Segment Information

6 Months Ended

Jun. 30, 2019

Segment Reporting [Abstract]

Segment Information

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

Segment information is as follows:

	Three Months Ended June 30				Six Months Ended June 30
	2019		2018		2019		2018
	(in millions of dollars)
Premium Income
Unum US
Group Disability
Group Long-term Disability	$	457.2	$	437.4	$	910.1	$	878.6
Group Short-term Disability	187.6		171.0		376.3		347.3
Group Life and Accidental Death & Dismemberment
Group Life	420.0		391.1		834.4		790.3
Accidental Death & Dismemberment	41.7		38.6		82.7		77.3
Supplemental and Voluntary
Individual Disability	108.5		104.7		219.2		209.6
Voluntary Benefits	228.6		223.9		463.0		453.7
Dental and Vision	60.9		49.6		120.7		98.3
	1,504.5		1,416.3		3,006.4		2,855.1
Unum International
Group Long-term Disability	89.6		89.7		177.5		180.5
Group Life	28.8		27.9		56.0		56.5
Supplemental	40.2		21.3		79.1		41.5
	158.6		138.9		312.6		278.5
Colonial Life
Accident, Sickness, and Disability	242.4		228.6		484.6		459.9
Life	88.3		81.5		175.9		162.5
Cancer and Critical Illness	90.2		85.3		179.7		171.3
	420.9		395.4		840.2		793.7
Closed Block
Individual Disability	94.4		106.9		192.5		216.3
Long-term Care	162.6		161.5		325.6		322.8
All Other	2.1		2.0		4.5		4.6
	259.1		270.4		522.6		543.7
Total Premium Income	$	2,343.1	$	2,221.0	$	4,681.8	$	4,471.0

	Unum US		Unum International		Colonial Life		Closed Block		Corporate			Total
	(in millions of dollars)
Three Months Ended June 30, 2019
Premium Income	$	1,504.5	$	158.6	$	420.9	$	259.1	$	—		$	2,343.1
Net Investment Income	184.1		44.8		37.2		354.5		4.3			624.9
Other Income	36.8		0.3		0.7		16.5		1.7			56.0
Adjusted Operating Revenue	$	1,725.4	$	203.7	$	458.8	$	630.1	$	6.0		$	3,024.0
Adjusted Operating Income (Loss)	$	254.3	$	30.7	$	84.4	$	33.7	$	(43.8	)	$	359.3
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

	Unum US		Unum International		Colonial Life		Closed Block		Corporate			Total
	(in millions of dollars)
Six Months Ended June 30, 2019
Premium Income	$	3,006.4	$	312.6	$	840.2	$	522.6	$	—		$	4,681.8
Net Investment Income	366.2		69.6		74.1		701.1		8.6			1,219.6
Other Income	71.3		0.3		1.3		34.5		1.7			109.1
Adjusted Operating Revenue	$	3,443.9	$	382.5	$	915.6	$	1,258.2	$	10.3		$	6,010.5
Adjusted Operating Income (Loss)	$	506.6	$	59.8	$	169.6	$	64.7	$	(89.2	)	$	711.5
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

	June 30		December 31
	2019		2018
	(in millions of dollars)
Assets
Unum US	$	18,438.3	$	17,510.9
Unum International	3,769.4		3,426.8
Colonial Life	4,531.0		4,237.9
Closed Block	36,196.7		34,527.6
Corporate	2,908.3		2,172.4
Total Assets	$	65,843.7	$	61,875.6

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 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. We exclude these items as we believe them to be infrequent or unusual in nature, 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.

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
	2019			2018			2019			2018
	(in millions of dollars)
Total Revenue	$	3,016.7		$	2,890.3		$	6,004.3		$	5,789.9
Excluding:
Net Realized Investment Loss	(7.3		)	(2.6		)	(6.2		)	(4.8		)
Adjusted Operating Revenue	$	3,024.0		$	2,892.9		$	6,010.5		$	5,794.7
Income Before Income Tax	$	352.0		$	354.8		$	705.3		$	695.9
Excluding:
Net Realized Investment Loss	(7.3		)	(2.6		)	(6.2		)	(4.8		)
Adjusted Operating Income	$	359.3		$	357.4		$	711.5		$	700.7