The Unum US segment is comprised of group long-term and short-term disability insurance, which includes our medical stop-loss product as well as our fee-based leave management services and ASO business, group life and accidental death and dismemberment products, and supplemental and voluntary lines of business, which are comprised of individual disability, voluntary benefits, and dental and vision products. These products are marketed through our field sales personnel who work in conjunction with independent brokers and consultants.

The Unum International segment is comprised of our operations in both the United Kingdom and Poland. Our Unum UK products include insurance for group long-term disability, group life, and supplemental lines of business which include dental, individual disability, and critical illness products. Our Unum Poland products include insurance for individual and group life with accident and health riders. Unum International's products are sold primarily through field sales personnel and independent brokers and consultants.

The Colonial Life segment includes insurance for accident, sickness, and disability products, which includes our dental and vision products, life products, and cancer and critical illness products marketed to employees, on both a group and an individual basis, at the workplace through an independent contractor agency sales force and brokers.

The Closed Block segment consists of group and individual long-term care, individual disability, and other insurance products no longer actively marketed. We discontinued offering individual long-term care in 2009 and group long-term care in 2012. Individual disability in this segment generally consists of policies we sold prior to the mid-1990s and entirely discontinued selling in 2004. Other insurance products include group pension, individual life and corporate-owned life insurance, reinsurance pools and management operations, and other miscellaneous product lines.

The Corporate segment includes investment income on corporate assets not specifically allocated to a line of business, interest expense on corporate debt other than non-recourse debt, and certain other corporate income and expenses not allocated to a line of business.

On November 1, 2018, we acquired 100 percent of the shares and voting interests in Jaimini Health, Inc. (Jaimini Health), a dental health maintenance organization. The acquisition of Jaimini Health will broaden our employee benefit dental offerings in the U.S., particularly in the state of California, and is reported in our Unum US segment.

On October 1, 2018, we acquired 100 percent of the shares and voting interests in Unum Poland, a financial protection benefits provider in Poland. This acquisition will expand our European presence, which we believe to be an attractive market for financial protection benefits.

On January 1, 2018, we acquired 100 percent of the shares and voting interests in Leavelogic, Inc (Leavelogic), a leave management technology provider. The acquisition of Leavelogic will enhance our current leave management offerings by providing tools for employers and employees to better manage the family leave process and is reported in our Unum US segment.

Aggregate revenues for all three acquired entities totaled approximately $61 million in 2017. Aggregate assets were valued at approximately $344 million as of the respective acquisition dates and were primarily comprised of bonds, short-term investments, and intangible assets attributable to the value of business acquired, the value of distribution networks, and licenses. Aggregate liabilities were valued at approximately $206 million as of the respective acquisition dates and were primarily comprised of outstanding claim liabilities, reserves for future claims, and income tax liabilities. The aggregate purchase price for all three transactions was approximately $151 million and exceeded the fair value of the identifiable net assets by approximately $13 million, which was identified as goodwill, primarily attributable to the value of adding individual and group financial protection products in Poland to our current employee benefit offerings and the value of enhancing our technology capabilities around our leave management offerings. The goodwill is not deductible for income tax purposes except upon disposition of the acquired entities. These acquisitions, the results of which are included in our consolidated financial statements


	Year Ended December 31
	2019		2018		2017
	(in millions of dollars)
Premium Income

Unum US
Group Disability
Group Long-term Disability	$	1,823.1	$	1,766.2	$	1,749.6
Group Short-term Disability	768.8		706.3		639.8
Group Life and Accidental Death & Dismemberment
Group Life	1,662.0		1,583.7		1,467.5
Accidental Death & Dismemberment	165.7		156.3		147.5
Supplemental and Voluntary
Individual Disability	440.7		425.4		420.2
Voluntary Benefits	910.2		895.7		849.4
Dental and Vision	246.1		202.8		169.5
	6,016.6		5,736.4		5,443.5

Unum International
Unum UK
Group Long-term Disability	353.4		358.9		340.3
Group Life	115.7		110.8		103.1
Supplemental	89.5		81.7		69.6
Unum Poland	71.9		17.4		—
	630.5		568.8		513.0


Colonial Life
Accident, Sickness, and Disability	973.4		929.3		884.2
Life	351.6		328.4		300.4
Cancer and Critical Illness	360.0		346.1		326.8
	1,685.0		1,603.8		1,511.4

Closed Block
Long-term Care	651.6		648.3		648.7
Individual Disability	374.3		420.8		471.8
All Other	7.6		8.0		8.7
	1,033.5		1,077.1		1,129.2


Total Premium Income	$	9,365.6	$	8,986.1	$	8,597.1


			Unum		Colonial
	Unum US		International		Life		Total
	(in millions of dollars)
Deferred Acquisition Costs

Year Ended December 31, 2019
Beginning of Year	$	1,239.4	$	20.0	$	1,050.0	$	2,309.4
Capitalization	334.5		12.8		311.3		658.6
Amortization	(344.0)		(7.1)		(258.8)		(609.9)
Adjustment Related to Unrealized Investment Gains and Losses	(6.9)		—		(27.9)		(34.8)
Foreign Currency	—		0.7		—		0.7
End of Year	$	1,223.0	$	26.4	$	1,074.6	$	2,324.0

Year Ended December 31, 2018
Beginning of Year	$	1,205.4	$	21.3	$	957.9	$	2,184.6
Capitalization	344.0		8.1		315.9		668.0
Amortization	(315.1)		(8.2)		(242.2)		(565.5)
Adjustment Related to Unrealized Investment Gains and Losses	5.1		—		18.4		23.5
Foreign Currency	—		(1.2)		—		(1.2)
End of Year	$	1,239.4	$	20.0	$	1,050.0	$	2,309.4

Year Ended December 31, 2017
Beginning of Year	$	1,176.5	$	21.4	$	896.3	$	2,094.2
Capitalization	325.5		7.0		295.5		628.0
Amortization	(293.6)		(9.1)		(224.4)		(527.1)
Adjustment Related to Unrealized Investment Gains and Losses	(3.0)		—		(9.5)		(12.5)
Foreign Currency	—		2.0		—		2.0
End of Year	$	1,205.4	$	21.3	$	957.9	$	2,184.6

We report goodwill in our Unum US, Unum International, and Colonial Life segments, which are the segments expected to benefit from the originating business combinations. At December 31, 2019 and 2018 goodwill was $351.7 million and $350.3 million, respectively, with $280.0 million attributable to Unum US in each year, $44.0 million and $42.6 million, respectively, attributable to Unum International, and $27.7 million attributable to Colonial Life in each year.

Stockholders' equity is allocated to the operating segments on the basis of an internal allocation formula that reflects the volume and risk components of each operating segment's business and aligns allocated equity with our target capital levels for regulatory and rating agency purposes. We modify this formula periodically to recognize changes in the views of capital requirements.

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 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.

See Notes 6, 8, and 14 for further discussion regarding the impacts of the long-term care reserve increase, the cost related to early retirement of debt, the unclaimed death benefit reserve increase, and the loss from a guaranty fund assessment, respectively.


	Year Ended December 31
	2019		2018		2017
	(in millions of dollars)
Total Revenue	$	11,998.9	$	11,598.5	$	11,286.8
Excluding:
Net Realized Investment Gain (Loss)	(23.2)		(39.5)		40.3
Adjusted Operating Revenue	$	12,022.1	$	11,638.0	$	11,246.5

Income Before Income Tax	$	1,382.1	$	627.8	$	1,404.0
Excluding:
Net Realized Investment Gain (Loss)	(23.2)		(39.5)		40.3
Long-term Care Reserve Increase	—		(750.8)		—
Cost Related to Early Retirement of Debt	(27.3)		—		—
Loss from Guaranty Fund Assessment	—		—		(20.6)
Unclaimed Death Benefit Reserve Increase	—		—		(39.0)

Adjusted Operating Income	$	1,432.6	$	1,418.1	$	1,423.3