjusted balance at end of period, market risk benefits		(20.3)
Effect of changes in nonperformance risk at end of period		1
Balance at end of period, market risk benefits		$ (21.3)
Weighted-average attained age of policyholders (years)		54 years
Net amount at risk		$ 25.1

Market Risk Benefits - Unobserv

Market Risk Benefits - Unobservable Inputs for Fair Value Measurement (Details)	Dec. 31, 2024	Dec. 31, 2023
Retirement and Income Solutions | Individual variable annuities | Minimum | Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0478	0.04
Retirement and Income Solutions | Individual variable annuities | Minimum | Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.181	0.18
Retirement and Income Solutions | Individual variable annuities | Minimum | Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.004	0.008
Retirement and Income Solutions | Individual variable annuities | Minimum | Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.009	0.011
Retirement and Income Solutions | Individual variable annuities | Maximum | Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0485	0.042
Retirement and Income Solutions | Individual variable annuities | Maximum | Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.3553	0.33
Retirement and Income Solutions | Individual variable annuities | Maximum | Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.011	0.016
Retirement and Income Solutions | Individual variable annuities | Maximum | Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.55	0.55
Retirement and Income Solutions | Individual variable annuities | Weighted average input | Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0481	0.041
Retirement and Income Solutions | Individual variable annuities | Weighted average input | Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.2176	0.22
Retirement and Income Solutions | Individual variable annuities | Weighted average input | Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0089	0.013
Retirement and Income Solutions | Individual variable annuities | Weighted average input | Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input	0.0579	0.059
Principal Asset Management | International Pension | Guaranteed pension | Asia | Minimum | Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.0454
Principal Asset Management | International Pension | Guaranteed pension | Asia | Minimum | Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.1639
Principal Asset Management | International Pension | Guaranteed pension | Asia | Minimum | Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.009
Principal Asset Management | International Pension | Guaranteed pension | Asia | Minimum | Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.0495
Principal Asset Management | International Pension | Guaranteed pension | Asia | Maximum | Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.047
Principal Asset Management | International Pension | Guaranteed pension | Asia | Maximum | Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.2375
Principal Asset Management | International Pension | Guaranteed pension | Asia | Maximum | Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.0177
Principal Asset Management | International Pension | Guaranteed pension | Asia | Maximum | Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.1935
Principal Asset Management | International Pension | Guaranteed pension | Asia | Weighted average input | Long-term interest rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.0461
Principal Asset Management | International Pension | Guaranteed pension | Asia | Weighted average input | Long-term equity market volatility
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.1964
Principal Asset Management | International Pension | Guaranteed pension | Asia | Weighted average input | Nonperformance risk
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.0151
Principal Asset Management | International Pension | Guaranteed pension | Asia | Weighted average input | Lapse rate
Unobservable Inputs for Fair Value Measurement
Market risk benefits, measurement input		0.168

Reinsurance (Details)

Reinsurance (Details) $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($) item	Dec. 31, 2023 USD ($) item
Ceded Credit Risk [Line Items]
Reinsurance recoverable assets	$ 14,592.6	$ 14,533.1
Reinsurance recoverable liabilities	60.3	45.2
Reinsurance deposit receivable	4,897.5	6,078.6
Reinsurer Concentration Risk | Net ceded reinsurance recoverables | Five largest ceded reinsurers
Ceded Credit Risk [Line Items]
Net ceded reinsurance recoverables	$ 14,371.7	$ 14,404.5
Concentration risk percentage	99%	99%
Number of largest ceded reinsurers | item	5	5

Reinsurance - Effects Of Reinsu

Reinsurance - Effects Of Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Premiums and other considerations:
Premiums and other considerations, Direct	$ 7,381.8	$ 6,962.2	$ 5,796.1
Premiums and other considerations, Ceded	(531.6)	(491.3)	(456.4)
Net premiums and other considerations	6,850.2	6,470.9	5,339.7
Benefits, claims and settlement expenses:
Benefits, claims and settlement expenses, Direct	10,131.5	9,365.4	8,103.6
Benefits, claims and settlement expenses, Ceded	(2,058.9)	(1,577.2)	(1,472.3)
Net benefits, claims and settlement expenses	8,072.6	7,788.2	6,631.3
Liability for future policy benefits remeasurement (gain) loss:
Liability for future policy benefits remeasurement (gain) loss, Direct	252.7	737.4	(179.5)
Liability for future policy benefits remeasurement (gain) loss, Ceded	418.7	(789)	(85)
Net liability for future policy benefits remeasurement (gain) loss	$ 671.4	$ (51.6)	$ (264.5)

Reinsurance - Cost of Reinsuran

Reinsurance - Cost of Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reinsurance
Cost of reinsurance asset	$ 3,187.6	$ 3,275.5
Cost of reinsurance liability	958.1	424.6
Cost of reinsurance amortization	$ 631.6	$ 17.7	$ 19.3

Reinsurance - Funds Withheld (D

Reinsurance - Funds Withheld (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	$ 18,321.4	$ 19,839.5
Funds withheld payable	18,103.7	19,629.5
Embedded derivative asset	3,014.6	2,567.1
Change in fair value of funds withheld embedded derivative	447.4	(1,085.7)	$ 3,652.8
Fixed maturities, available-for-sale
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	13,519.6	15,587.5
Fixed maturities, trading
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	299.4	316.8
Equity securities
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	0.3	0.3
Mortgage loans
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	2,212.4	2,385.9
Other investments
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	1,142.8	621.4
Cash and cash equivalents
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	1,080.1	818.4
Accrued interest income
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net assets	166.2	187
Net other assets (liabilities)
Funds Held under Reinsurance Agreements, Asset [Line Items]
Net asset (liability)	$ (99.4)	$ (77.8)

Reinsurance - Components of Net

Reinsurance - Components of Net Investment Income on Funds Withheld Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reinsurance
Gross investment income	$ 1,103.1	$ 1,109.9	$ 869.9
Investment expenses	(35.8)	(23.7)	(20.5)
Net investment income	1,067.3	1,086.2	849.4
Fixed maturities, available-for-sale
Reinsurance
Gross investment income	825.9	856.9	745.9
Fixed maturities, trading
Reinsurance
Gross investment income	21.5	11.9	2
Equity securities
Reinsurance
Gross investment income		0.2	0.6
Mortgage loans
Reinsurance
Gross investment income	114.7	119	98.4
Cash and cash equivalents
Reinsurance
Gross investment income	52.8	57.9	18.2
Other
Reinsurance
Gross investment income	$ 88.2	$ 64	$ 4.8

Reinsurance - Components of N_2

Reinsurance - Components of Net Realized Capital Gains (Losses) on Funds Withheld Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reinsurance
Net realized capital gains (losses)	$ (62.1)	$ (257.9)	$ (263.1)
Fixed maturities, available-for-sale
Reinsurance
Net realized capital gains (losses)	(60.5)	(229.7)	(235.5)
Fixed maturities, trading
Reinsurance
Net realized capital gains (losses)		(0.1)	(6.4)
Equity securities
Reinsurance
Net realized capital gains (losses)		(1.2)	(2.4)
Mortgage loans
Reinsurance
Net realized capital gains (losses)	(1.8)	(34.1)	(24.8)
Derivatives
Reinsurance
Net realized capital gains (losses)	$ 0.2	$ 7.2	2.7
Other
Reinsurance
Net realized capital gains (losses)			$ 3.3

Debt - Short-Term Debt (Details

Debt - Short-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Short-Term Debt
Credit facilities	$ 1,024.8	$ 933.4
Short-term debt	152.7	61.1
Credit facility maturing in October 2027 | Principal Life Insurance Company
Short-Term Debt
Credit facilities	$ 800	$ 800
Unsecured lines of credit
Short-Term Debt
Weighted-average interest rates on short-term borrowings (as a percent)	7.60%	15.60%
Unsecured lines of credit | Principal Compania de Seguros de Vida Chile S.A.
Short-Term Debt
Credit facilities	$ 77	$ 97.3
Short-term debt	31.1	58.4
Unsecured lines of credit | Principal International de Chile S.A.
Short-Term Debt
Credit facilities	21.8	33.6
Short-term debt	2.6	0.2
Secured subscription facility
Short-Term Debt
Credit facilities	$ 150
Weighted-average interest rates on short-term borrowings (as a percent)	6.84%
Secured subscription facility | Principal Credit Real Estate Income Trust
Short-Term Debt
Credit facilities	$ 126
Short-term debt	$ 119
Commercial paper
Short-Term Debt
Support provided by back-stop facility for commercial paper program (as a percent)	100%
Back-stop facility outstanding balances	$ 0	0
Uncollateralized debt | Other short-term borrowings
Short-Term Debt
Credit facilities		2.5
Short-term debt		$ 2.5

Debt - Components of Long-Term

Debt - Components of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Long-Term Debt
Long-term debt principal	$ 3,980.4	$ 3,958.7
Net unamortized discount, premium and debt issuance costs	(25.1)	(27.8)
Long-term debt carrying amount	$ 3,955.3	$ 3,930.9
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	(0.2)	(0.7)
Long-term debt carrying amount	$ 399.8	$ 399.3
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	(0.7)	(1.1)
Long-term debt carrying amount	$ 349.3	$ 348.9
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	(3.1)	(3.8)
Long-term debt carrying amount	$ 496.9	$ 496.2
2.125% notes payable, due 2030
Long-Term Debt
Interest rate (as a percent)	2.125%	2.125%
Long-term debt principal	$ 600	$ 600
Net unamortized discount, premium and debt issuance costs	(2.8)	(3.2)
Long-term debt carrying amount	$ 597.2	$ 596.8
5.375% notes payable, due 2033
Long-Term Debt
Interest rate (as a percent)	5.375%	5.375%
Long-term debt principal	$ 400	$ 400
Net unamortized discount, premium and debt issuance costs	(3.5)	(3.8)
Long-term debt carrying amount	$ 396.5	$ 396.2
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)	(2.1)
Long-term debt carrying amount	$ 503.6	$ 503.5
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	(2.7)	(2.8)
Long-term debt carrying amount	$ 297.3	$ 297.2
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	(2.8)	(2.9)
Long-term debt carrying amount	$ 297.2	$ 297.1
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	(2.9)	(3)
Long-term debt carrying amount	$ 297.1	$ 297
5.5% notes payable, due 2053
Long-Term Debt
Interest rate (as a percent)	5.50%	5.50%
Long-term debt principal	$ 300	$ 300
Net unamortized discount, premium and debt issuance costs	(4.3)	(4.3)
Long-term debt carrying amount	$ 295.7	$ 295.7
Secured credit facilities
Long-Term Debt
Interest rate (as a percent)	6.47%
Long-term debt principal	$ 21.8
Long-term debt carrying amount	$ 21.8
Mortgages and notes payable | Non-recourse
Long-Term Debt
Interest rate (as a percent)	4%	4%
Long-term debt principal	$ 3	$ 3.1
Net unamortized discount, premium and debt issuance costs	(0.1)	(0.1)
Long-term debt carrying amount	$ 2.9	$ 3

Debt - Senior Notes and Junior

Debt - Senior Notes and Junior Subordinated Notes (Details) - USD ($) $ in Millions

3 Months Ended

12 Months Ended

May 07, 2015

Sep. 05, 2012

Dec. 31, 2016

Dec. 31, 2024

Dec. 31, 2023

Dec. 31, 2022

Mar. 08, 2023

Aug. 03, 2020

Jun. 12, 2020

May 07, 2019

Nov. 10, 2016

Nov. 16, 2012

Dec. 05, 2006

Oct. 16, 2006

Long-Term Debt

Principal repayments of long-term debt

$ 0.1

$ 764

$ 302

Outstanding principal balance

3,955.3

3,930.9

Real estate

$ 2,464.5

$ 2,345.3

Senior notes

Long-Term Debt

Long-term debt issued

$ 700

Maximum | Junior subordinated notes

Long-Term Debt

Years interest payments on debt can be deferred

5 years

3.1% notes payable, due 2026 and 4.3% notes payable, due 2046 | Senior notes

Long-Term Debt

Long-term debt issued

$ 650

3.1% notes payable, due 2026

Long-Term Debt

Interest rate (as a percent)

3.10%

3.10%

Outstanding principal balance

$ 349.3

$ 348.9

3.1% notes payable, due 2026 | Senior notes

Long-Term Debt

Long-term debt issued

$ 350

Interest rate (as a percent)

3.10%

4.3% notes payable, due 2046

Long-Term Debt

Interest rate (as a percent)

4.30%

4.30%

Outstanding principal balance

$ 297.1

$ 297

4.3% notes payable, due 2046 | Senior notes

Long-Term Debt

Long-term debt issued

$ 300

Interest rate (as a percent)

4.30%

3.4% notes payable, due 2025

Long-Term Debt

Interest rate (as a percent)

3.40%

3.40%

Outstanding principal balance

$ 399.8

$ 399.3

3.4% notes payable, due 2025 | Senior notes

Long-Term Debt

Long-term debt issued

$ 400

Interest rate (as a percent)

3.40%

4.7% notes payable, due 2055 | Junior subordinated notes

Long-Term Debt

Long-term debt issued

$ 400

Interest rate (as a percent)

4.70%

Reference rate for floating rate of debt instrument

3-month LIBOR

Spread added to floating reference interest rate (as a percent)

3.044%

5.5% notes payable, due 2053

Long-Term Debt

Interest rate (as a percent)

5.50%

5.50%

Outstanding principal balance

$ 295.7

$ 295.7

5.5% notes payable, due 2053 | Senior notes

Long-Term Debt

Long-term debt issued

$ 300

Interest rate (as a percent)

5.50%

1.85% notes payable, due 2017; 3.125% notes payable, due 2023; and 4.35% notes payable, due 2043 | Senior notes

Long-Term Debt

Long-term debt issued

$ 900

1.85% notes payable, due 2017 | Senior notes

Long-Term Debt

Long-term debt issued

$ 300

Interest rate (as a percent)

1.85%

3.125% notes payable, due 2023 | Senior notes

Long-Term Debt

Long-term debt issued

$ 300

Interest rate (as a percent)

3.125%

3.125%

4.35% notes payable, due 2043

Long-Term Debt

Interest rate (as a percent)

4.35%

4.35%

Outstanding principal balance

$ 297.2

$ 297.1

4.35% notes payable, due 2043 | Senior notes

Long-Term Debt

Long-term debt issued

$ 300

Interest rate (as a percent)

4.35%

5.375% notes payable, due 2033

Long-Term Debt

Interest rate (as a percent)

5.375%

5.375%

Outstanding principal balance

$ 396.5

$ 396.2

5.375% notes payable, due 2033 | Senior notes

Long-Term Debt

Long-term debt issued

$ 400

Interest rate (as a percent)

5.375%

4.625% notes payable, due 2042

Long-Term Debt

Interest rate (as a percent)

4.625%

4.625%

Outstanding principal balance

$ 297.3

$ 297.2

4.625% notes payable, due 2042 | Senior notes

Long-Term Debt

Long-term debt issued

$ 300

Interest rate (as a percent)

4.625%

7.875% notes payable, due 2014 | Senior notes

Long-Term Debt

Principal repayments of long-term debt

$ 400

6.05% notes payable, due 2036

Long-Term Debt

Interest rate (as a percent)

6.05%

6.05%

Outstanding principal balance

$ 503.6

$ 503.5

6.05% notes payable, due 2036 | Senior notes

Long-Term Debt

Principal repayments of long-term debt

$ 94.4

6.05% notes payable, due 2036, issued in October 2006 | Senior notes

Long-Term Debt

Long-term debt issued

$ 500

Interest rate (as a percent)

6.05%

6.05% notes payable, due 2036, issued in December 2006 | Senior notes

Long-Term Debt

Long-term debt issued

$ 100

Interest rate (as a percent)

6.05%

3.7% notes payable, due 2029

Long-Term Debt

Interest rate (as a percent)

3.70%

3.70%

Outstanding principal balance

$ 496.9

$ 496.2

3.7% notes payable, due 2029 | Senior notes

Long-Term Debt

Long-term debt issued

$ 500

Interest rate (as a percent)

3.70%

2.125% notes payable, due 2030

Long-Term Debt

Interest rate (as a percent)

2.125%

2.125%

Outstanding principal balance

$ 597.2

$ 596.8

2.125% notes payable, due 2030 | Senior notes

Long-Term Debt

Long-term debt issued

$ 100

$ 500

Interest rate (as a percent)

2.125%

2.125%

Secured credit facilities

Long-Term Debt

Interest rate (as a percent)

6.47%

Outstanding principal balance

$ 21.8

Secured credit facilities | Pledged as collateral

Long-Term Debt

Real estate

$ 29

Debt - Non-Recourse Mortgages a

Debt - Non-Recourse Mortgages and Notes Payable (Details) - Mortgages and notes payable - Non-recourse - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Long-Term Debt
Outstanding principal balances per real estate development	$ 2.9	$ 3
Interest rate (as a percent)	4%	4%
Pledged as collateral
Long-Term Debt
Real estate	$ 14.3	$ 321.7

Debt - Future Maturities of Lon

Debt - Future Maturities of Long-Term Debt (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Future maturities of long-term debt
Year 1: Long-term debt maturities	$ 421.6
Year 2: Long-term debt maturities	349.3
Year 3: Long-term debt maturities	0.1
Year 4: Long-term debt maturities	2.8
Year 5: Long-term debt maturities	496.9
Year 6 and thereafter: Long-term debt maturities	2,684.6
Long-term debt carrying amount	$ 3,955.3	$ 3,930.9

Debt - Contingent Funding Agree

Debt - Contingent Funding Agreements (Details) $ in Millions	Mar. 08, 2018 USD ($) item
Contingent funding agreements
Long-Term Debt
Number of contingent funding agreements | item	2
Period failure to make payments to trust can be cured before automatic exercise of put options	30 days
Minimum shareholders' equity excluding AOCI and NCI, to avoid automatic exercise of options	$ 4,000
10-year contingent funding agreement | 2028 Trust
Long-Term Debt
Term of contingent funding agreement	10 years
Semi-annual put premium (as a percent)	1.275%
10-year contingent funding agreement | 2028 Trust | Senior Notes due 2028
Long-Term Debt
Amount of notes issuable under option	$ 400
Interest rate (as a percent)	4.111%
30-year contingent funding agreement | 2048 Trust
Long-Term Debt
Term of contingent funding agreement	30 years
Annual put premium (as a percent)	1.58%
30-year contingent funding agreement | 2048 Trust | Senior Notes due 2048
Long-Term Debt
Amount of notes issuable under option	$ 350
Interest rate (as a percent)	4.682%
2028 Trust
Long-Term Debt
Pre-capitalized trust securities sold	$ 400
2048 Trust
Long-Term Debt
Pre-capitalized trust securities sold	$ 350

Income Taxes - Income Tax Expen

Income Taxes - Income Tax Expense and Income Before Income Taxes (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Taxes
Current income taxes (benefits): U.S. federal	$ 217.8	$ 81.5	$ (56.3)
Current income taxes (benefits): State	33.3	20.1	20.7
Current income taxes (benefits): Foreign	37	38.8	53.1
Current income taxes (benefits): Tax benefit of operating loss carryforwards	(3.7)	(14.5)	(9.5)
Total current income taxes (benefits)	284.4	125.9	8
Deferred income taxes (benefits): U.S. federal	(12.1)	(63.2)	1,189.7
Deferred income taxes (benefits): State	12.7	0.1	8
Deferred income taxes (benefits): Foreign	6.7	5.9	(16.2)
Total deferred income taxes (benefits)	7.3	(57.2)	1,181.5
Income taxes (benefits)	291.7	68.7	1,189.5
Income (loss) before income taxes
Income (loss) before income taxes - domestic	1,662.1	412.8	5,766.1
Income (loss) before income taxes - foreign	227.5	326	220.9
Income (loss) before income taxes	$ 1,889.6	$ 738.8	$ 5,987

Income Taxes - Effective Income

Income Taxes - Effective Income Tax Rate (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Reconciliation between the U.S. corporate income tax rate and the effective income tax rate
U.S. corporate income tax rate (as a percent)	21%	21%	21%
Dividends received deduction (as a percent)	(4.00%)	(10.00%)	(1.00%)
Tax credits (as a percent)	(4.00%)	(8.00%)	(1.00%)
Impact of equity method presentation (as a percent)	(1.00%)	(4.00%)
Interest exclusion from taxable income (as a percent)	(1.00%)	(3.00%)
Foreign currency inflation (as a percent)		(1.00%)
Impact of noncontrolling interest presentation (as a percent)		(1.00%)
Low income housing tax credit amortization (as a percent)	2%	5%
State income taxes (as a percent)	2%	2%
Valuation allowance (as a percent)	1%	1%
Global Intangible Low-Taxed Income (as a percent)		7%	1%
Other (as a percent)	(1.00%)
Effective income tax rate (as a percent)	15%	9%	20%

Income Taxes - Unrecognized Tax

Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in Unrecognized Tax Benefits
Beginning balance, Unrecognized tax benefits	$ 39.3	$ 42.2	$ 45.5
Additions based on tax positions related to the current year	0.3	0.3
Reductions for tax positions related to the current year	(3.2)	(3.2)	(3.3)
Ending balance, Unrecognized tax benefits	36.4	39.3	$ 42.2
Amount of unrecognized tax benefits that would reduce the effective income tax rate, if recognized	1.6
Accumulated pre-tax interest and penalties related to unrecognized tax benefits	$ 2	$ 1.8

Income Taxes - Deferred Income

Income Taxes - Deferred Income Taxes and Other (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Deferred income tax assets:
Net operating and capital loss carryforwards	$ 107.4	$ 123
Tax credit carryforwards	15.2	64.2
Net unrealized losses on available-for-sale securities	1,250.2	1,092.9
Employee benefits	334.3	315.4
Gross deferred income tax assets	1,707.1	1,595.5
Valuation allowance	(71.4)	(58.8)
Total deferred income tax assets	1,635.7	1,536.7
Deferred income tax liabilities:
Deferred income tax liabilities: Deferred acquisition costs	(689.7)	(679.2)
Investments, including derivative assets	(217.1)	(240.9)
Funds withheld embedded derivative	(651.7)	(575.5)
Deferred income tax liabilities: Real estate	(127.1)	(136.7)
Intangible assets	(355.5)	(384.2)
Insurance liabilities	(1,008.1)	(886.1)
Other deferred income tax liabilities	(85.4)	(6.3)
Total deferred income tax liabilities	(3,134.6)	(2,908.9)
Total net deferred income tax liabilities	(1,498.9)	(1,372.2)
Net deferred income taxes by jurisdiction
Net deferred income tax assets	207.1	241.1
Net deferred income tax liabilities	(1,706)	(1,613.3)
Total net deferred income tax liabilities	(1,498.9)	(1,372.2)
Deferred income tax disclosures-operating loss carryforwards
Valuation allowances on income tax benefits primarily associated with foreign net operating loss carryforwards	71.4	58.8
Deferred income tax disclosures
Accumulated but undistributed earnings from operations of foreign subsidiaries for which U.S. federal and state deferred income taxes have not been provided	1,276.3	1,362.6
Excess book carrying value over tax basis with respect to the original investment of foreign subsidiaries for which U.S. federal and state deferred income taxes have not been provided	106.2
U.S. Federal
Net deferred income taxes by jurisdiction
Net deferred income tax liabilities	(1,416.1)	(1,312.9)
Deferred income tax disclosures-operating loss carryforwards
Net operating loss carryforwards	16.9	0
Tax credit carryforwards	15.2	64.2
Capital loss carryforwards	69.9	155.2
State
Net deferred income taxes by jurisdiction
Net deferred income tax assets	61.9	77.9
Deferred income tax disclosures-operating loss carryforwards
Net operating loss carryforwards	288.3	312.3
Foreign
Net deferred income taxes by jurisdiction
Net deferred income tax assets	145.2	163.2
Net deferred income tax liabilities	(289.9)	(300.4)
Deferred income tax disclosures-operating loss carryforwards
Net operating loss carryforwards	$ 264.3	$ 257.3

Employee and Agent Benefits - P

Employee and Agent Benefits - Plan Information (Details)	12 Months Ended
	Dec. 31, 2024
Pension benefits
Defined Benefit Plan Disclosures
Period of employment used to calculate average annual compensation for the final average pay benefit	5 years

Employee and Agent Benefits - B

Employee and Agent Benefits - Benefit Obligation and Funded Status (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Change in benefit obligation
Benefit obligation at beginning of year	$ (3,390.9)	$ (3,209.4)
Service cost	(59.2)	(55.6)	$ (78.4)
Interest cost	(161.5)	(160.1)	(112.8)
Actuarial gain (loss)	199.3	(119.7)
Benefits paid	165	153.9
Settlement	1.4
Benefit obligation at end of year	(3,245.9)	(3,390.9)	(3,209.4)
Change in plan assets
Fair value of plan assets at beginning of year	2,909.6	2,726.3
Actual return on plan assets	(14.4)	258.5
Employer contribution	84.9	78.7
Benefits paid	(165)	(153.9)
Settlement	(1.4)
Fair value of plan assets at end of year	2,813.7	2,909.6	2,726.3
Amount recognized in statement of financial position
Amount recognized in other liabilities	(432.2)	(481.3)
Total assets (liabilities) recognized in statement of financial position	(432.2)	(481.3)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	371.7	425.4
Prior service (benefit) cost	(53.9)	(70.6)
Pre-tax accumulated other comprehensive (income) loss	317.8	354.8
Additional defined benefit plan disclosures
Accumulated benefit obligation	3,245.9	3,390.9
Market value of assets held in Rabbi trusts for benefit of nonqualified pension plan participants	348.8	342.2
Other postretirement benefits
Change in benefit obligation
Benefit obligation at beginning of year	(68.4)	(71)
Interest cost	(3.2)	(3.4)	(2.3)
Actuarial gain (loss)	2.5	(2.9)
Participant contributions	(6.1)	(6.1)
Benefits paid	13.6	15
Benefit obligation at end of year	(61.6)	(68.4)	(71)
Change in plan assets
Fair value of plan assets at beginning of year	99.8	94.4
Actual return on plan assets	8.4	12.7
Employer contribution	1.3	1.6
Participant contributions	6.1	6.1
Benefits paid	(13.6)	(15)
Fair value of plan assets at end of year	102	99.8	$ 94.4
Amount recognized in statement of financial position
Amount recognized in other assets	40.4	31.4
Total assets (liabilities) recognized in statement of financial position	40.4	31.4
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	(29.9)	(24.4)
Prior service (benefit) cost	(3.2)	(4.3)
Pre-tax accumulated other comprehensive (income) loss	$ (33.1)	$ (28.7)

Employee and Agent Benefits - A

Employee and Agent Benefits - ABO in Excess of Plan Assets (Details) - Pension benefits - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Information for Defined Benefit Plans With an Accumulated Benefit Obligation in Excess of Plan Assets
Projected benefit obligation for defined benefit plans with an accumulated benefit obligation in excess of plan assets	$ 3,245.9	$ 3,390.9
Accumulated benefit obligation for defined benefit plans with an accumulated benefit obligation in excess of plan assets	3,245.9	3,390.9
Fair value of plan assets for defined benefit plans with an accumulated benefit obligation in excess of plan assets	$ 2,813.7	$ 2,909.6

Employee and Agent Benefits - N

Employee and Agent Benefits - Net Periodic Benefit Cost (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Plan actuarial gain and loss amortization disclosures
Allowable corridor not used for amortization of actuarial gains and losses of qualified pension plan (as a percent)	10%
Pension benefits
Components of Net Periodic Benefit Cost (Income)
Service cost	$ 59.2	$ 55.6	$ 78.4
Interest cost	$ 161.5	$ 160.1	$ 112.8
Interest cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Expected return on plan assets	$ (170.4)	$ (163.2)	$ (178.9)
Expected return on plan assets, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Amortization of prior service (benefit) cost	$ (16.7)	$ (16.8)	$ (16.8)
Amortization of prior service (benefit) cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Recognized net actuarial (gain) loss	$ 39	$ 41	$ 55.7
Recognized net actuarial (gain) loss, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Settlement	$ 0.2
Settlement, location on consolidated statements of operations	Operating expenses
Net periodic benefit cost (income)	$ 72.8	$ 76.7	$ 51.2
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	(14.5)	24.4
Amortization of gain (loss)	(39)	(41)
Amortization of prior service benefit (cost)	16.7	16.8
Settlement	(0.2)
Total recognized in pre-tax accumulated other comprehensive (income) loss	(37)	0.2
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	35.8	76.9
Other postretirement benefits
Components of Net Periodic Benefit Cost (Income)
Interest cost	$ 3.2	$ 3.4	$ 2.3
Interest cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Expected return on plan assets	$ (4.5)	$ (4.6)	$ (4.9)
Expected return on plan assets, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Amortization of prior service (benefit) cost	$ (1.1)	$ (0.8)	$ (1.1)
Amortization of prior service (benefit) cost, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Recognized net actuarial (gain) loss	$ (0.9)	$ (1)	$ (1.1)
Recognized net actuarial (gain) loss, location on consolidated statements of operations	Operating expenses	Operating expenses	Operating expenses
Net periodic benefit cost (income)	$ (3.3)	$ (3)	$ (4.8)
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	(6.4)	(5.2)
Amortization of gain (loss)	0.9	1
Amortization of prior service benefit (cost)	1.1	0.8
Total recognized in pre-tax accumulated other comprehensive (income) loss	(4.4)	(3.4)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$ (7.7)	$ (6.4)

Employee and Agent Benefits - W

Employee and Agent Benefits - Weighted Average Assumptions (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section
Discount rate: Benefit obligation (as a percent)	5.50%	4.90%
Interest crediting rate - cash balance benefit	5%	5%
Rate of compensation increase: Benefit obligation (as a percent)	4.52%	4.56%
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate: Net periodic benefit cost (as a percent)	4.90%	5.10%	2.75%
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	6.10%	6.20%	5.20%
Interest crediting rate - cash balance benefit	5%	5%	5%
Pension benefits, Cash balance benefit
Weighted-average assumptions used to determine net periodic benefit cost
Rate of compensation increase: Net periodic benefit cost (as a percent)	4.52%	4.53%	4.59%
Other postretirement benefits
Weighted-average assumptions used to determine benefit obligations as disclosed under the Obligations and Funded Status section
Discount rate: Benefit obligation (as a percent)	5.35%	4.80%
Weighted-average assumptions used to determine net periodic benefit cost
Discount rate: Net periodic benefit cost (as a percent)	4.80%	5%	2.50%
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	4.65%	5.05%	4.25%
Assumed Health Care Cost Trend Rates
Health care cost trend rate assumed for next year under age 65 (as a percent)	7.50%	7.50%
Health care cost trend rate assumed for next year age 65 and over (as a percent)	6.50%	6.50%
Rate to which the health care cost trend rate is assumed to decline (the ultimate trend rate) (as a percent)	4.50%	4.50%
Year that the health care cost trend rate reaches the ultimate trend rate under age 65 (calendar year)	2033	2032
Year that the health care cost trend rate reaches the ultimate trend rate age 65 and over (calendar year)	2032	2031
Home office and agent pre-65 medical/life plans
Weighted-average assumptions used to determine net periodic benefit cost
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	4.70%
Post-65 medical plans
Weighted-average assumptions used to determine net periodic benefit cost
Expected long-term return on plan assets: Net periodic benefit cost (as a percent)	4.55%

Employee and Agent Benefits - F

Employee and Agent Benefits - Fair Value of Plan Assets (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pension benefits
Defined benefit plan, fair value of plan assets
Fair value of plan assets	$ 2,813.7	$ 2,909.6	$ 2,726.3
Defined Benefit Plan, Tax Status [Extensible Enumeration]	Qualified Plan [Member]	Qualified Plan [Member]
Pension benefits | Pooled separate account investments | Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	$ 26.8	$ 27.9
Pension benefits | Pooled separate account investments | U.S. large cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	236.5	290.9
Pension benefits | Pooled separate account investments | U.S. small/mid cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	98.4	49.5
Pension benefits | Pooled separate account investments | Balanced asset allocation portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	135	97
Pension benefits | Pooled separate account investments | International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	135.9	141.8
Pension benefits | Pooled separate account investments | Real estate investment portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	133.6	204.1
Pension benefits | Single client separate account investments | U.S. government and agencies
Defined benefit plan, fair value of plan assets
Fair value of plan assets	93.7	124.9
Pension benefits | Single client separate account investments | States and political subdivisions
Defined benefit plan, fair value of plan assets
Fair value of plan assets	15.5	27
Pension benefits | Single client separate account investments | Corporate debt securities
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1,387.2	1,394.2
Pension benefits | Single client separate account investments | Hedge funds
Defined benefit plan, fair value of plan assets
Fair value of plan assets	3.6
Pension benefits | Single client separate account investments | Mutual funds
Defined benefit plan, fair value of plan assets
Fair value of plan assets	109.9
Pension benefits | Single client separate account investments | Pooled separate account investment
Defined benefit plan, fair value of plan assets
Fair value of plan assets	423	497.9
Pension benefits | Single client separate account investments | Other
Defined benefit plan, fair value of plan assets
Fair value of plan assets	14.6	54.4
Pension benefits | Amount measured at net asset value
Defined benefit plan, fair value of plan assets
Fair value of plan assets	3.6
Pension benefits | Amount measured at net asset value | Single client separate account investments | Hedge funds
Defined benefit plan, fair value of plan assets
Fair value of plan assets	3.6
Pension benefits | Fair value hierarchy Level 1
Defined benefit plan, fair value of plan assets
Fair value of plan assets	203.6	124.9
Pension benefits | Fair value hierarchy Level 1 | Single client separate account investments | U.S. government and agencies
Defined benefit plan, fair value of plan assets
Fair value of plan assets	93.7	124.9
Pension benefits | Fair value hierarchy Level 1 | Single client separate account investments | Mutual funds
Defined benefit plan, fair value of plan assets
Fair value of plan assets	109.9
Pension benefits | Fair value hierarchy Level 2
Defined benefit plan, fair value of plan assets
Fair value of plan assets	2,606.5	2,784.7
Pension benefits | Fair value hierarchy Level 2 | Pooled separate account investments | Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	26.8	27.9
Pension benefits | Fair value hierarchy Level 2 | Pooled separate account investments | U.S. large cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	236.5	290.9
Pension benefits | Fair value hierarchy Level 2 | Pooled separate account investments | U.S. small/mid cap equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	98.4	49.5
Pension benefits | Fair value hierarchy Level 2 | Pooled separate account investments | Balanced asset allocation portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	135	97
Pension benefits | Fair value hierarchy Level 2 | Pooled separate account investments | International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	135.9	141.8
Pension benefits | Fair value hierarchy Level 2 | Pooled separate account investments | Real estate investment portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	133.6	204.1
Pension benefits | Fair value hierarchy Level 2 | Single client separate account investments | States and political subdivisions
Defined benefit plan, fair value of plan assets
Fair value of plan assets	15.5	27
Pension benefits | Fair value hierarchy Level 2 | Single client separate account investments | Corporate debt securities
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1,387.2	1,394.2
Pension benefits | Fair value hierarchy Level 2 | Single client separate account investments | Pooled separate account investment
Defined benefit plan, fair value of plan assets
Fair value of plan assets	423	497.9
Pension benefits | Fair value hierarchy Level 2 | Single client separate account investments | Other
Defined benefit plan, fair value of plan assets
Fair value of plan assets	14.6	54.4
Other postretirement benefits
Defined benefit plan, fair value of plan assets
Fair value of plan assets	102	99.8	$ 94.4
Other postretirement benefits | Cash and cash equivalents
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1	1.3
Other postretirement benefits | Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	48.6	47.9
Other postretirement benefits | U.S. equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	38.7	36.7
Other postretirement benefits | International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	13.7	13.9
Other postretirement benefits | Fair value hierarchy Level 1
Defined benefit plan, fair value of plan assets
Fair value of plan assets	102	99.8
Other postretirement benefits | Fair value hierarchy Level 1 | Cash and cash equivalents
Defined benefit plan, fair value of plan assets
Fair value of plan assets	1	1.3
Other postretirement benefits | Fair value hierarchy Level 1 | Fixed income security portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	48.6	47.9
Other postretirement benefits | Fair value hierarchy Level 1 | U.S. equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	38.7	36.7
Other postretirement benefits | Fair value hierarchy Level 1 | International equity portfolios
Defined benefit plan, fair value of plan assets
Fair value of plan assets	$ 13.7	$ 13.9

Employee and Agent Benefits - T

Employee and Agent Benefits - Target Plan Asset Allocation (Details)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Pension benefits
Asset category target allocation
Defined Benefit Plan, Tax Status [Extensible Enumeration]	Qualified Plan [Member]	Qualified Plan [Member]
Pension benefits | Fixed income security portfolios
Asset category target allocation
Asset category target allocation	70%
Pension benefits | Equity portfolios
Asset category target allocation
Asset category target allocation	15%
Pension benefits | Private Investments
Asset category target allocation
Asset category target allocation	15%
Other postretirement benefits | U.S. equity portfolios
Asset category target allocation
Asset category target allocation	35%
Other postretirement benefits | International equity portfolios
Asset category target allocation
Asset category target allocation	15%
Other postretirement benefits | Fixed income security portfolios
Asset category target allocation
Asset category target allocation	50%

Employee and Agent Benefits - C

Employee and Agent Benefits - Contributions and Estimated Future Benefit Payments (Details) $ in Millions	Dec. 31, 2024 USD ($)
Pension benefits
Estimated Future Benefit Payments
Estimated future benefit payments, Year 1	$ 227.2
Estimated future benefit payments, Year 2	209.3
Estimated future benefit payments, Year 3	219.2
Estimated future benefit payments, Year 4	223.6
Estimated future benefit payments, Year 5	230.8
Estimated future benefit payments, Years 6-10	1,273.2
Pension benefits | Maximum
Contributions
Possible contributions to be made during the next fiscal year to the qualified and nonqualified pension plans combined	70
Other postretirement benefits
Estimated Future Benefit Payments
Estimated future benefit payments, Year 1	12.6
Estimated future benefit payments, Year 2	11.4
Estimated future benefit payments, Year 3	10.3
Estimated future benefit payments, Year 4	9.2
Estimated future benefit payments, Year 5	8.5
Estimated future benefit payments, Years 6-10	$ 34

Employee and Agent Benefits - S

Employee and Agent Benefits - Supplemental Information, Qualified and Nonqualified Plans (Details) - Pension benefits - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Amount recognized in statement of financial position
Amount recognized in other liabilities	$ (432.2)	$ (481.3)
Total assets (liabilities) recognized in statement of financial position	(432.2)	(481.3)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	371.7	425.4
Prior service (benefit) cost	(53.9)	(70.6)
Pre-tax accumulated other comprehensive (income) loss	317.8	354.8
Components of Net Periodic Benefit Cost (Income)
Service cost	59.2	55.6	$ 78.4
Interest cost	161.5	160.1	112.8
Expected return on plan assets	(170.4)	(163.2)	(178.9)
Amortization of prior service (benefit) cost	(16.7)	(16.8)	(16.8)
Recognized net actuarial (gain) loss	39	41	55.7
Settlement	0.2
Net periodic benefit cost (income)	72.8	76.7	$ 51.2
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	(14.5)	24.4
Amortization of gain (loss)	(39)	(41)
Amortization of prior service benefit (cost)	16.7	16.8
Settlement	(0.2)
Total recognized in pre-tax accumulated other comprehensive (income) loss	(37)	0.2
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	35.8	76.9
Qualified benefit plans
Amount recognized in statement of financial position
Amount recognized in other liabilities	(34.9)	(58.3)
Total assets (liabilities) recognized in statement of financial position	(34.9)	(58.3)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	331	361.4
Prior service (benefit) cost	(47.4)	(60)
Pre-tax accumulated other comprehensive (income) loss	283.6	301.4
Components of Net Periodic Benefit Cost (Income)
Service cost	55.2	51.6
Interest cost	141.6	139.7
Expected return on plan assets	(170.4)	(163.2)
Amortization of prior service (benefit) cost	(12.7)	(12.6)
Recognized net actuarial (gain) loss	35.5	38.8
Settlement	0.2
Net periodic benefit cost (income)	49.4	54.3
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	5.2	9.5
Amortization of gain (loss)	(35.4)	(38.8)
Amortization of prior service benefit (cost)	12.7	12.6
Settlement	(0.2)
Total recognized in pre-tax accumulated other comprehensive (income) loss	(17.7)	(16.7)
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	31.7	37.6
Nonqualified benefit plans
Amount recognized in statement of financial position
Amount recognized in other liabilities	(397.3)	(423)
Total assets (liabilities) recognized in statement of financial position	(397.3)	(423)
Amount recognized in accumulated other comprehensive (income) loss
Total net actuarial (gain) loss	40.7	64
Prior service (benefit) cost	(6.5)	(10.6)
Pre-tax accumulated other comprehensive (income) loss	34.2	53.4
Components of Net Periodic Benefit Cost (Income)
Service cost	4	4
Interest cost	19.9	20.4
Amortization of prior service (benefit) cost	(4)	(4.2)
Recognized net actuarial (gain) loss	3.5	2.2
Net periodic benefit cost (income)	23.4	22.4
Other changes recognized in accumulated other comprehensive (income) loss
Net actuarial (gain) loss	(19.7)	14.9
Amortization of gain (loss)	(3.6)	(2.2)
Amortization of prior service benefit (cost)	4	4.2
Total recognized in pre-tax accumulated other comprehensive (income) loss	(19.3)	16.9
Total recognized in net periodic benefit cost and pre-tax accumulated other comprehensive (income) loss	$ 4.1	$ 39.3

Employee and Agent Benefits - D

Employee and Agent Benefits - Defined Contribution and Deferred Compensation Plans (Details) - USD ($) shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Defined Contribution Plan Disclosures
Number of common stock shares allocated participants in the employee stock ownership plan	1.5	1.7
Fair value of employee stock ownership plan	$ 119,700,000	$ 135,600,000
Qualified benefit plans
Defined Contribution Plan Disclosures
Contribution rate of employer to match participant's contributions (as a percent)	75%
Maximum percent of participant's compensation matched by employer (as a percent)	6%
Pension benefits | Qualified benefit plans
Defined Contribution Plan Disclosures
Maximum amount of compensation eligible participants could contribute to defined contribution plans	$ 23,000
Amount contributed by the employer to defined contribution plans	75,400,000	74,100,000	$ 70,300,000
Pension benefits | Nonqualified benefit plans
Defined Contribution Plan Disclosures
Amount contributed by the employer to defined contribution plans	$ 3,600,000	$ 3,100,000	$ 3,900,000
Grandfathered Choice Participant | Nonqualified benefit plans
Defined Contribution Plan Disclosures
Contribution rate of employer to match participant's contributions (as a percent)	50%
Maximum percent of participant's compensation matched by employer (as a percent)	3%
All other participants | Nonqualified benefit plans
Defined Contribution Plan Disclosures
Contribution rate of employer to match participant's contributions (as a percent)	75%
Maximum percent of participant's compensation matched by employer (as a percent)	6%

Contingencies, Guarantees, In_3

Contingencies, Guarantees, Indemnifications and Leases - Guarantees and Indemnifications (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Guaranty Funds
Undiscounted liability balance for guaranty fund assessments	$ 29.3	$ 21.9
Premium tax offsets	17.5	$ 11
Guarantees to third parties primarily related to former subsidiaries and joint ventures
Guarantees and Indemnifications
Maximum exposure under guarantees	74
Guarantees related to P-Caps contingent funding agreements
Guarantees and Indemnifications
Maximum exposure under guarantees	$ 750

Contingencies, Guarantees, In_4

Contingencies, Guarantees, Indemnifications and Leases - Leases (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Assets
Operating lease assets	$ 151.4	$ 176.7
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Finance lease assets	$ 67.6	$ 73.9
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization	Property, Plant, and Equipment and Finance Lease Right-of-Use Asset, after Accumulated Depreciation and Amortization
Total lease assets	$ 219	$ 250.6
Liabilities
Operating lease liabilities	$ 150.6	$ 175.6
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Finance lease liabilities	$ 69	$ 74.8
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Total lease liabilities	$ 219.6	$ 250.4
Finance lease cost:
Amortization of right-of-use assets	29.8	32.9	$ 34
Interest on lease liabilities	2.6	1.9	1.2
Operating lease cost	55.3	56.1	61.6
Other lease cost	9.2	9.5	12.4
Sublease income	(0.5)	(0.3)	(1.5)
Total lease cost	96.4	100.1	107.7
Payments for operating leases	50.3	60.1	58.3
Payments for finance leases	32	34.3	$ 35.1
Operating leases, payments due for the twelve months ending December 31:
2025	46.1
2026	41.2
2027	32.8
2028	18.6
2029	8.5
2030 and thereafter	20.7
Total lease payments	167.9
Less: interest	17.3
Present value of lease liabilities	$ 150.6	$ 175.6
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Finance leases, payments due for the twelve months ending December 31:
2025	$ 29.1
2026	24.5
2027	14.9
2028	4.3
Total lease payments	72.8
Less: interest	3.8
Present value of lease liabilities	$ 69	$ 74.8
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Other Liabilities	Other Liabilities
Total leases, payments due for the twelve months ending December 31:
2025	$ 75.2
2026	65.7
2027	47.7
2028	22.9
2029	8.5
2030 and thereafter	20.7
Total lease payments	240.7
Less: interest	21.1
Present value of lease liabilities	$ 219.6	$ 250.4
Weighted-average remaining lease term and weighted-average discount rates
Weighted average remaining lease term, Operating leases	5 years 6 months	6 years	6 years 4 months 24 days
Weighted average remaining lease term, Finance leases	2 years 9 months 18 days	3 years	2 years 9 months 18 days
Weighted-average discount rate, Operating leases	3.70%	3.60%	3.60%
Weighted-average discount rate, Finance leases	4%	3.50%	1.70%

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Dividends and Reconciliation of Outstanding Common Shares (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended								12 Months Ended
	Feb. 28, 2025	Feb. 29, 2024	Sep. 30, 2022	Aug. 31, 2022	Jun. 30, 2022	Mar. 31, 2022	Jan. 31, 2022	Jun. 30, 2021	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Aug. 16, 2022
Common Stock Dividends
Dividends declared per common share (in dollars per share)									$ 2.85	$ 2.6	$ 2.56
Common stock share repurchase disclosures
Amount of forward contract recorded in additional paid in capital											$ 33.9
Common stock
Reconciliation of Outstanding Common Shares
Outstanding shares at beginning of period							261,673,076		236,438,294	243,549,782	261,673,076
Shares issued									2,455,503	2,469,841	4,937,910
Treasury stock acquired									(12,668,636)	(9,581,329)	(23,061,204)
Outstanding shares at end of period									226,225,161	236,438,294	243,549,782
Common stock share repurchase disclosures
Share repurchase program, maximum authorized amount (in dollars)	$ 1,500	$ 1,500					$ 1,600	$ 1,200
Common stock | March 2022 Accelerated Share Repurchase Program
Common stock share repurchase disclosures
Share repurchase program, maximum authorized amount (in dollars)						$ 700
Number of shares repurchased					1,400,000	8,500,000
Initial cost of shares repurchased						$ 560
Amount of forward contract recorded in additional paid in capital						$ 140
Volume-weighted average price of our common stock					$ 70.53
Common stock | August 2022 Accelerated Share Repurchase Program
Common stock share repurchase disclosures
Share repurchase program, maximum authorized amount (in dollars)				$ 400
Number of shares repurchased			1,200,000	4,100,000
Initial cost of shares repurchased												$ 320
Volume-weighted average price of our common stock			$ 76.48

Stockholders' Equity - Other Co

Stockholders' Equity - Other Comprehensive Income (Loss) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	$ 204.9	$ 1,949.6	$ (6,249.3)
Other comprehensive income (loss), tax	(93)	(415.8)	1,340.5
Other comprehensive income (loss)	111.9	1,533.8	(4,908.8)
Net unrealized gains (losses) on available-for-sale securities including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	(1,033.4)	1,986.8	(13,158.9)
Adjustments for assumed changes in amortization patterns, pre-tax	9.8	(2.6)	(3.7)
Adjustments for assumed changes in policyholder liabilities, pre-tax	10.8	0.7	273.2
Other comprehensive income (loss), pre-tax	(874.4)	2,336	(12,490.5)
Other comprehensive income (loss) before reclassifications, tax	227	(419.8)	2,787.9
Reclassification from accumulated other comprehensive income, tax	(26.2)	(73.5)	(87.6)
Adjustments for assumed changes in amortization patterns, tax	(2.1)	0.6	0.7
Adjustments for assumed changes in policyholder liabilities, tax	(2.3)	(0.2)	(57.3)
Other comprehensive income (loss), tax	196.4	(492.9)	2,643.7
Other comprehensive income (loss) before reclassifications, after-tax	(806.4)	1,567	(10,371)
Reclassification from accumulated other comprehensive income, after-tax	112.2	277.6	311.3
Adjustments for assumed changes in amortization patterns, after-tax	7.7	(2)	(3)
Adjustments for assumed changes in policyholder liabilities, after-tax	8.5	0.5	215.9
Other comprehensive income (loss)	(678)	1,843.1	(9,846.8)
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	138.4	351.1	398.9
Net unrealized gains (losses) on derivative instruments including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	71.2	(44.9)	(1.4)
Reclassification from accumulated other comprehensive income, pre-tax	(3.5)	(7.4)	(28)
Adjustments for assumed changes in amortization patterns, pre-tax	0.5	(0.9)	(0.1)
Adjustments for assumed changes in policyholder liabilities, pre-tax		0.2	0.4
Other comprehensive income (loss), pre-tax	68.2	(53)	(29.1)
Other comprehensive income (loss) before reclassifications, tax	(15)	9.4	0.3
Reclassification from accumulated other comprehensive income, tax	0.8	1.6	5.8
Adjustments for assumed changes in amortization patterns, tax	(0.1)	0.2
Adjustments for assumed changes in policyholder liabilities, tax			(0.1)
Other comprehensive income (loss), tax	(14.3)	11.2	6
Other comprehensive income (loss) before reclassifications, after-tax	56.2	(35.5)	(1.1)
Reclassification from accumulated other comprehensive income, after-tax	(2.7)	(5.8)	(22.2)
Adjustments for assumed changes in amortization patterns, after-tax	0.4	(0.7)	(0.1)
Adjustments for assumed changes in policyholder liabilities, after-tax		0.2	0.3
Other comprehensive income (loss)	53.9	(41.8)	(23.1)
Liability for future policy benefits discount rate remeasurement gain (loss)
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	1,281.9	(365.9)	6,030.4
Other comprehensive income (loss), tax	(271.9)	53.2	(1,251.9)
Other comprehensive income (loss)	1,010	(312.7)	4,778.5
Market risk benefit nonperformance risk remeasurement gain(loss)
Other Comprehensive Income (Loss)
Other comprehensive income (loss), pre-tax	(10.3)	(39.2)	144.3
Other comprehensive income (loss), tax	2.2	8.3	(30.2)
Other comprehensive income (loss)	(8.1)	(30.9)	114.1
Foreign currency translation adjustment including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax		68
Reclassification from accumulated other comprehensive income, pre-tax		0.6
Other comprehensive income (loss), pre-tax	(301.5)	68.6	(26.9)
Other comprehensive income (loss) before reclassifications, tax		5.1
Other comprehensive income (loss), tax	4.9	5.1	4.8
Other comprehensive income (loss) before reclassifications, after-tax		73.1
Reclassification from accumulated other comprehensive income, after-tax		0.6
Other comprehensive income (loss)	(296.6)	73.7	(22.1)
Unrecognized postretirement benefit obligation including NCI
Other Comprehensive Income (Loss)
Other comprehensive income (loss) before reclassifications, pre-tax	20.7	(19.3)	85.8
Other comprehensive income (loss), pre-tax	41	3.1	122.5
Other comprehensive income (loss) before reclassifications, tax	(5.1)	5.2	(22.3)
Reclassification from accumulated other comprehensive income, tax	(5.2)	(5.9)	(9.6)
Other comprehensive income (loss), tax	(10.3)	(0.7)	(31.9)
Other comprehensive income (loss) before reclassifications, after-tax	15.6	(14.1)	63.5
Reclassification from accumulated other comprehensive income, after-tax	15.1	16.5	27.1
Other comprehensive income (loss)	30.7	2.4	90.6
Unrecognized postretirement benefit obligation including NCI | Operating expense
Other Comprehensive Income (Loss)
Reclassification from accumulated other comprehensive income, pre-tax	$ 20.3	$ 22.4	$ 36.7

Stockholders' Equity - AOCI and

Stockholders' Equity - AOCI and Noncontrolling Interest (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in accumulated other comprehensive income (loss) rollforward
Balances	$ 10,916
Adjustment for reinsurance			$ 114.5
Balances	11,086.4	$ 10,916
Net unrealized gains (losses) on available-for-sale debt securities with allowance for credit losses	(3.8)	(4.3)	0.3
Change in redeemable noncontrolling interest rollforward
Redeemable noncontrolling interest, balance at beginning of period	248.9	262	332.5
Net income (loss) attributable to redeemable noncontrolling interest	11.8	23.7	(25.8)
Redeemable noncontrolling interest of deconsolidated entities	(185.6)	(3)	(2.8)
Contributions from redeemable noncontrolling interest	330	43.3	67.3
Distributions to redeemable noncontrolling interest	(55.8)	(75)	(108.9)
Purchase of subsidiary shares from redeemable noncontrolling interest	(0.6)	(1.6)	(1.1)
Change in redemption value of redeemable noncontrolling interest	(4.4)	(1.1)	(0.2)
Stock-based compensation attributable to redeemable noncontrolling interest	0.2	0.1	0.1
Other comprehensive income (loss) attributable to redeemable noncontrolling interest	(6.8)	0.5	0.9
Redeemable noncontrolling interest, balance at end of period	337.7	248.9	262
Accumulated other comprehensive income (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	(5,345.3)	(6,879)	(2,084.1)
Other comprehensive income (loss) during the period, net of adjustments	(4.1)	1,244.8	(5,225.6)
Amounts reclassified from AOCI	124.6	288.9	316.2
Other comprehensive income (loss)	120.5	1,533.7	(4,909.4)
Adjustment for reinsurance			114.5
Balances	(5,224.8)	(5,345.3)	(6,879)
Net unrealized gains (losses) on available-for-sale securities
Change in accumulated other comprehensive income (loss) rollforward
Balances	(4,014.8)	(5,857.9)	3,880.4
Other comprehensive income (loss) during the period, net of adjustments	(790.3)	1,565.5	(10,157.9)
Amounts reclassified from AOCI	112.2	277.6	311.3
Other comprehensive income (loss)	(678.1)	1,843.1	(9,846.6)
Adjustment for reinsurance			108.3
Balances	(4,692.9)	(4,014.8)	(5,857.9)
Net unrealized gains (losses) on derivative instruments
Change in accumulated other comprehensive income (loss) rollforward
Balances	(2.1)	39.7	56.6
Other comprehensive income (loss) during the period, net of adjustments	56.6	(36)	(0.9)
Amounts reclassified from AOCI	(2.7)	(5.8)	(22.2)
Other comprehensive income (loss)	53.9	(41.8)	(23.1)
Adjustment for reinsurance			6.2
Balances	51.8	(2.1)	39.7
Liability for future policy benefits discount rate remeasurement gain (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	428.2	740.9	(4,037.6)
Other comprehensive income (loss) during the period, net of adjustments	1,010	(312.7)	4,778.5
Other comprehensive income (loss)	1,010	(312.7)	4,778.5
Balances	1,438.2	428.2	740.9
Market risk benefit nonperformance risk remeasurement gain (loss)
Change in accumulated other comprehensive income (loss) rollforward
Balances	(6.9)	24	(90.1)
Other comprehensive income (loss) during the period, net of adjustments	(8.1)	(30.9)	114.1
Other comprehensive income (loss)	(8.1)	(30.9)	114.1
Balances	(15)	(6.9)	24
Foreign currency translation adjustment
Change in accumulated other comprehensive income (loss) rollforward
Balances	(1,498)	(1,571.6)	(1,548.7)
Other comprehensive income (loss) during the period, net of adjustments	(287.9)	73	(22.9)
Amounts reclassified from AOCI		0.6
Other comprehensive income (loss)	(287.9)	73.6	(22.9)
Balances	(1,785.9)	(1,498)	(1,571.6)
Unrecognized postretirement benefit obligations
Change in accumulated other comprehensive income (loss) rollforward
Balances	(251.7)	(254.1)	(344.7)
Other comprehensive income (loss) during the period, net of adjustments	15.6	(14.1)	63.5
Amounts reclassified from AOCI	15.1	16.5	27.1
Other comprehensive income (loss)	30.7	2.4	90.6
Balances	$ (221)	$ (251.7)	$ (254.1)

Stockholders' Equity - Dividend

Stockholders' Equity - Dividend Limitations (Details) - Principal Life Insurance Company Only $ in Millions	12 Months Ended
	Dec. 31, 2024 USD ($)
Dividend Limitations
Dividend limitation as percentage of statutory policyholder surplus (as a percent)	10%
Dividends that can be paid in upcoming calendar year without exceeding statutory limitation	$ 1,313.1

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Millions		Dec. 31, 2024	Dec. 31, 2023
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale	[1]	$ 68,251	$ 65,673.1
Fixed maturities, trading		1,023.3	836.2
Equity securities		2,295	1,478.1
Derivative instruments, assets		648.2	304.2
Separate account assets		173,327.1	167,605.6
Investment and universal life contracts		$ (578.4)	(115.5)
Fixed maturities valued using internal pricing models
Fixed maturities classified as Level 3 assets, percent valued using internal pricing models (as a percent)		3%
Amount measured at net asset value
Assets (liabilities) measured at fair value on a recurring basis
Unfunded commitments of investments measured using NAV		$ 3.1	7.1
U.S. government and agencies
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		1,637.9	1,528.8
Non-U.S. governments
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		495.7	507.9
States and political subdivisions
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		6,076.5	6,676.8
Corporate debt securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		35,702.6	35,810
Residential mortgage-backed pass-through securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		3,674.2	3,061.1
Commercial mortgage-backed securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		5,188	4,775.5
Collateralized debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		6,560.4	5,403.7
Other debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		8,915.7	7,909.3
Recurring Fair Value Measurements
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		68,251	65,673.1
Fixed maturities, trading		1,023.3	836.2
Equity securities		2,295	1,478.1
Mortgage loans		140.6
Derivative instruments, assets		648.2	304.2
Other investments		905.6	815.6
Cash equivalents		2,950.5	3,771.4
Market risk benefit asset		199.5	153.4
Sub-total excluding separate account assets		76,413.7	73,032
Separate account assets		173,327.1	167,605.6
Total assets		249,740.8	240,637.6
Investment and universal life contracts		(578.4)	(115.5)
Market risk benefit liability		(62.1)	(133.2)
Funds withheld payable embedded derivative		3,014.5	2,567.1
Long-term debt		(21.8)
Derivative liabilities		(506.2)	(494)
Other liabilities		(5.2)	(1)
Total liabilities		1,840.8	1,823.4
Net assets		251,581.6	242,461
Recurring Fair Value Measurements | Amount measured at net asset value
Assets (liabilities) measured at fair value on a recurring basis
Other investments		106.7	73.7
Sub-total excluding separate account assets		106.7	73.7
Separate account assets		7,573.6	8,692
Total assets		7,680.3	8,765.7
Net assets		7,680.3	8,765.7
Recurring Fair Value Measurements | Fair value hierarchy Level 1
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		1,261	1,247.1
Fixed maturities, trading			27.7
Equity securities		990.2	245.4
Other investments		262.2	220.1
Cash equivalents		271.6	511.6
Sub-total excluding separate account assets		2,785	2,251.9
Separate account assets		112,920.3	104,505
Total assets		115,705.3	106,756.9
Other liabilities		(5.2)
Total liabilities		(5.2)
Net assets		115,700.1	106,756.9
Recurring Fair Value Measurements | Fair value hierarchy Level 2
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		63,091.8	60,789.2
Fixed maturities, trading		460.7	392.7
Equity securities		1,304.8	1,232.7
Derivative instruments, assets		626.8	297.9
Other investments		405.5	356.7
Cash equivalents		2,678.9	3,259.8
Sub-total excluding separate account assets		68,568.5	66,329
Separate account assets		52,106.5	53,655.8
Total assets		120,675	119,984.8
Long-term debt		(21.8)
Derivative liabilities		(498.3)	(493.2)
Other liabilities			(1)
Total liabilities		(520.1)	(494.2)
Net assets		120,154.9	119,490.6
Recurring Fair Value Measurements | Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		3,898.2	3,636.8
Fixed maturities, trading		562.6	415.8
Mortgage loans		140.6
Derivative instruments, assets		21.4	6.3
Other investments		131.2	165.1
Market risk benefit asset		199.5	153.4
Sub-total excluding separate account assets		4,953.5	4,377.4
Separate account assets		726.7	752.8
Total assets		5,680.2	5,130.2
Investment and universal life contracts		(578.4)	(115.5)
Market risk benefit liability		(62.1)	(133.2)
Funds withheld payable embedded derivative		3,014.5	2,567.1
Derivative liabilities		(7.9)	(0.8)
Total liabilities		2,366.1	2,317.6
Net assets		8,046.3	7,447.8
Recurring Fair Value Measurements | U.S. government and agencies
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		1,637.9	1,528.8
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		1,231.9	1,216
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		406	312.8
Recurring Fair Value Measurements | Non-U.S. governments
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		495.7	507.9
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			0.2
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		495.7	507.7
Recurring Fair Value Measurements | States and political subdivisions
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		6,076.5	6,676.8
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		6,009.7	6,606.9
Recurring Fair Value Measurements | States and political subdivisions | Fair value hierarchy Level 3
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		66.8	69.9
Recurring Fair Value Measurements | Corporate debt securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		35,702.6	35,810
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		29.1	30.9
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		33,323.1	33,473.2
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		2,350.4	2,305.9
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		3,674.2	3,061.1
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		3,674.2	3,061.1
Recurring Fair Value Measurements | Commercial mortgage-backed securities
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		5,188	4,775.5
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		5,185.3	4,772.5
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		2.7	3
Recurring Fair Value Measurements | Collateralized debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		6,560.4	5,403.7
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		6,560.4	5,328.3
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			75.4
Recurring Fair Value Measurements | Other debt obligations
Assets (liabilities) measured at fair value on a recurring basis
Fixed maturities, available-for-sale		8,915.7	7,909.3
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		7,437.4	6,726.7
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		$ 1,478.3	$ 1,182.6
[1] See Note 4, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Level 3 Fair Value Measurements (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Liability, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Beginning balance, net derivative assets (liabilities)	$ 5.5	$ (3.4)
Total realized/unrealized gains (losses) included in net income, net derivative assets (liabilities)	$ 7.5	$ 3.9	$ (5.4)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative	Gain (Loss) on Investments, Change In Fair Value Of Funds Withheld Embedded Derivative
Total realized/unrealized gains (losses) included in other comprehensive income, net derivative assets (liabilities)			$ (0.3)
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax	Other Comprehensive Income Available for Sale Securities Period Increase Decrease Net of Tax, Other Comprehensive Income Derivatives Period Increase (Decrease), Net of Tax
Net purchases, sales, issuances and settlements, net derivative assets (liabilities)	$ 0.8	$ 4.9	$ 2.6
Transfers into Level 3, net derivative assets (liabilities)	0.1	0.1
Transfers out of Level 3, net derivative assets (liabilities)	(0.4)		(0.3)
Ending balance, net derivative assets (liabilities)	13.5	5.5	(3.4)
Changes in unrealized gains (losses) included in net income relating to positions still held, net derivative assets (liabilities)	7.8	7.5	(3.4)
Changes in unrealized gains (losses) included in OCI relating to positions still held, derivative assets			(0.2)
Gross purchases, sales, issuances and settlements
Purchases, net derivative assets (liabilities)	0.4	0.8
Sales, net derivative assets (liabilities)	0.4	4.1	2.6
Net purchases, sales, issuances and settlements, net derivative assets (liabilities)	0.8	4.9	2.6
Investment and universal life contracts
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	(115.5)	(46.4)	(83.2)
Total realized/unrealized gains (losses) included in net income, liabilities	(166.3)	(37.7)	35.9
Net purchases, sales, issuances and settlements, liabilities	(296.6)	(31.4)	0.9
Ending balance, liabilities	(578.4)	(115.5)	(46.4)
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	(155.8)	(29.2)	22.6
Gross purchases, sales, issuances and settlements
Issuances, liabilities	(364.4)	(69.9)	(22.2)
Settlements, liabilities	67.8	38.5	23.1
Net purchases, sales, issuances and settlements, liabilities	(296.6)	(31.4)	0.9
Funds withheld payable embedded derivative
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, liabilities	2,567.1	3,652.8
Total realized/unrealized gains (losses) included in net income, liabilities	447.4	(1,085.7)	3,652.8
Ending balance, liabilities	3,014.5	2,567.1	3,652.8
Changes in unrealized gains (losses) included in net income relating to positions still held, liabilities	447.4	(1,085.7)	3,652.8
Fixed maturities | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	3,636.8	2,166.6	1,076.2
Total realized/unrealized gains (losses) included in net income, assets	(28)	(3.2)	(5.1)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	(28.1)	17.1	(75.1)
Net purchases, sales, issuances and settlements, assets	235.4	1,294.3	1,246.1
Transfers into Level 3, assets	214.6	451.9	188.3
Transfers out of Level 3, assets	(132.5)	(289.9)	(263.8)
Ending balance, assets	3,898.2	3,636.8	2,166.6
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(38.9)	2.2	(1.3)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(27.5)	(72.1)	(61.1)
Gross purchases, sales, issuances and settlements
Purchases, assets	1,298.2	1,545.5	1,456.6
Sales, assets	(513.6)	(27.7)	(62.7)
Settlements, assets	(549.2)	(223.5)	(147.8)
Net purchases, sales, issuances and settlements, assets	235.4	1,294.3	1,246.1
States and political subdivisions | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	69.9	70.9	94.8
Total realized/unrealized gains (losses) included in other comprehensive income, assets	(1.5)	0.7	(24.1)
Net purchases, sales, issuances and settlements, assets	0.8	(1.7)	(1.6)
Transfers into Level 3, assets	15.5		12
Transfers out of Level 3, assets	(17.9)		(10.2)
Ending balance, assets	66.8	69.9	70.9
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(1.4)	(4.1)	(22.3)
Gross purchases, sales, issuances and settlements
Purchases, assets	2.5
Settlements, assets	(1.7)	(1.7)	(1.6)
Net purchases, sales, issuances and settlements, assets	0.8	(1.7)	(1.6)
Corporate debt securities | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	2,305.9	1,568.3	834.3
Total realized/unrealized gains (losses) included in net income, assets	(28.2)	(4.5)	(4.8)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	(25.1)	13.3	(28.6)
Net purchases, sales, issuances and settlements, assets	38.9	593.6	626.3
Transfers into Level 3, assets	58.9	212.4	176.3
Transfers out of Level 3, assets		(77.2)	(35.2)
Ending balance, assets	2,350.4	2,305.9	1,568.3
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(39.1)	0.3	(1.3)
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(25.7)	(38.9)	(19.8)
Gross purchases, sales, issuances and settlements
Purchases, assets	659.3	815.2	817.3
Sales, assets	(322.2)	(27.7)	(50.4)
Settlements, assets	(298.2)	(193.9)	(140.6)
Net purchases, sales, issuances and settlements, assets	38.9	593.6	626.3
Commercial mortgage-backed securities | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	3	3.4	19.2
Total realized/unrealized gains (losses) included in other comprehensive income, assets			(1)
Net purchases, sales, issuances and settlements, assets	(0.3)	(0.4)	(4.6)
Transfers out of Level 3, assets			(10.2)
Ending balance, assets	2.7	3	3.4
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets			(0.5)
Gross purchases, sales, issuances and settlements
Sales, assets			(4.1)
Settlements, assets	(0.3)	(0.4)	(0.5)
Net purchases, sales, issuances and settlements, assets	(0.3)	(0.4)	(4.6)
Collateralized debt obligations | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	75.4	56.2	85.8
Total realized/unrealized gains (losses) included in other comprehensive income, assets	(0.7)	1.9	(1)
Net purchases, sales, issuances and settlements, assets	(71.7)	165.8	151.8
Transfers out of Level 3, assets	(3)	(148.5)	(180.4)
Ending balance, assets		75.4	56.2
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	0.1	0.7
Gross purchases, sales, issuances and settlements
Purchases, assets	35.1	167	151.9
Sales, assets	(90)
Settlements, assets	(16.8)	(1.2)	(0.1)
Net purchases, sales, issuances and settlements, assets	(71.7)	165.8	151.8
Other debt obligations | Available-for-sale
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	1,182.6	467.8	42.1
Total realized/unrealized gains (losses) included in net income, assets	0.2	1.3	(0.3)
Total realized/unrealized gains (losses) included in other comprehensive income, assets	(0.8)	1.2	(20.4)
Net purchases, sales, issuances and settlements, assets	267.7	537	474.2
Transfers into Level 3, assets	140.2	239.5
Transfers out of Level 3, assets	(111.6)	(64.2)	(27.8)
Ending balance, assets	1,478.3	1,182.6	467.8
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	0.2	1.9
Changes in unrealized gains (losses) included in OCI relating to positions still held, assets	(0.5)	(29.8)	(18.5)
Gross purchases, sales, issuances and settlements
Purchases, assets	601.3	563.3	487.4
Sales, assets	(101.4)		(8.2)
Settlements, assets	(232.2)	(26.3)	(5)
Net purchases, sales, issuances and settlements, assets	267.7	537	474.2
Fixed maturities, trading
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	415.8	134	4.9
Total realized/unrealized gains (losses) included in net income, assets	(0.7)	2.4	(0.6)
Net purchases, sales, issuances and settlements, assets	147.5	279.4	100.7
Transfers into Level 3, assets			29
Ending balance, assets	562.6	415.8	134
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(6.2)	2	(0.6)
Gross purchases, sales, issuances and settlements
Purchases, assets	422.9	439.3	134.7
Sales, assets	(166.9)	(145.2)	(32.6)
Settlements, assets	(108.5)	(14.7)	(1.4)
Net purchases, sales, issuances and settlements, assets	147.5	279.4	100.7
Mortgage loans
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Net purchases, sales, issuances and settlements, assets	140.6
Ending balance, assets	140.6
Gross purchases, sales, issuances and settlements
Purchases, assets	140.6
Net purchases, sales, issuances and settlements, assets	140.6
Other investments
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	165.1	1.9	2.1
Total realized/unrealized gains (losses) included in net income, assets	(22.8)	(5.7)
Total realized/unrealized gains (losses) included in other comprehensive income, assets			(0.6)
Net purchases, sales, issuances and settlements, assets	(11.1)	168.9	0.4
Ending balance, assets	131.2	165.1	1.9
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(10)	(5.2)
Gross purchases, sales, issuances and settlements
Purchases, assets	182.3	194.2	0.4
Settlements, assets	(193.4)	(25.3)
Net purchases, sales, issuances and settlements, assets	(11.1)	168.9	0.4
Separate account assets
Changes in Level 3 fair value measurements rollforward, assets and liabilities
Beginning balance, assets	752.8	1,034.9	945.3
Total realized/unrealized gains (losses) included in net income, assets	(17.5)	(8.7)	113.5
Net purchases, sales, issuances and settlements, assets	(8.6)	(273.4)	(23.9)
Ending balance, assets	726.7	752.8	1,034.9
Changes in unrealized gains (losses) included in net income relating to positions still held, assets	(9.8)	(80.3)	89.8
Gross purchases, sales, issuances and settlements
Purchases, assets			11.8
Sales, assets	(30.3)	(286.3)	(4.5)
Issuances, assets	(60)	(109.1)	(50)
Settlements, assets	81.7	122	18.8
Net purchases, sales, issuances and settlements, assets	$ (8.6)	$ (273.4)	$ (23.9)

Fair Value Measurements - Trans

Fair Value Measurements - Transfers (Details) - Recurring Fair Value Measurements - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3, net derivative assets (liabilities)	$ 0.1	$ 0.1
Transfers out of Level 3 into Level 2, net derivative assets (liabilities)	0.4		$ 0.3
Available-for-sale | Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	214.6	451.9	188.3
Transfers out of Level 3 into Level 2	132.5	289.9	263.8
Available-for-sale | States and political subdivisions
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	15.5		12
Transfers out of Level 3 into Level 2	17.9		10.2
Available-for-sale | Corporate debt securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	58.9	212.4	176.3
Transfers out of Level 3 into Level 2		77.2	35.2
Available-for-sale | Commercial mortgage-backed securities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 3 into Level 2			10.2
Available-for-sale | Collateralized debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 3 into Level 2	3	148.5	180.4
Available-for-sale | Other debt obligations
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3	140.2	239.5
Transfers out of Level 3 into Level 2	$ 111.6	$ 64.2	27.8
Trading | Fixed maturities
Fair Value Hierarchy Levels Transfers
Transfers out of Level 2 into Level 3			$ 29

Fair Value Measurements - Quant

Fair Value Measurements - Quantitative Information for Level 3 Measurements (Details) - Recurring Fair Value Measurements $ in Millions	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Unobservable inputs
Assets measured at fair value	$ 249,740.8	$ 240,637.6
Liabilities measured at fair value	1,840.8	1,823.4
Fair value hierarchy Level 3
Unobservable inputs
Assets measured at fair value	5,680.2	5,130.2
Liabilities measured at fair value	2,366.1	2,317.6
Fair value hierarchy Level 3 | Investment and universal life contracts
Unobservable inputs
Liabilities measured at fair value	$ (578.4)	$ (115.5)
Embedded derivative, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Minimum
Unobservable inputs
Embedded derivative, Input	0.03	0.025
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Maximum
Unobservable inputs
Embedded derivative, Input	0.049	0.048
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long duration interest rate | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input		0.04
Embedded derivative, Input	0.048
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Minimum
Unobservable inputs
Embedded derivative, Input	0.145	0.155
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Long-term equity market volatility | Maximum
Unobservable inputs
Embedded derivative, Input	0.493	0.401
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	0.214	0.192
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Minimum
Unobservable inputs
Embedded derivative, Input	0.004	0.008
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Maximum
Unobservable inputs
Embedded derivative, Input	0.011	0.016
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Non-performance risk | Weighted average input
Unobservable inputs
Embedded derivative, Input	0.008	0.011
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	0.55	0.55
Fair value hierarchy Level 3 | Investment and universal life contracts | Discounted cash flow | Lapse rate | Weighted average input
Unobservable inputs
Embedded derivative, Input	0.085	0.07
Fair value hierarchy Level 3 | Fixed maturities | Trading
Unobservable inputs
Assets measured at fair value	$ 289.6	$ 203.9
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Discount rate | Minimum
Unobservable inputs
Fixed maturities, trading, Input	0.095	0.114
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Discount rate | Maximum
Unobservable inputs
Fixed maturities, trading, Input	0.13	0.223
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Discount rate | Weighted average input
Unobservable inputs
Fixed maturities, trading, Input	0.099	0.133
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple
Unobservable inputs
Fixed maturities, trading, Input	1.1
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple | Weighted average input
Unobservable inputs
Fixed maturities, trading, Input	1.1
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Comparability adjustment | Minimum
Unobservable inputs
Fixed maturities, trading, Input	(0.0032)
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Comparability adjustment | Maximum
Unobservable inputs
Fixed maturities, trading, Input	0.2947
Fair value hierarchy Level 3 | Fixed maturities | Trading | Discounted cash flow | Comparability adjustment | Weighted average input
Unobservable inputs
Fixed maturities, trading, Input	0.0152
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale
Unobservable inputs
Assets measured at fair value	$ 1,817.8	$ 1,997.4
Fixed maturities, available-for-sale, Valuation technique	Discounted cash flow	Discounted cash flow
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	0.021	0.049
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	0.127	0.242
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	0.08	0.12
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple
Unobservable inputs
Fixed maturities, available-for-sale, Input		3.25
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	1.1
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple | Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	1.7
Fair value hierarchy Level 3 | Corporate debt securities | Available-for-sale | Discounted cash flow | Earnings before interest, taxes, depreciation and amortization multiple | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	1.3	3.25
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	0.0030	0.0030
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	0.0791	0.0483
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	0.0142	0.0121
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	(0.0042)	0.0067
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	0.2947	0.0217
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	0.0149	0.0141
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale
Unobservable inputs
Assets measured at fair value		$ 74.6
Fixed maturities, available-for-sale, Valuation technique		Discounted cash flow
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Discount rate
Unobservable inputs
Fixed maturities, available-for-sale, Input		0.041
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		0.041
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment
Unobservable inputs
Fixed maturities, available-for-sale, Input		0.0020
Fair value hierarchy Level 3 | Collateralized debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input		0.0020
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale
Unobservable inputs
Assets measured at fair value	$ 1,343.1	$ 879.5
Fixed maturities, available-for-sale, Valuation technique	Discounted cash flow	Discounted cash flow
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.049	0.05
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Discount rate | Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.077	0.106
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	0.054	0.074
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	(0.0083)	0.0069
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Illiquidity premium | Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0260	0.0650
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	0.0120	0.0337
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Minimum
Unobservable inputs
Fixed maturities, available-for-sale, Input	(0.0019)	(0.0020)
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Maximum
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0415	0.0213
Fair value hierarchy Level 3 | Other debt obligations | Available-for-sale | Discounted cash flow | Comparability adjustment | Weighted average input
Unobservable inputs
Fixed maturities, available-for-sale, Input	0.0128	0.0092
Fair value hierarchy Level 3 | Other investments
Unobservable inputs
Assets measured at fair value	$ 129	$ 163.2
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Minimum
Unobservable inputs
Other investments, Input	0.115	0.12
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Maximum
Unobservable inputs
Other investments, Input	0.135	0.135
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Discount rate | Weighted average input
Unobservable inputs
Other investments, Input	0.124
Separate account assets, Input		0.126
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Probability of default | Minimum
Unobservable inputs
Other investments, Input	0.06	0.06
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Probability of default | Maximum
Unobservable inputs
Other investments, Input	0.10	0.10
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Probability of default | Weighted average input
Unobservable inputs
Other investments, Input	0.081	0.085
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Potential loss severity | Minimum
Unobservable inputs
Other investments, Input	0.87	0.87
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Potential loss severity | Maximum
Unobservable inputs
Other investments, Input	1	1
Fair value hierarchy Level 3 | Other investments | Discounted cash flow | Potential loss severity | Weighted average input
Unobservable inputs
Other investments, Input	0.92	0.907
Fair value hierarchy Level 3 | Separate account assets
Unobservable inputs
Assets measured at fair value	$ 726.7	$ 752.8
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Minimum
Unobservable inputs
Separate account assets, Input	0.07	0.065
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Maximum
Unobservable inputs
Separate account assets, Input	0.11	0.10
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Discount rate | Weighted average input
Unobservable inputs
Separate account assets, Input	0.072	0.075
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Minimum
Unobservable inputs
Separate account assets, Input	0.055	0.053
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate | Terminal capitalization rate | Maximum
Unobservable inputs
Separate account assets, Input	0.095	0.095
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	0.06	0.061
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	0.02	0.02
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	0.045	0.037
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	0.027	0.029
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Minimum
Unobservable inputs
Separate account assets, Input	0.464	0.46
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Loan to value | Maximum
Unobservable inputs
Separate account assets, Input	0.695	0.72
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	0.592	0.553
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Minimum
Unobservable inputs
Separate account assets, Input	0.049	0.053
Fair value hierarchy Level 3 | Separate account assets | Discounted cash flow, real estate debt | Market interest rate | Maximum
Unobservable inputs
Separate account assets, Input	0.072	0.081
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	0.061	0.064

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Option on Consolidated VIEs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Mortgage loans | VIE
Fair Value Option, Quantitative Disclosures
Fair value	$ 140.6
Aggregate contractual principal	140.6
Other loans | VIE
Fair Value Option, Quantitative Disclosures
Fair value	129	$ 163.2
Aggregate contractual principal	139.9	167.1
Long-term debt | VIE
Fair Value Option, Quantitative Disclosures
Fair value	21.8
Aggregate contractual principal	21.8
Other loans of consolidated VIEs
Fair Value Option, Quantitative Disclosures
Change in fair value pre-tax gain (loss) - instrument specific credit risk	(22.8)	(5.6)
Change in fair value pre-tax gain (loss)	(22.8)	(5.6)
Interest income	$ 31	$ 8.1

Fair Value Measurements - Finan

Fair Value Measurements - Financial Instruments Not Reported at Fair Value (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Assets (liabilities)
Mortgage loans	$ 20,484.2	$ 20,142.8
Policy loans	867.5	809.3
Reinsurance deposit receivable	4,897.5	6,078.6
Short-term debt	(152.7)	(61.1)
Long-term debt	(3,955.3)	(3,930.9)
Carrying amount
Assets (liabilities)
Mortgage loans	20,343.6	20,142.8
Policy loans	867.5	809.3
Other investments	294.9	268.6
Cash and cash equivalents not required to be reported at fair value	1,261.4	936.3
Reinsurance deposit receivable	4,897.5	6,078.6
Cash collateral receivable	3	38.7
Investment contracts	(34,140.3)	(33,937.9)
Short-term debt	(152.7)	(61.1)
Long-term debt	(3,933.5)	(3,930.9)
Separate account liabilities	(157,939.3)	(152,229.2)
Bank deposits	(440.4)	(399.5)
Cash collateral payable	(428.9)	(176.9)
Assets (liabilities) measured at fair value
Assets (liabilities)
Mortgage loans	18,466.5	18,505
Policy loans	879.3	846.3
Other investments	292.4	260.9
Cash and cash equivalents not required to be reported at fair value	1,261.4	936.3
Reinsurance deposit receivable	4,401.9	5,487.7
Cash collateral receivable	3	38.7
Investment contracts	(32,922.2)	(32,166.7)
Short-term debt	(152.7)	(61.1)
Long-term debt	(3,715.7)	(3,754.5)
Separate account liabilities	(157,010.7)	(151,280.9)
Bank deposits	(442.1)	(385.3)
Cash collateral payable	(428.9)	(176.9)
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	1,238.5	913.9
Cash collateral receivable	3	38.7
Cash collateral payable	(428.9)	(176.9)
Assets (liabilities) measured at fair value | Fair value hierarchy Level 2
Assets (liabilities)
Other investments	127.5	142.9
Cash and cash equivalents not required to be reported at fair value	22.9	22.4
Investment contracts	(8,306.5)	(7,828.1)
Short-term debt	(152.7)	(61.1)
Long-term debt	(3,713.2)	(3,754.1)
Bank deposits	(442.1)	(385.3)
Assets (liabilities) measured at fair value | Fair value hierarchy Level 3
Assets (liabilities)
Mortgage loans	18,466.5	18,505
Policy loans	879.3	846.3
Other investments	164.9	118
Reinsurance deposit receivable	4,401.9	5,487.7
Investment contracts	(24,615.7)	(24,338.6)
Long-term debt	(2.5)	(0.4)
Separate account liabilities	$ (157,010.7)	$ (151,280.9)

Statutory Insurance Financial_3

Statutory Insurance Financial Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Statutory disclosures
Statutory reserves assumed by affiliated reinsurance subsidiaries	$ 19,013.3	$ 18,474.2
Admitted assets under prescribed and permitted statutory accounting practices	4,254.5	4,153.8
Statutory net income increase (decrease)	1,093.6	1,285	$ (1,563.1)
Statutory capital and surplus	4,695.5	4,753.4	$ 4,304.4
Insurance ceded out of ULSG reserves by affiliated reinsurance subsidiaries	$ 10,847.6	10,406.3
Bermuda Reinsurer [Member]
Statutory disclosures
Statutory net income (loss)		190.4
Statutory capital and surplus		$ 22.2

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Assets to Consolidated (Details) - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Segment Information: Assets
Total assets	$ 313,663.6	$ 305,046.7
Retirement and Income Solutions
Segment Information: Assets
Total assets	222,967	213,208.3
Principal Asset Management
Segment Information: Assets
Total assets	43,029.4	45,905.2
Benefits and Protection
Segment Information: Assets
Total assets	46,006.7	43,763.5
Corporate
Segment Information: Assets
Total assets	$ 1,660.5	$ 2,169.7

Segment Information - Reconci_2

Segment Information - Reconciliation of Segment Operating Revenues Consolidated (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating Revenue And Profit (Loss) From Segments To Consolidated
Total revenues	$ 16,127.7	$ 13,665.8	$ 17,536.1
Operating Segments
Operating Revenue And Profit (Loss) From Segments To Consolidated
Revenue from contracts with external customers	11,165.7	10,565.8	9,476.4
Adjustments for revenue from contracts with external customers not included in operating revenues	(49.6)	(67.9)	(89.2)
Net investment income included in operating revenues	4,281.2	3,946	3,811
Operating revenues from equity method investments	235	216.3	202.2
Total revenues	15,632.3	14,660.2	13,400.4
Operating Segments | Retirement and Income Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Revenue from contracts with external customers	4,957.8	4,647.5	3,667.1
Adjustments for revenue from contracts with external customers not included in operating revenues	(74.7)	(80.6)	(89.2)
Net investment income included in operating revenues	3,040.5	2,648.1	2,322.1
Total revenues	7,976.1	7,250.2	5,899.2
Operating Segments | Principal Asset Management
Operating Revenue And Profit (Loss) From Segments To Consolidated
Revenue from contracts with external customers	1,824.5	1,775.5	1,889.4
Net investment income included in operating revenues	426.7	492.7	783.7
Operating revenues from equity method investments	235.4	216.3	202.2
Total revenues	2,790.4	2,782.3	3,181.3
Operating Segments | Benefits and Protection
Operating Revenue And Profit (Loss) From Segments To Consolidated
Revenue from contracts with external customers	4,142.5	3,938.1	3,713.2
Adjustments for revenue from contracts with external customers not included in operating revenues	25.1	12.7
Net investment income included in operating revenues	613.6	584.4	592.2
Total revenues	4,789	4,551.3	4,302.8
Operating Segments | Corporate
Operating Revenue And Profit (Loss) From Segments To Consolidated
Revenue from contracts with external customers	240.9	204.7	206.7
Net investment income included in operating revenues	200.4	220.8	113
Operating revenues from equity method investments	(0.4)
Total revenues	76.8	76.4	17.1
Inter-segment eliminations
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	649.6	551.7	516.8
Total revenues	(649.6)	(551.7)	(516.8)
Inter-segment eliminations | Retirement and Income Solutions
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	52.5	35.2	(0.8)
Inter-segment eliminations | Principal Asset Management
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	303.8	297.8	306
Inter-segment eliminations | Benefits and Protection
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	7.8	16.1	(2.6)
Inter-segment eliminations | Corporate
Operating Revenue And Profit (Loss) From Segments To Consolidated
Inter-segment revenues	285.5	202.6	214.2
Total revenues	(649.6)	(551.7)	(516.8)
Reconciling items
Operating Revenue And Profit (Loss) From Segments To Consolidated
Net realized capital gains (losses), net of related revenue adjustments	102.7	57.9	(189.6)
Revenues from exited business	513.3	(927.5)	4,414.8
Adjustments related to equity method investments	(74.8)	(78.9)	(54.5)
Market risk benefit derivative settlements	$ (45.8)	$ (45.9)	$ (35)

Segment Information - Revenues

Segment Information - Revenues from exited business (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from exited business:
Change in fair value of funds withheld embedded derivative		$ 447.4	$ (1,085.7)	$ 3,652.8
Net realized capital gains (losses) on funds withheld assets	[1]	87.7	165	749.4
Reconciling items
Revenues from exited business:
Change in fair value of funds withheld embedded derivative		447.4	(1,085.7)	3,652.8
Net realized capital gains (losses) on funds withheld assets		87.7	165	749.4
Amortization of reinsurance gain		3.3	5.9	12.6
Other impacts of reinsured business		(25.1)	(12.7)
Total revenues from exited business		$ 513.3	$ (927.5)	$ 4,414.8
[1] Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Segment Information - Reconci_3

Segment Information - Reconciliation of Segment Expenses (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Benefits, claims and settlement expenses	$ 8,072.6	$ 7,788.2	$ 6,631.3
Liability for future policy benefit remeasurement (gain) loss	(671.4)	51.6	264.5
Market risk benefit remeasurement (gain) loss	(30.3)	(29.1)	(125.3)
Dividends to policyholders	99.9	89.2	94.8
Capitalization of deferred acquisition costs and contract costs	(490.6)	(429.3)	(427.2)
Amortization of deferred acquisition costs and contract costs	431	428.1	422.4
Operating expenses	5,363.9	5,072.1	4,962.2
Total expenses	14,238.1	12,927	11,549.1
Retirement and Income Solutions
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Benefits, claims and settlement expenses	5,183.5	4,653.5	3,328.1
Liability for future policy benefit remeasurement (gain) loss	14.5	68.5	14.9
Market risk benefit remeasurement (gain) loss	(50.6)	(33.7)	(131.2)
Principal Asset Management
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Benefits, claims and settlement expenses	423	477.6	725.9
Liability for future policy benefit remeasurement (gain) loss	(1)	(0.9)	4.7
Market risk benefit remeasurement (gain) loss	20.3	4.6	5.9
Benefits and Protection
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Benefits, claims and settlement expenses	2,460.4	2,647.7	2,553.7
Liability for future policy benefit remeasurement (gain) loss	(684.9)	(16)	244.9
Corporate
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Benefits, claims and settlement expenses	5.7	9.4	23.6
Operating Segments
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Total segment expenses	13,609	12,624.1	11,367.6
Operating Segments | Retirement and Income Solutions
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Benefits, claims and settlement expenses	5,147.7	4,624	3,290.5
Liability for future policy benefit remeasurement (gain) loss	(4.9)	(68)	(11.1)
Market risk benefit remeasurement (gain) loss	32.2	3.7	3.1
Dividends to policyholders	0.2	0.2	0.2
Commission expense	268.6	201.4	189.2
Capitalization of deferred acquisition costs and contract costs	(143.2)	(93.7)	(86.5)
Amortization of deferred acquisition costs and contract costs	80.4	78.6	77.4
Depreciation and amortization	80.5	85.3	86.2
Interest expense on corporate debt			0.1
Compensation and other	1,458.9	1,367.3	1,391
Operating expenses	1,745.2	1,638.9	1,657.4
Total segment expenses	6,920.4	6,198.8	4,940.1
Operating Segments | Principal Asset Management
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Benefits, claims and settlement expenses	362.2	422.9	758.9
Liability for future policy benefit remeasurement (gain) loss	1	0.9	(4.7)
Commission expense	189.7	178	193.7
Capitalization of deferred acquisition costs and contract costs	(31.2)	(28.1)	(34.1)
Amortization of deferred acquisition costs and contract costs	32.6	31.8	29.1
Depreciation and amortization	66.4	76	74.6
Interest expense on corporate debt	3.3	3.7	7.5
Compensation and other	1,290.8	1,272.8	1,245.7
Operating expenses	1,551.6	1,534.2	1,516.5
Total segment expenses	1,914.8	1,958	2,270.7
Operating Segments | Benefits and Protection
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Benefits, claims and settlement expenses	2,638.4	2,576.3	2,453.4
Liability for future policy benefit remeasurement (gain) loss	154.5	16	(43.8)
Dividends to policyholders	99.7	89	94.6
Commission expense	537.4	496.7	447.1
Capitalization of deferred acquisition costs and contract costs	(316.2)	(307.5)	(306.6)
Amortization of deferred acquisition costs and contract costs	253	247.6	236.8
Depreciation and amortization	21	23.9	23.7
Compensation and other	938	871.7	827.3
Operating expenses	1,433.2	1,332.4	1,228.3
Total segment expenses	4,325.8	4,013.7	3,732.5
Operating Segments | Corporate
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Benefits, claims and settlement expenses	5.7	9.4	23.6
Commission expense	80.2	67.2	77.4
Depreciation and amortization	18.8	17.7	18.4
Interest expense on corporate debt	166.9	171.6	165.6
Compensation and other	176.4	187.7	139.3
Operating expenses	442.3	444.2	400.7
Total segment expenses	448	453.6	424.3
Reconciling items
Segment, Reconciliation of Other Items from Segments to Consolidated [Line Items]
Net realized capital gains (losses) expense adjustments	(245)	(146.5)	(61.8)
Market risk benefit derivative settlements	(45.8)	(45.9)	(35)
Expenses from exited business	429.9	$ 202.3	$ 154.7
Total expenses	$ 14,238.1

Segment Information - Expenses

Segment Information - Expenses from exited business (Details) - Reconciling items - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Expenses from exited business included:
Strategic review costs and impacts			$ (40.4)
Amortization of reinsurance loss	$ 592.9	$ 74.6	69.3
Other impacts of reinsured business	(163)	127.7	125.8
Total expenses from exited business	$ 429.9	$ 202.3	$ 154.7

Segment Information - Segment P

Segment Information - Segment Pre-Tax Operating Earnings (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (loss) before income taxes	$ 1,889.6	$ 738.8	$ 5,987
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (loss) before income taxes	2,005	2,009.9	1,962.7
Operating Segments | Retirement and Income Solutions
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (loss) before income taxes	1,056.2	1,051.4	959.1
Operating Segments | Principal Asset Management
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (loss) before income taxes	861.2	817.7	902.7
Operating Segments | Benefits and Protection
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (loss) before income taxes	463.2	537.6	570.3
Operating Segments | Corporate
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Income (loss) before income taxes	(375.6)	(396.8)	(469.4)
Reconciling items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Pre-tax net realized capital gains (losses), as adjusted	(142.3)	(88.6)	(251.4)
Pre-tax income (loss) from exited business	83.4	(1,129.8)	4,260.1
Adjustments related to equity method investments and noncontrolling interest	$ (56.5)	$ (52.7)	$ 15.6

Segment Information - Pre-tax n

Segment Information - Pre-tax net Realized Capital Gains (Losses) (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Information: Net realized capital gains (losses), as adjusted
Net realized capital gains (losses)	[1]	$ (27.3)	$ (72.2)	$ (182.1)
Reconciling items
Segment Information: Net realized capital gains (losses), as adjusted
Net realized capital gains (losses)		(27.3)	(72.2)	(182.1)
Derivative and hedging-related revenue adjustments		46	23.3	(91.3)
Certain variable annuity fees		71.3	73.3	75.9
Market value adjustments to fee revenues		0.1	1.3	0.7
Equity method investments		(17.3)	8.8	(15)
Sponsored investment funds and other adjustments		29.9	23.4	22.2
Net realized capital gains (losses), net of related revenue adjustments		102.7	57.9	(189.6)
Amortization of deferred acquisition costs and other actuarial balances		(1.8)	(0.2)	(0.1)
Capital (gains) losses distributed		(171.1)	(78.5)	136.4
Derivative and hedging-related expense adjustments		(3.5)	1.8
Market value adjustments of market risk benefits		(43.9)	(71.3)	(157.2)
Market value adjustments of embedded derivatives		(24.7)	1.7	(40.9)
Net realized capital gains (losses), net of related expense adjustments		(245)	(146.5)	(61.8)
Pre-tax net realized capital gains (losses), as adjusted		$ (142.3)	$ (88.6)	$ (251.4)
[1] Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Segment Information - Pre-tax i

Segment Information - Pre-tax income (loss) from exited business (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pre-tax income (loss) from exited business:
Change in fair value of funds withheld embedded derivative		$ 447.4	$ (1,085.7)	$ 3,652.8
Net realized capital gains (losses) on funds withheld assets	[1]	87.7	165	749.4
Amortization of reinsurance gain (loss)		(631.6)	(17.7)	(19.3)
Reconciling items
Pre-tax income (loss) from exited business:
Change in fair value of funds withheld embedded derivative		447.4	(1,085.7)	3,652.8
Net realized capital gains (losses) on funds withheld assets		87.7	165	749.4
Strategic review costs and impacts on pre-tax income (loss)				40.4
Amortization of reinsurance gain (loss)		(589.6)	(68.7)	(56.7)
Other impacts of reinsured business		137.9	(140.4)	(125.8)
Total pre-tax income (loss) from exited business		83.4	(1,129.8)	4,260.1
Total income tax expense (benefit) related to exited business		$ 17.6	$ (238.1)	$ 956.4
[1] Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Segment Information - Income Ta

Segment Information - Income Tax Expense (Benefit) by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Information: Income tax expense (benefit)
Income taxes (benefits)	$ 291.7	$ 68.7	$ 1,189.5
Operating Segments
Segment Information: Income tax expense (benefit)
Income taxes (benefits)	364.5	407.1	343.9
Reconciling items
Segment Information: Income tax expense (benefit)
Tax benefit related to net realized capital losses, as adjusted	(16.1)	(22)	(56.6)
Tax benefit from exited business (1)	17.6	(238.1)	956.4
Certain adjustments related to equity method investments and noncontrolling interest	(74.3)	(78.3)	(54.2)
Retirement and Income Solutions | Operating Segments
Segment Information: Income tax expense (benefit)
Income taxes (benefits)	129.3	130.9	90.6
Principal Asset Management | Operating Segments
Segment Information: Income tax expense (benefit)
Income taxes (benefits)	230.8	220.7	213.3
Benefits and Protection | Operating Segments
Segment Information: Income tax expense (benefit)
Income taxes (benefits)	89	97.7	109.1
Corporate | Operating Segments
Segment Information: Income tax expense (benefit)
Income taxes (benefits)	$ (84.6)	$ (42.2)	$ (69.1)

Segment Information - Income _2

Segment Information - Income Tax Expense (Benefit) Related to Exited Business (Details) - Reconciling items - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Information: Income tax expense (benefit)
Change in fair value of funds withheld embedded derivative	$ 94	$ (228)	$ 767.1
Net realized capital gains (losses) on funds withheld assets	18.4	34.6	157.4
Strategic review costs and impacts		(0.9)	70.3
Amortization of reinsurance loss	(123.8)	(14.4)	(12)
Other impacts of reinsured business	29	(29.4)	(26.4)
Total income tax expense (benefit) related to exited business	$ 17.6	$ (238.1)	$ 956.4

Revenues from Contracts with _3

Revenues from Contracts with Customers - Disaggregation by Segment (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues per consolidated statements of operations	$ 4,320.5	$ 4,095.9	$ 4,137.8
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	3,053.4	2,814.9	2,875.8
Operating Segments | Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	667.1	556.3	551.4
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	1,123.3	1,118.7	1,114
Total fees and other revenues per consolidated statements of operations	1,790.4	1,675	1,665.4
Operating Segments | Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	2,050.3	1,989.6	2,077.6
Operating Segments | Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	109.7	89.8	80.1
Operating Segments | Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	226.3	179.2	166.7
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	(315.9)	(299)	(312.6)
Total fees and other revenues per consolidated statements of operations	(89.6)	(119.8)	(145.9)
Operating Segments | Investment Management | Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	1,694.5	1,627.6	1,743.4
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	20.9	24.4	27.4
Total fees and other revenues per consolidated statements of operations	1,715.4	1,652	1,770.8
Operating Segments | International Pension | Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	371.6	383.1	356.8
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	5.4	5.8	5.3
Total fees and other revenues per consolidated statements of operations	377	388.9	362.1
Operating Segments | Specialty Benefits | Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	15.4	15.9	15.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	17.9	18.2	18.6
Total fees and other revenues per consolidated statements of operations	33.3	34.1	33.7
Operating Segments | Life Insurance | Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	94.4	74	65.1
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	341.5	333.3	321.5
Total fees and other revenues per consolidated statements of operations	435.9	407.3	386.6
Operating Segments | Benefits And Protection Eliminations | Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	(0.1)	(0.1)	(0.1)
Operating Segments | Principal Asset Management Eliminations | Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total segment revenue from contracts with customers	(15.8)	(21.1)	(22.6)
Reconciling items
Revenues from Contracts with Customers - Disaggregation of Revenues
Adjustments for fees and other revenues not within the scope of revenue recognition guidance	1,192.4	1,200.5	1,172.8
Pre-tax other adjustments	$ 74.7	$ 80.5	$ 89.2

Revenues from Contracts with _4

Revenues from Contracts with Customers - Disaggregation within Segments (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues from Contracts with Customers - Disaggregation of Revenues
Total fees and other revenues	$ 4,320.5	$ 4,095.9	$ 4,137.8
Premiums and other considerations	6,850.2	6,470.9	5,339.7
Net investment income (loss)	4,449.2	4,091.9	3,838.5
Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Premiums and other considerations	3,689.8	3,521.4	3,306.5
Net investment income (loss)	594.5	549.5	564.2
Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Premiums and other considerations	28.7	29	77.7
Net investment income (loss)	568.3	628.6	840.6
Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Premiums and other considerations	3,136.9	2,935	1,959.7
Net investment income (loss)	3,061.6	2,674.3	2,252.2
Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Premiums and other considerations	(5.2)	(14.5)	(4.2)
Net investment income (loss)	224.8	239.5	181.5
Operating Segments
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	3,053.4	2,814.9	2,875.8
Operating Segments | Benefits and Protection
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	109.7	89.8	80.1
Operating Segments | Benefits and Protection | Specialty Benefits
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	15.4	15.9	15.1
Fees and other revenues not within the scope of revenue recognition guidance	17.9	18.2	18.6
Total fees and other revenues	33.3	34.1	33.7
Premiums and other considerations	3,223.9	3,020.9	2,771.1
Net investment income (loss)	191.6	174.4	179.8
Total operating revenues	3,448.8	3,229.4	2,984.6
Operating Segments | Benefits and Protection | Specialty Benefits | Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	15.4	15.9	15.1
Operating Segments | Benefits and Protection | Life Insurance
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	94.4	74	65.1
Fees and other revenues not within the scope of revenue recognition guidance	341.5	333.3	321.5
Total fees and other revenues	435.9	407.3	386.6
Premiums and other considerations	491.6	514.9	535.9
Net investment income (loss)	413.5	401.5	396.3
Total operating revenues	1,341	1,323.7	1,318.8
Operating Segments | Benefits and Protection | Life Insurance | Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	39.3	31.2	27.6
Operating Segments | Benefits and Protection | Life Insurance | Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	55.1	42.8	37.5
Operating Segments | Principal Asset Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	2,050.3	1,989.6	2,077.6
Operating Segments | Principal Asset Management | Investment Management
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	1,694.5	1,627.6	1,743.4
Fees and other revenues not within the scope of revenue recognition guidance	20.9	24.4	27.4
Total fees and other revenues	1,715.4	1,652	1,770.8
Net investment income (loss)	105.3	97.6	94
Total operating revenues	1,820.7	1,749.6	1,864.8
Operating Segments | Principal Asset Management | Investment Management | Management fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	1,533.8	1,441	1,500
Operating Segments | Principal Asset Management | Investment Management | Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	160.7	186.6	243.4
Operating Segments | Principal Asset Management | International Pension
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	371.6	383.1	356.8
Fees and other revenues not within the scope of revenue recognition guidance	5.4	5.8	5.3
Total fees and other revenues	377	388.9	362.1
Premiums and other considerations	28.7	29	77.7
Net investment income (loss)	580.4	636.8	900.7
Total operating revenues	986.1	1,054.7	1,340.5
Operating Segments | Principal Asset Management | International Pension | Management fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	356.6	363.8	335
Operating Segments | Principal Asset Management | International Pension | Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	15	19.3	21.8
Operating Segments | Retirement and Income Solutions
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	667.1	556.3	551.4
Fees and other revenues not within the scope of revenue recognition guidance	1,123.3	1,118.7	1,114
Total fees and other revenues	1,790.4	1,675	1,665.4
Premiums and other considerations	3,136.9	2,935	1,959.7
Net investment income (loss)	3,048.8	2,640.2	2,274.1
Total operating revenues	7,976.1	7,250.2	5,899.2
Operating Segments | Retirement and Income Solutions | Administrative service fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	651.1	539.5	537
Operating Segments | Retirement and Income Solutions | Deposit account fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	12.4	11.3	10.2
Operating Segments | Retirement and Income Solutions | Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers		3.6	3
Operating Segments | Retirement and Income Solutions | Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	3.6	1.9	1.2
Operating Segments | Corporate
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	226.3	179.2	166.7
Fees and other revenues not within the scope of revenue recognition guidance	(315.9)	(299)	(312.6)
Total fees and other revenues	(89.6)	(119.8)	(145.9)
Premiums and other considerations	(5.2)	(14.5)	(4.2)
Net investment income (loss)	171.6	210.7	167.2
Total operating revenues	76.8	76.4	17.1
Operating Segments | Corporate | Other fee revenue
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	89.1	84.1	79.7
Operating Segments | Corporate | Commission income
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	482	373.9	366.2
Operating Segments | Corporate | Revenue by type - Eliminations
Revenues from Contracts with Customers - Disaggregation of Revenues
Total revenues from contracts with customers	$ (344.8)	$ (278.8)	$ (279.2)

Revenues from Contracts with _5

Revenues from Contracts with Customers - Contract Costs (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Contract costs
Contract cost asset	$ 198.9	$ 219.2
Practical expedient, incremental costs of obtaining a contract	true
Amortization expense of contract cost asset	$ 38.5	38.3	$ 35.5
Impairment loss for contract cost asset	$ 0	$ 0	$ 0

Stock-Based Compensation Plan_2

Stock-Based Compensation Plans - Stock-Based Awards (Details) - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation Plans
Stock-Based Compensation Plans - Disclosures
Compensation cost	$ 106.8	$ 97.7	$ 89.9
Related income tax benefit	23.9	23.1	20.3
Capitalized as part of an asset	$ 1.1	$ 1.1	$ 1.3
2020 Directors Stock Plan, the 2014 Stock Incentive Plan, the 2014 Directors Stock Plan, the Amended and Restated 2010 Stock Incentive Plan, the 2005 Directors Stock Plan, the Stock Incentive Plan or the Directors Stock Plan
Stock-Based Compensation Plans - Disclosures
Number of shares that will be granted	0
2021 Stock Incentive Plan
Stock-Based Compensation Plans - Disclosures
Maximum number of new shares of common stock available for grant (in shares)	20.4

Stock-Based Compensation Plan_3

Stock-Based Compensation Plans - Nonqualified Stock Options, Other Disclosures (Details) - Employee Stock Option - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation Plans - Disclosures
Options granted (in shares)	0	0	0
Other nonqualified stock option disclosures
Unrecognized compensation costs	$ 0
Cash received from stock options exercised	36.4	$ 25	$ 141.6
Tax benefits realized for the tax deductions from options exercised	$ 8.4	$ 5.5	$ 37.7

Stock-Based Compensation Plan_4

Stock-Based Compensation Plans - Nonqualified Stock Options, Range of Exercise Prices (Details) - Employee Stock Option - $ / shares shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Number of options outstanding (in shares)	2.1	2.8
Weighted-average remaining contractual life for stock options exercisable	4 years 6 months
Range of exercise prices, Range 1
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 37.38
Upper limit of exercise price range (in dollars per share)	$ 52.41
Number of options outstanding (in shares)	0.7
Weighted-average remaining contractual life	4 years 7 months 6 days
Range of exercise prices, Range 2
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 52.42
Upper limit of exercise price range (in dollars per share)	$ 55.89
Number of options outstanding (in shares)	0.4
Weighted-average remaining contractual life	4 years 2 months 12 days
Range of exercise prices, Range 3
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 55.9
Upper limit of exercise price range (in dollars per share)	$ 60.7
Number of options outstanding (in shares)	0.5
Weighted-average remaining contractual life	6 years 2 months 12 days
Range of exercise prices, Range 4
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 60.71
Upper limit of exercise price range (in dollars per share)	$ 63.38
Number of options outstanding (in shares)	0.1
Weighted-average remaining contractual life	2 years 2 months 12 days
Range of exercise prices, Range 5
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 63.39
Upper limit of exercise price range (in dollars per share)	$ 63.98
Number of options outstanding (in shares)	0.4
Weighted-average remaining contractual life	3 years 2 months 12 days
Range of exercise prices, Total Range
Summary of weighted-average remaining contractual lives for stock options outstanding and range of exercise prices
Lower limit of exercise price range (in dollars per share)	$ 37.38
Upper limit of exercise price range (in dollars per share)	$ 63.98
Number of options outstanding (in shares)	2.1

Stock-Based Compensation Plan_5

Stock-Based Compensation Plans - Nonqualified Stock Options, Activity (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan
Stock-Based Compensation Plans - Disclosures
Option expiration period	10 years
Employee Stock Option
Change in options outstanding
Options outstanding at beginning of period (in shares)	2.8
Options granted (in shares)	0	0	0
Options exercised (in shares)	0.7
Options outstanding at end of period (in shares)	2.1	2.8
Options vested or expected to vest at end of period (in shares)	2.1
Options exercisable at end of period (in shares)	2.1
Options outstanding at beginning of period, Weighted-average exercise price (in dollars per share)	$ 55.39
Options exercised, Weighted-average exercise price (in dollars per share)	53.47
Options outstanding at end of period, Weighted-average exercise price (in dollars per share)	56.03	$ 55.39
Options vested or expected to vest at end of period, Weighted-average exercise price (in dollars per share)	56.03
Options exercisable at end of period, Weighted-average exercise price (in dollars per share)	$ 56.03
Options outstanding at end of period, Intrinsic value	$ 45.4
Options vested or expected to vest at end of period, Intrinsic value	45.4
Options exercisable at end of period, Intrinsic value	45.4
Total intrinsic value of options exercised	$ 21.7	$ 15.2	$ 92

Stock-Based Compensation Plan_6

Stock-Based Compensation Plans - Performance Share Awards and Restricted Stock Units (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Performance Share Awards
Stock-Based Compensation Plans - Disclosures
Performance period for goals	3 years
Change in nonvested units outstanding
Awards or units granted (in shares)	0.3	0.3	0.3
Awards or units granted, Weighted-average grant-date fair value (in dollars per share)	$ 82.52	$ 91.47	$ 66.62
Awards or units vested (in shares)	0.1
Awards or units canceled (in shares)	0.1
Awards or units outstanding at end of period (in shares)	0.9	0.8
Awards or units outstanding at beginning of period (in shares)	0.8
Awards or units vested, Weighted-average grant-date fair value (in dollars per share)	$ 58.68
Awards or units canceled, Weighted-average grant-date fair value (in dollars per share)	78.51
Awards or units outstanding at end of period, Weighted-average grant-date fair value (in dollars per share)	77.38	$ 71.66
Awards or units outstanding at beginning of period, Weighted-average grant-date fair value (in dollars per share)	$ 71.66
Other award and unit disclosures
Intrinsic value from awards or units vested	$ 11.4	$ 11	$ 11.6
Lower limit multiple of initial target awards (as a percent)	0%		0%
Upper limit multiple of initial target awards (as a percent)	180%		150%
Unrecognized compensation costs	$ 17
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 6 months
Tax benefits realized for the tax deductions from awards or units paid out	$ 7	$ 7.7	$ 6.4
Restricted Stock Units
Change in nonvested units outstanding
Awards or units granted (in shares)	1.1	0.9	1.3
Awards or units granted, Weighted-average grant-date fair value (in dollars per share)	$ 80.25	$ 87.71	$ 70.29
Awards or units vested (in shares)	1
Awards or units canceled (in shares)	0.1
Awards or units outstanding at end of period (in shares)	3	3
Awards or units outstanding at beginning of period (in shares)	3
Awards or units vested, Weighted-average grant-date fair value (in dollars per share)	$ 59.32
Awards or units canceled, Weighted-average grant-date fair value (in dollars per share)	78.52
Awards or units outstanding at end of period, Weighted-average grant-date fair value (in dollars per share)	78.92	$ 71.83
Awards or units outstanding at beginning of period, Weighted-average grant-date fair value (in dollars per share)	$ 71.83
Other award and unit disclosures
Intrinsic value from awards or units vested	$ 89.9	$ 102.8	$ 81.1
Unrecognized compensation costs	$ 65
Weighted-average service period over which unrecognized compensation costs will be recognized	1 year 6 months
Tax benefits realized for the tax deductions from awards or units paid out	$ 32.7	$ 35.9	$ 27
2014 Stock Incentive Plan, Amended and Restated 2010 Stock Incentive Plan and Stock Incentive Plan | Restricted Stock Units
Other award and unit disclosures
Vesting period	3 years
2021 Stock Incentive Plan, 2020 Directors Stock Plan, 2014 Directors Stock Plan and 2005 Directors Stock Plan | Restricted Stock Units
Other award and unit disclosures
Vesting period	1 year

Stock-Based Compensation Plan_7

Stock-Based Compensation Plans - Employee Stock Purchase Plan (Details) - Employee Stock Purchase Plan - USD ($) $ / shares in Units, shares in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Stock-Based Compensation Plans - Disclosures
Share purchases under employee stock purchase plan (in shares)	0.4	0.5	0.6
Weighted-average fair value of discount on employee stock purchase plan (in dollars per share)	$ 8.3	$ 7.49	$ 7.31
Shares available to be issued under employee stock purchase plan (in shares)	2.6
Maximum value of company common stock that can be purchased by an employee per year	$ 25,000
Employee purchase price as a percent of fair market value (as a percent)	90%
Intrinsic value from shares settled	$ 3,400,000	$ 3,600,000	$ 4,100,000
Cash received from shares issued	31,000,000	32,800,000	37,300,000
Tax benefits realized from the settlement of share-based payment arrangements	$ 300,000	$ 300,000	$ 800,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Net income (loss)	$ 1,597.9	$ 670.1	$ 4,797.5
Subtract:
Net income (loss) attributable to noncontrolling interest	26.9	46.9	40.6
Total net income (loss), basic	1,571	623.2	4,756.9
Total net income (loss), diluted	$ 1,571	$ 623.2	$ 4,756.9
Weighted-average shares outstanding:
Basic	232	241.3	251.1
Dilutive effects:
Diluted	235.3	244.6	255.3
Net income (loss) per common share:
Basic	$ 6.77	$ 2.58	$ 18.94
Diluted	$ 6.68	$ 2.55	$ 18.63
Stock Options
Dilutive effects:
Stock-based compensation awards	0.8	0.9	1.5
Restricted Stock Units
Dilutive effects:
Stock-based compensation awards	2	2	2.2
Performance Share Awards
Dilutive effects:
Stock-based compensation awards	0.5	0.4	0.5

Subsequent Event (Details)

Subsequent Event (Details) - Distribution and customer relationships and pension contract costs - Forecast $ in Millions	Jan. 16, 2025 USD ($)
Subsequent Event
Impairment, Intangible Asset, Finite-Lived, Statement of Income or Comprehensive Income [Extensible Enumeration]	Gain (Loss) on Investments
Subsequent Event
Subsequent Event
Write-down of intangible assets	$ 140

Schedule I - Summary of Inves_2

Schedule I - Summary of Investments - Other Than Investments in Related Parties (Details) $ in Millions	Dec. 31, 2024 USD ($)
Summary of Investments - Other Than Investments in Related Parties
Cost	$ 109,173.2
Amount as shown in the consolidated statement of financial position	103,375.8
Fixed maturities, available-for-sale: | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	74,048.4
Fair value	68,251
Amount as shown in the consolidated statement of financial position	68,251
Unallocated portfolio layer method basis adjustment, cost	(55.7)
U.S. Treasury securities and obligations of U.S. government corporations and agencies | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	1,937.4
Fair value	1,637.9
Amount as shown in the consolidated statement of financial position	1,637.9
States, municipalities and political subdivisions | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	7,207.8
Fair value	6,076.5
Amount as shown in the consolidated statement of financial position	6,076.5
Foreign governments | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	567.3
Fair value	495.7
Amount as shown in the consolidated statement of financial position	495.7
Public utilities | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	5,761.2
Fair value	4,466.3
Amount as shown in the consolidated statement of financial position	4,466.3
Redeemable preferred stock | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	251.7
Fair value	236.7
Amount as shown in the consolidated statement of financial position	236.7
All other corporate bonds | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	32,898.2
Fair value	30,999.6
Amount as shown in the consolidated statement of financial position	30,999.6
Residential mortgage-backed pass-through securities | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	3,881.3
Fair value	3,674.2
Amount as shown in the consolidated statement of financial position	3,674.2
Commercial mortgage-backed securities | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	5,634.3
Fair value	5,188
Amount as shown in the consolidated statement of financial position	5,188
Collateralized debt obligations | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	6,518.7
Fair value	6,560.4
Amount as shown in the consolidated statement of financial position	6,560.4
Other debt obligations | Available-for-sale
Summary of Investments - Other Than Investments in Related Parties
Cost	9,446.2
Fair value	8,915.7
Amount as shown in the consolidated statement of financial position	8,915.7
Fixed maturities, trading | Trading
Summary of Investments - Other Than Investments in Related Parties
Cost	1,023.3
Fair value	1,023.3
Amount as shown in the consolidated statement of financial position	1,023.3
Equity securities
Summary of Investments - Other Than Investments in Related Parties
Cost	2,295
Fair value	2,295
Amount as shown in the consolidated statement of financial position	2,295
Banks, trust and insurance companies
Summary of Investments - Other Than Investments in Related Parties
Cost	329.2
Fair value	329.2
Amount as shown in the consolidated statement of financial position	329.2
Public utilities
Summary of Investments - Other Than Investments in Related Parties
Cost	0.8
Fair value	0.8
Amount as shown in the consolidated statement of financial position	0.8
Industrial, miscellaneous and all other
Summary of Investments - Other Than Investments in Related Parties
Cost	1,707.9
Fair value	1,707.9
Amount as shown in the consolidated statement of financial position	1,707.9
Other corporate
Summary of Investments - Other Than Investments in Related Parties
Cost	160.7
Fair value	160.7
Amount as shown in the consolidated statement of financial position	160.7
Non-redeemable preferred stock
Summary of Investments - Other Than Investments in Related Parties
Cost	96.4
Fair value	96.4
Amount as shown in the consolidated statement of financial position	96.4
Mortgage loans
Summary of Investments - Other Than Investments in Related Parties
Cost	20,484.2
Amount as shown in the consolidated statement of financial position	20,484.2
Real estate acquired in satisfaction of debt
Summary of Investments - Other Than Investments in Related Parties
Cost	0.8
Amount as shown in the consolidated statement of financial position	0.8
Other real estate
Summary of Investments - Other Than Investments in Related Parties
Cost	2,463.7
Amount as shown in the consolidated statement of financial position	2,463.7
Policy loans
Summary of Investments - Other Than Investments in Related Parties
Cost	867.5
Amount as shown in the consolidated statement of financial position	867.5
Other investments
Summary of Investments - Other Than Investments in Related Parties
Cost	7,990.3
Amount as shown in the consolidated statement of financial position	$ 7,990.3

Schedule II - Condensed Finan_2

Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Financial Position (Details) - USD ($) $ in Millions		Dec. 31, 2024	Dec. 31, 2023
Assets
Fixed maturities, available-for-sale	[1]	$ 68,251	$ 65,673.1
Fixed maturities, trading		1,023.3	836.2
Other investments		7,990.3	7,035.6
Cash and cash equivalents		4,211.9	4,707.7
Deferred income taxes		207.1	241.1
Total assets		313,663.6	305,046.7
Liabilities
Long-term debt		3,955.3	3,930.9
Total liabilities		302,194.6	293,836.1
Stockholders' equity
Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 494,734,908 and 492,279,405 shares issued as of 2024 and 2023; 226,225,161 and 236,438,294 shares outstanding as of 2024 and 2023		4.9	4.9
Additional paid-in capital		11,100.9	10,908.6
Retained earnings (accumulated deficit)		17,583.5	16,683.5
Accumulated other comprehensive income (loss)		(5,224.8)	(5,345.3)
Treasury stock, at cost; 268,509,747 and 255,841,111 shares as of 2024 and 2023		(12,378.1)	(11,335.7)
Total stockholders' equity attributable to Principal Financial Group, Inc.		11,086.4	10,916
Total liabilities and stockholders' equity		313,663.6	305,046.7
Principal Financial Group, Inc. Parent Only | Legal Entities
Assets
Fixed maturities, available-for-sale		14.5	15.6
Other investments		12.1	11.5
Cash and cash equivalents		31.8	270.7
Income taxes currently receivable		1.9	11.9
Deferred income taxes		283	292.7
Amounts receivable from subsidiaries		15.8	15
Other assets		22.3	17.4
Investment in unconsolidated entities		14,987.1	14,595.7
Total assets		15,368.5	15,230.5
Liabilities
Long-term debt		3,930.6	3,927.9
Accrued investment payable		30.6	30.6
Pension liability		308.4	343.6
Other liabilities		12.5	12.4
Total liabilities		4,282.1	4,314.5
Stockholders' equity
Common stock, par value $0.01 per share; 2,500,000,000 shares authorized; 494,734,908 and 492,279,405 shares issued as of 2024 and 2023; 226,225,161 and 236,438,294 shares outstanding as of 2024 and 2023		4.9	4.9
Additional paid-in capital		11,100.9	10,908.6
Retained earnings (accumulated deficit)		17,583.5	16,683.5
Accumulated other comprehensive income (loss)		(5,224.8)	(5,345.3)
Treasury stock, at cost; 268,509,747 and 255,841,111 shares as of 2024 and 2023		(12,378.1)	(11,335.7)
Total stockholders' equity attributable to Principal Financial Group, Inc.		11,086.4	10,916
Total liabilities and stockholders' equity		$ 15,368.5	$ 15,230.5
[1] See Note 4, Investments, for further details relating to the amortized cost of fixed maturities, available-for-sale.

Schedule II - Condensed Finan_3

Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Financial Position - Parenthetical (Details) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, issued (in shares)	494,734,908	492,279,405
Common stock, outstanding (in shares)	226,225,161	236,438,294
Treasury stock (in shares)	268,509,747	255,841,111
Principal Financial Group, Inc. Parent Only | Legal Entities
Condensed Financial Statements, Captions [Line Items]
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	2,500,000,000	2,500,000,000
Common stock, issued (in shares)	494,734,908	492,279,405
Common stock, outstanding (in shares)	226,225,161	236,438,294
Treasury stock (in shares)	268,509,747	255,841,111

Schedule II - Condensed Finan_4

Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Operations (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Revenues
Net investment income (loss)		$ 4,449.2	$ 4,091.9	$ 3,838.5
Net realized capital gains (losses)	[1]	(27.3)	(72.2)	(182.1)
Total revenues		16,127.7	13,665.8	17,536.1
Expenses
Other operating costs and expenses		5,363.9	5,072.1	4,962.2
Total expenses		14,238.1	12,927	11,549.1
Loss before income taxes		1,889.6	738.8	5,987
Income taxes (benefits)		291.7	68.7	1,189.5
Net income (loss) attributable to Principal Financial Group, Inc.		1,571	623.2	4,756.9
Principal Financial Group, Inc. Parent Only | Legal Entities
Revenues
Net investment income (loss)		7.9	14.7	16.7
Net realized capital gains (losses)				(53.6)
Total revenues		7.9	14.7	(36.9)
Expenses
Other operating costs and expenses		207.5	224	188.8
Total expenses		207.5	224	188.8
Loss before income taxes		(199.6)	(209.3)	(225.7)
Income taxes (benefits)		(31.8)	(44.7)	(33.8)
Equity in the net income (loss) of subsidiaries		1,738.8	787.8	4,948.8
Net income (loss) attributable to Principal Financial Group, Inc.		$ 1,571	$ 623.2	$ 4,756.9
[1] Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Schedule II - Condensed Finan_5

Schedule II - Condensed Financial Information of Registrant (Parent Only) - Statements of Cash Flows (Details) - USD ($) $ in Millions		12 Months Ended
		Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating activities
Net income (loss)		$ 1,597.9	$ 670.1	$ 4,797.5
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized capital (gains) losses	[1]	27.3	72.2	182.1
Stock-based compensation		108.7	99.4	91.3
Changes in:
Net cash flows for trading securities and equity securities with operating intent		(97.5)	(56)	(339.5)
Current and deferred income tax benefits		106.1	(40.5)	854.8
Other		(207.2)	(146.5)	(125.9)
Net cash provided by (used in) operating activities		4,602.9	3,792.4	3,172.9
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold: Purchases		(14,969.4)	(11,417)	(19,352.6)
Sales		3,542.7	5,888.3	14,729.7
Maturities		7,412.1	5,190.8	6,853.7
Net change in other investments		(692.7)	(919.3)	(68.2)
Net cash provided by (used in) investing activities		(5,399)	(1,346.9)	1,058.5
Financing activities
Issuance of common stock		67.7	57.8	181.7
Acquisition of treasury stock		(1,042.4)	(740.4)	(1,661.1)
Dividends to common stockholders		(658.4)	(625.5)	(642.3)
Principal repayments of long-term debt		(0.1)	(764)	(302)
Issuance of long-term debt		21.8	691.5	15.4
Net cash provided by (used in) financing activities		300.3	(2,585.8)	(1,715.4)
Net increase (decrease) in cash and cash equivalents		(495.8)	(140.3)	2,516
Cash and cash equivalents at beginning of period		4,707.7	4,848	2,332
Cash and cash equivalents at end of period		4,211.9	4,707.7	4,848
Principal Financial Group, Inc. Parent Only | Legal Entities
Operating activities
Net income (loss)		1,571	623.2	4,756.9
Adjustments to reconcile net income to net cash provided by operating activities:
Net realized capital (gains) losses				53.6
Stock-based compensation		1.6	1.7	1.7
Equity in the net (income) loss of subsidiaries		(1,738.8)	(787.8)	(4,948.8)
Changes in:
Net cash flows for trading securities and equity securities with operating intent				99.9
Current and deferred income tax benefits		(33.5)	(10.7)	(2.5)
Other		47.1	27	(30.1)
Net cash provided by (used in) operating activities		(152.6)	(146.6)	(69.3)
Investing activities
Sales				935.9
Maturities		1.4	1.9	52.7
Net (purchases) sales of property and equipment			(0.1)	(0.1)
Net change in other investments			0.6	14.3
Dividends and returns of capital received from (contributed to) unconsolidated entities		1,545.4	1,239	1,660.3
Net cash provided by (used in) investing activities		1,546.8	1,241.4	2,663.1
Financing activities
Issuance of common stock		67.7	57.8	181.7
Acquisition of treasury stock		(1,042.4)	(740.4)	(1,661)
Dividends to common stockholders		(658.4)	(625.5)	(642.3)
Principal repayments of long-term debt			(700)	(300)
Issuance of long-term debt			691.5
Net cash provided by (used in) financing activities		(1,633.1)	(1,316.6)	(2,421.6)
Net increase (decrease) in cash and cash equivalents		(238.9)	(221.8)	172.2
Cash and cash equivalents at beginning of period		270.7	492.5	320.3
Cash and cash equivalents at end of period		$ 31.8	$ 270.7	$ 492.5
[1] Includes realized and unrealized gains (losses). See Note 4, Investments, for further details.

Schedule II - Condensed Finan_6

Schedule II - Condensed Financial Information of Registrant (Parent Only) - Financial Statement Footnotes (Details) - Principal Financial Group, Inc. Parent Only - Legal Entities - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Condensed Financial Statements, Captions [Line Items]
Assets held in Rabbi trusts	$ 1,014.5	$ 896.1
Liabilities held in Rabbi trusts	$ 827	$ 724.9
Defined Benefit Plan, Tax Status [Extensible Enumeration]	Nonqualified Plan [Member]	Nonqualified Plan [Member]
Dividends and Returns of Capital Received from (Contributed to) Unconsolidated Entity
Dividends and returns of capital received from (contributed to) unconsolidated entities	$ 1,545.4	$ 1,239	$ 1,660.3

Schedule III - Supplementary _2

Schedule III - Supplementary Insurance Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Supplementary Insurance Information
Deferred acquisition costs	$ 4,006.9	$ 3,950.5
Market risk benefit asset	199.5	153.4
Future policy benefits and claims	48,179.4	46,826.5
Contractholder and other policyholder funds	44,066	42,417.9
Market risk benefit liability	62.1	133.2
Premiums and other considerations	6,850.2	6,470.9	$ 5,339.7
Net investment income	4,449.2	4,091.9	3,838.5
Benefits, claims and settlement expenses	8,072.6	7,788.2	6,631.3
Liability for future policy benefit remeasurement (gain) loss	671.4	(51.6)	(264.5)
Market risk benefit remeasurement (gain) loss	30.3	29.1	125.3
Amortization of deferred acquisition costs	392.5	389.8	386.9
Other operating expenses	4,971.4	4,682.3	4,575.3
Retirement and Income Solutions
Supplementary Insurance Information
Deferred acquisition costs	957.2	918.9
Market risk benefit asset	199.5	153.4
Future policy benefits and claims	29,818.3	29,161.9
Contractholder and other policyholder funds	36,027	34,399.6
Market risk benefit liability	62.1	111.9
Premiums and other considerations	3,136.9	2,935	1,959.7
Net investment income	3,061.6	2,674.3	2,252.2
Benefits, claims and settlement expenses	5,183.5	4,653.5	3,328.1
Liability for future policy benefit remeasurement (gain) loss	(14.5)	(68.5)	(14.9)
Market risk benefit remeasurement (gain) loss	50.6	33.7	131.2
Amortization of deferred acquisition costs	95.2	95.8	101
Other operating expenses	1,685.3	1,590.7	1,601.4
Principal Asset Management
Supplementary Insurance Information
Deferred acquisition costs	5.9	7.7
Future policy benefits and claims	4,129	4,595.6
Contractholder and other policyholder funds	457.8	507.8
Market risk benefit liability		21.3
Premiums and other considerations	28.7	29	77.7
Net investment income	568.3	628.6	840.6
Benefits, claims and settlement expenses	423	477.6	725.9
Liability for future policy benefit remeasurement (gain) loss	1	0.9	(4.7)
Market risk benefit remeasurement (gain) loss	(20.3)	(4.6)	(5.9)
Amortization of deferred acquisition costs	1.1	1.1	1.1
Other operating expenses	1,565.4	1,544.2	1,502.1
Benefits and Protection
Supplementary Insurance Information
Deferred acquisition costs	3,043.8	3,023.9
Future policy benefits and claims	14,046.4	12,888.3
Contractholder and other policyholder funds	7,940.8	7,870.8
Premiums and other considerations	3,689.8	3,521.4	3,306.5
Net investment income	594.5	549.5	564.2
Benefits, claims and settlement expenses	2,460.4	2,647.7	2,553.7
Liability for future policy benefit remeasurement (gain) loss	684.9	16	(244.9)
Amortization of deferred acquisition costs	296.2	292.9	284.8
Other operating expenses	1,182.8	1,088	1,027.5
Corporate
Supplementary Insurance Information
Future policy benefits and claims	185.7	180.7
Contractholder and other policyholder funds	(359.6)	(360.3)
Premiums and other considerations	(5.2)	(14.5)	(4.2)
Net investment income	224.8	239.5	181.5
Benefits, claims and settlement expenses	5.7	9.4	23.6
Other operating expenses	$ 537.9	$ 459.4	$ 444.3

Schedule IV - Reinsurance (Deta

Schedule IV - Reinsurance (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Life insurance in force
Life insurance in force gross amount	$ 741,781.1	$ 717,991.5	$ 692,200.8
Life insurance in force ceded to other companies	236,556.4	230,126.5	223,416.6
Life insurance in force assumed from other companies	298.8	446.6	627.4
Life insurance in force net amount	$ 505,523.5	$ 488,311.6	$ 469,411.6
Life insurance in force, percentage of amount assumed to net (as a percent)	0.10%	0.10%	0.10%
Premiums:
Premiums gross amount	$ 7,381.2	$ 6,961.3	$ 5,795.1
Premiums ceded to other companies	531.6	491.3	456.4
Premiums assumed from other companies	0.6	0.9	1
Premiums net amount	6,850.2	6,470.9	5,339.7
Life insurance and annuities
Premiums:
Premiums gross amount	4,674.8	4,384.6	3,402.7
Premiums ceded to other companies	380.8	335.1	298.6
Premiums assumed from other companies	0.6	0.9	1
Premiums net amount	4,294.6	4,050.4	3,105.1
Accident and health insurance
Premiums:
Premiums gross amount	2,706.4	2,576.7	2,392.4
Premiums ceded to other companies	150.8	156.2	157.8
Premiums net amount	$ 2,555.6	$ 2,420.5	$ 2,234.6