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Segment Information
 6 Months Ended
Jun. 30, 2023
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 shown below. Certain prior year amounts were reclassified to conform to current year presentation.
Three Months Ended June 30Six Months Ended June 30
2023202220232022
(in millions of dollars)
Premium Income
Unum US
Group Disability
Group Long-term Disability$516.1 $474.4 $1,020.8 $938.3 
Group Short-term Disability256.2 232.1 496.5 453.7 
Group Life and Accidental Death & Dismemberment
Group Life418.2 419.6 831.3 832.2 
Accidental Death & Dismemberment43.6 43.8 87.1 85.9 
Supplemental and Voluntary
Voluntary Benefits213.4 214.4 427.9 433.0 
Individual Disability125.8 117.8 250.0 231.4 
Dental and Vision68.1 68.9 137.4 139.5 
1,641.4 1,571.0 3,251.0 3,114.0 
Unum International
Unum UK
Group Long-term Disability104.7 94.3 196.4 197.7 
Group Life41.1 33.3 80.3 65.5 
Supplemental33.5 29.4 65.3 58.4 
Unum Poland28.6 22.4 54.5 45.6 
207.9 179.4 396.5 367.2 
Colonial Life
Accident, Sickness, and Disability235.6 238.2 471.3 477.9 
Life106.6 101.3 211.9 203.0 
Cancer and Critical Illness88.4 88.1 176.9 177.4 
430.6 427.6 860.1 858.3 
Closed Block
Long-term Care174.0 173.7 349.1 348.5 
All Other55.2 64.3 111.7 129.4 
229.2 238.0 460.8 477.9 
Total Premium Income$2,509.1 $2,416.0 $4,968.4 $4,817.4 
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Three Months Ended June 30, 2023
Premium Income$1,641.4 $207.9 $430.6 $229.2 $— $2,509.1 
Net Investment Income158.0 45.8 38.0 263.9 25.4 531.1 
Other Income54.5 0.1 0.4 13.8 2.3 71.1 
Adjusted Operating Revenue$1,853.9 $253.8 $469.0 $506.9 $27.7 $3,111.3 
Adjusted Operating Income (Loss)$343.1 $43.5 $115.5 $51.2 $(34.9)$518.4 
Three Months Ended June 30, 2022
Premium Income$1,571.0 $179.4 $427.6 $238.0 $— $2,416.0 
Net Investment Income167.8 50.8 38.7 291.5 10.2 559.0 
Other Income50.7 0.3 0.2 16.5 1.0 68.7 
Adjusted Operating Revenue$1,789.5 $230.5 $466.5 $546.0 $11.2 $3,043.7 
Adjusted Operating Income (Loss)$291.9 $28.1 $96.6 $86.9 $(36.9)$466.6 
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Six Months Ended June 30, 2023
Premium Income$3,251.0 $396.5 $860.1 $460.8 $— $4,968.4 
Net Investment Income315.3 76.7 75.3 521.1 51.5 1,039.9 
Other Income108.1 0.5 0.6 27.3 2.5 139.0 
Adjusted Operating Revenue$3,674.4 $473.7 $936.0 $1,009.2 $54.0 $6,147.3 
Adjusted Operating Income (Loss)$655.6 $81.9 $209.4 $109.4 $(68.4)$987.9 
Six Months Ended June 30, 2022
Premium Income$3,114.0 $367.2 $858.3 $477.9 $— $4,817.4 
Net Investment Income338.8 85.3 76.8 566.3 19.0 1,086.2 
Other Income97.8 0.5 0.5 32.5 3.2 134.5 
Adjusted Operating Revenue$3,550.6 $453.0 $935.6 $1,076.7 $22.2 $6,038.1 
Adjusted Operating Income (Loss)$460.2 $54.0 $199.5 $165.5 $(77.3)$801.9 
June 30December 31
20232022
(in millions of dollars)
Assets
Unum US$15,813.2 $16,356.3 
Unum International3,315.2 3,129.4 
Colonial Life4,674.9 4,575.0 
Closed Block34,309.8 33,776.6 
Corporate3,791.3 3,311.2 
Total Assets$61,904.4 $61,148.5 

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 investment gains and losses, the amortization of the cost of reinsurance, and the impact of non-contemporaneous reinsurance 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. 

Investment gains or losses primarily include realized investment gains or losses, expected investment credit losses, and gains or losses on derivatives. 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 investment gains or losses. Although we may experience 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 exited a substantial portion of our Closed Block individual disability product line through the two phases of the reinsurance transaction that were executed in December 2020 and March 2021. As a result, we exclude the amortization of the cost of reinsurance that we recognized upon the exit of the business related to the policies on claim status as well as the impact of non-contemporaneous reinsurance that resulted from the adoption of ASU 2018-12. Due to the execution of the second phase of the reinsurance transaction occurring after January 1, 2021, the transition date of ASU 2018-12, in accordance with the provisions of the ASU related to non-contemporaneous reinsurance, we were required to establish the ceded reserves using an upper-medium grade fixed-income instrument as of the reinsurance transaction date in March 2021 which resulted in higher ceded reserves compared to that which was reported historically. However, the direct reserves for the block reinsured in the second phase were calculated using the original discount rate utilized as of the transition date. Both the direct and ceded reserves are then remeasured at each reporting period using a current discount rate reflective of an upper-medium grade fixed-income instrument, with the changes recognized in OCI. While the total equity impact is neutral, the different original discount rates utilized for direct and ceded reserves result in disproportionate earnings impacts. The impact of non-contemporaneous reinsurance will fluctuate depending on the magnitude of reserve changes during the period. We believe that the exclusion of these items provides a better view of our results from our ongoing businesses.

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.
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 30Six Months Ended June 30
2023202220232022
(in millions of dollars)
Total Revenue$3,112.2 $3,039.6 $6,148.3 $6,020.2 
Excluding:
Net Investment Gain (Loss)0.9 (4.1)1.0 (17.9)
Adjusted Operating Revenue$3,111.3 $3,043.7 $6,147.3 $6,038.1 
Income Before Income Tax$498.4 $439.2 $949.7 $734.9 
Excluding:
Net Investment Gain (Loss)0.9 (4.1)1.0 (17.9)
Amortization of the Cost of Reinsurance(11.0)(13.3)(22.0)(26.7)
Non-Contemporaneous Reinsurance(9.9)(10.0)(17.2)(22.4)
Adjusted Operating Income$518.4 $466.6 $987.9 $801.9