Segment Information

We have three principal operating business segments: Unum US, Unum UK, and Colonial Life. Our other segments are Closed Block and Corporate.

Definitive Purchase Agreement

In January of 2018, we entered into a definitive agreement to acquire Pramerica Zycie TUiR SA ("Pramerica"), a financial protection benefits provider in Poland. The acquisition of Pramerica will expand our European presence, which we believe to be an attractive market for financial protection benefits. The transaction is expected to close by the end of 2018 subject to customary approvals and closing conditions.

Segment information is as follows:



	Three Months Ended June 30				Six Months Ended June 30
	2018		2017		2018		2017
	(in millions of dollars)
Premium Income
Unum US
Group Disability
Group Long-term Disability	$	437.4	$	437.7	$	878.6	$	872.1
Group Short-term Disability	171.0		158.3		347.3		316.2
Group Life and Accidental Death & Dismemberment
Group Life	391.1		363.9		790.3		731.7
Accidental Death & Dismemberment	38.6		36.7		77.3		73.3
Supplemental and Voluntary
Individual Disability	104.7		106.7		209.6		213.7
Voluntary Benefits	223.9		213.2		453.7		428.4
Dental and Vision	49.6		41.2		98.3		82.7
	1,416.3		1,357.7		2,855.1		2,718.1
Unum UK
Group Long-term Disability	89.7		83.8		180.5		164.6
Group Life	27.9		25.4		56.5		50.2
Supplemental	21.3		17.6		41.5		33.3
	138.9		126.8		278.5		248.1
Colonial Life
Accident, Sickness, and Disability	228.6		220.1		459.9		439.2
Life	81.5		75.0		162.5		149.2
Cancer and Critical Illness	85.3		81.2		171.3		162.2
	395.4		376.3		793.7		750.6
Closed Block
Individual Disability	106.9		118.5		216.3		239.8
Long-term Care	161.5		160.9		322.8		324.0
All Other	2.0		2.0		4.6		4.5
	270.4		281.4		543.7		568.3
Total Premium Income	$	2,221.0	$	2,142.2	$	4,471.0	$	4,285.1



	Unum US		Unum UK		Colonial Life		Closed Block		Corporate			Total
	(in millions of dollars)
Three Months Ended June 30, 2018
Premium Income	$	1,416.3	$	138.9	$	395.4	$	270.4	$	—		$	2,221.0
Net Investment Income	196.5		32.1		40.2		345.6		9.2			623.6
Other Income	28.8		—		0.3		18.9		0.3			48.3
Adjusted Operating Revenue	$	1,641.6	$	171.0	$	435.9	$	634.9	$	9.5		$	2,892.9

Adjusted Operating Income (Loss)	$	251.1	$	27.6	$	84.6	$	29.6	$	(35.5	)	$	357.4

Three Months Ended June 30, 2017
Premium Income	$	1,357.7	$	126.8	$	376.3	$	281.4	$	—		$	2,142.2
Net Investment Income	205.6		33.2		36.7		340.0		5.0			620.5
Other Income	30.1		—		0.2		20.2		0.7			51.2
Adjusted Operating Revenue	$	1,593.4	$	160.0	$	413.2	$	641.6	$	5.7		$	2,813.9

Adjusted Operating Income (Loss)	$	247.8	$	28.9	$	81.8	$	32.6	$	(37.6	)	$	353.5



	Unum US		Unum UK		Colonial Life		Closed Block		Corporate			Total
	(in millions of dollars)
Six Months Ended June 30, 2018
Premium Income	$	2,855.1	$	278.5	$	793.7	$	543.7	$	—		$	4,471.0
Net Investment Income	390.7		59.7		77.5		683.3		14.7			1,225.9
Other Income	57.8		—		0.6		37.9		1.5			97.8
Adjusted Operating Revenue	$	3,303.6	$	338.2	$	871.8	$	1,264.9	$	16.2		$	5,794.7

Adjusted Operating Income (Loss)	$	495.0	$	57.4	$	165.6	$	58.5	$	(75.8	)	$	700.7

Six Months Ended June 30, 2017
Premium Income	$	2,718.1	$	248.1	$	750.6	$	568.3	$	—		$	4,285.1
Net Investment Income	408.1		59.8		71.8		675.3		7.9			1,222.9
Other Income	58.8		—		0.5		41.0		1.1			101.4
Adjusted Operating Revenue	$	3,185.0	$	307.9	$	822.9	$	1,284.6	$	9.0		$	5,609.4

Adjusted Operating Income (Loss)	$	486.9	$	55.5	$	164.2	$	64.2	$	(77.4	)	$	693.4



	June 30		December 31
	2018		2017
	(in millions of dollars)
Assets
Unum US	$	17,641.1	$	18,109.1
Unum UK	3,344.4		3,428.1
Colonial Life	4,264.6		4,184.1
Closed Block	34,063.4		35,051.2
Corporate	3,053.1		3,240.6
Total Assets	$	62,366.6	$	64,013.1

We measure and analyze our segment performance on the basis of "adjusted operating revenue" and "adjusted operating income" or "adjusted operating loss", which differ from total revenue and income before income tax as presented in our consolidated statements of income due to the exclusion of net realized investment gains and losses and certain other items as specified in the reconciliations below. We believe adjusted operating revenue and adjusted operating income or loss are better performance measures and better indicators of the revenue and profitability and underlying trends in our business. These performance measures are in accordance with GAAP guidance for segment reporting, but they should not be viewed as a substitute for total revenue, income before income tax, or net income.

Realized investment gains or losses depend on market conditions and do not necessarily relate to decisions regarding the underlying business of our segments. Our investment focus is on investment income to support our insurance liabilities as opposed to the generation of realized investment gains or losses. Although we may experience realized investment gains or losses which will affect future earnings levels, a long-term focus is necessary to maintain profitability over the life of the business since our underlying business is long-term in nature, and we need to earn the interest rates assumed in calculating our liabilities.

We may at other times exclude certain other items from our discussion of financial ratios and metrics in order to enhance the understanding and comparability of our operational performance and the underlying fundamentals, but this exclusion is not an indication that similar items may not recur and does not replace net income or net loss as a measure of our overall profitability. See Note 11 for further discussion regarding the loss from a guaranty fund assessment.

A reconciliation of total revenue to "adjusted operating revenue" and income before income tax to "adjusted operating income" is as follows:



	Three Months Ended June 30					Six Months Ended June 30
	2018			2017		2018			2017
	(in millions of dollars)
Total Revenue	$	2,890.3		$	2,822.0	$	5,789.9		$	5,628.5
Excluding:
Net Realized Investment Gain (Loss)	(2.6		)	8.1		(4.8		)	19.1
Adjusted Operating Revenue	$	2,892.9		$	2,813.9	$	5,794.7		$	5,609.4

Income Before Income Tax	$	354.8		$	361.6	$	695.9		$	691.9
Excluding:
Net Realized Investment Gain (Loss)	(2.6		)	8.1		(4.8		)	19.1
Loss from Guaranty Fund Assessment	—			—		—			(20.6		)
Adjusted Operating Income	$	357.4		$	353.5	$	700.7		$	693.4