Segment Information

3 Months Ended

Mar. 31, 2020

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:

Certain prior year amounts were reclassified to conform to current year presentation.


	Three Months Ended March 31
	2020		2019
	(in millions of dollars)
Premium Income

Unum US
Group Disability
Group Long-term Disability	$	463.0	$	452.9
Group Short-term Disability	203.2		188.7
Group Life and Accidental Death & Dismemberment
Group Life	414.5		414.4
Accidental Death & Dismemberment	41.7		41.0
Supplemental and Voluntary
Individual Disability	109.5		110.7
Voluntary Benefits	230.4		234.4
Dental and Vision	65.4		59.8
	1,527.7		1,501.9

Unum International
Unum UK
Group Long-term Disability	90.8		87.9
Group Life	30.9		27.2
Supplemental	23.9		21.7
Unum Poland	19.0		17.2
	164.6		154.0


Colonial Life
Accident, Sickness, and Disability	249.3		242.2
Life	93.8		87.6
Cancer and Critical Illness	91.6		89.5
	434.7		419.3

Closed Block
Long-term Care	164.8		163.0
Individual Disability	77.0		98.1
All Other	2.6		2.4
	244.4		263.5


Total Premium Income	$	2,371.4	$	2,338.7


	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Three Months Ended March 31, 2020

Premium Income	$	1,527.7	$	164.6	$	434.7	$	244.4	$	—	$	2,371.4
Net Investment Income	179.6		26.5		37.7		336.1		5.1		585.0
Other Income	40.2		—		0.3		18.2		—		58.7
Adjusted Operating Revenue	$	1,747.5	$	191.1	$	472.7	$	598.7	$	5.1	$	3,015.1

Adjusted Operating Income (Loss)	$	261.8	$	19.4	$	81.1	$	29.7	$	(45.9)	$	346.1



Three Months Ended March 31, 2019

Premium Income	$	1,501.9	$	154.0	$	419.3	$	263.5	$	—	$	2,338.7
Net Investment Income	182.1		24.8		36.9		346.6		4.3		594.7
Other Income	34.5		—		0.6		18.0		—		53.1
Adjusted Operating Revenue	$	1,718.5	$	178.8	$	456.8	$	628.1	$	4.3	$	2,986.5

Adjusted Operating Income (Loss)	$	252.3	$	29.1	$	85.2	$	31.0	$	(45.4)	$	352.2


	March 31		December 31
	2020		2019
	(in millions of dollars)
Assets
Unum US	$	17,791.5	$	18,586.3
Unum International	3,515.1		3,869.1
Colonial Life	4,428.0		4,629.0
Closed Block	36,004.3		37,008.7
Corporate	3,597.0		2,920.3
Total Assets	$	65,335.9	$	67,013.4

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 March 31
	2020		2019
	(in millions of dollars)
Total Revenue	$	2,871.1	$	2,987.6
Excluding:
Net Realized Investment Gain (Loss)	(144.0)		1.1
Adjusted Operating Revenue	$	3,015.1	$	2,986.5

Income Before Income Tax	$	202.1	$	353.3
Excluding:
Net Realized Investment Gain (Loss)	(144.0)		1.1





Adjusted Operating Income	$	346.1	$	352.2