Unaudited Quarterly Results

12 Months Ended

Dec. 31, 2020

Quarterly Financial Information Disclosure [Abstract]

The following is a summary of our unaudited quarterly results of operations for 2020 and 2019:


	2020
	4th		3rd		2nd		1st
	(in millions of dollars, except share data)
Premium Income	$	2,319.9	$	2,318.1	$	2,368.7	$	2,371.4
Net Investment Income	593.5		613.2		569.0		585.0
Net Realized Investment Gain (Loss)	1,304.9		4.4		33.8		(144.0)
Total Revenue	4,273.5		2,996.3		3,021.2		2,871.1
Income Before Income Tax	124.7		299.6		337.6		202.1
Net Income	135.4		231.1		265.5		161.0
Net Income Per Common Share
Basic	0.66		1.13		1.30		0.79
Assuming Dilution	0.66		1.13		1.30		0.79


	2019
	4th		3rd		2nd		1st
	(in millions of dollars, except share data)
Premium Income	$	2,352.6	$	2,331.2	$	2,343.1	$	2,338.7
Net Investment Income	616.3		599.4		624.9		594.7
Net Realized Investment Gain (Loss)	9.2		(26.2)		(7.3)		1.1
Total Revenue	3,034.6		2,960.0		3,016.7		2,987.6
Income Before Income Tax	377.4		299.4		352.0		353.3
Net Income	296.2		242.0		281.2		280.9
Net Income Per Common Share
Basic	1.44		1.16		1.33		1.31
Assuming Dilution	1.44		1.16		1.33		1.31

Items affecting the comparability of our financial results are as follows:

•Fourth quarter of 2020 net realized investment gain of $1,302.3 million before tax and $1,028.8 million after tax, related to the transfer of investments for the Closed Block individual disability reinsurance transaction.

•Fourth quarter of 2020 impacts from the Closed Block individual disability reinsurance transaction of $1,305.5 million before tax and $1,031.3 million after tax.

•Fourth quarter of 2020 amortization of the cost of reinsurance related to the Closed Block individual disability reinsurance transaction of $2.6 million before tax and $2.0 million after tax.

•Fourth quarter of 2020 net tax benefit from the Closed Block individual disability reinsurance transaction of $36.5 million.

•Fourth quarter of 2020 reserve increases of $151.5 million and $17.5 million before tax and $119.7 million and $13.8 million after tax related to long-term care and group pension, respectively.

•Third quarter of 2020 costs related to organizational design update of $23.3 million before tax and $18.6 million after tax.

•Second quarter of 2020 impairment on ROU asset related to an operating lease for office space that we do not plan to continue using to support our general operations of $12.7 million before tax and $10.0 million after tax.

•Fourth quarter of 2019 cost related to the early retirement of debt of $2.1 million before tax and $1.7 million after tax.

•Third quarter of 2019 cost related to the early retirement of debt of $25.2 million before tax and $19.9 million after tax.

See Notes 6, 7, 8, 12, 13, and 15 for further discussion of the above items.