Segment Information (Tables)

12 Months Ended

Dec. 31, 2023

Premium Income by Major Line of Business within Each Segment

Segment information is shown below. Certain prior year amounts were reclassified to conform to current year presentation.


	Year Ended December 31
	2023		2022		2021
	(in millions of dollars)
Premium Income

Unum US
Group Disability
Group Long-term Disability	$	2,057.2	$	1,911.7	$	1,827.8
Group Short-term Disability	1,012.3		926.3		864.0
Group Life and Accidental Death & Dismemberment
Group Life	1,679.0		1,669.1		1,641.9
Accidental Death & Dismemberment	175.5		173.7		165.1
Supplemental and Voluntary
Voluntary Benefits	850.1		833.7		840.7
Individual Disability	527.0		461.1		459.8
Dental and Vision	278.1		275.8		272.7
	6,579.2		6,251.4		6,072.0

Unum International
Unum UK
Group Long-term Disability	396.1		376.9		401.9
Group Life	169.3		138.2		112.3
Supplemental	141.5		114.0		112.6
Unum Poland	118.3		89.7		90.2
	825.2		718.8		717.0


Colonial Life
Accident, Sickness, and Disability	946.1		948.9		953.3
Life	426.5		401.1		384.7
Cancer and Critical Illness	353.5		352.0		352.2
	1,726.1		1,702.0		1,690.2

Closed Block
Long-term Care	696.0		697.4		704.3

All Other	219.5		246.9		291.5

	915.5		944.3		995.8


Total Premium Income	$	10,046.0	$	9,616.5	$	9,475.0

Selected Operating Statement Data by Segment


	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Year Ended December 31, 2023

Premium Income	$	6,579.2	$	825.2	$	1,726.1	$	915.5	$	—	$	10,046.0
Net Investment Income	639.9		137.2		153.5		1,066.3		99.8		2,096.7
Other Income	220.5		1.6		1.2		52.6		3.3		279.2
Adjusted Operating Revenue	$	7,439.6	$	964.0	$	1,880.8	$	2,034.4	$	103.1	$	12,421.9

Adjusted Operating Income (Loss)	$	1,355.5	$	158.1	$	400.1	$	164.9	$	(146.4)	$	1,932.2
Interest and Debt Expense	$	—	$	—	$	—	$	—	$	194.8	$	194.8

DAC Amortization	$	267.6	$	8.4	$	205.4	$	—	$	—	$	481.4
Depreciation and Intangible Amortization	$	76.3	$	14.6	$	13.6	$	5.2	$	0.6	$	110.3

Year Ended December 31, 2022

Premium Income	$	6,251.4	$	718.8	$	1,702.0	$	944.3	$	—	$	9,616.5
Net Investment Income	676.3		170.1		152.7		1,070.6		52.5		2,122.2
Other Income	196.3		0.9		1.1		58.0		4.8		261.1
Adjusted Operating Revenue	$	7,124.0	$	889.8	$	1,855.8	$	2,072.9	$	57.3	$	11,999.8

Adjusted Operating Income (Loss)	$	972.6	$	134.0	$	412.9	$	251.9	$	(164.3)	$	1,607.1
Interest and Debt Expense	$	—	$	—	$	—	$	—	$	188.5	$	188.5
Costs Related to Early Retirement of Debt	$	—	$	—	$	—	$	—	$	4.2	$	4.2
DAC Amortization	$	240.9	$	8.2	$	172.0	$	—	$	—	$	421.1
Depreciation and Intangible Amortization	$	75.7	$	14.4	$	15.0	$	4.7	$	0.6	$	110.4

Year Ended December 31, 2021

Premium Income	$	6,072.0	$	717.0	$	1,690.2	$	995.8	$	—	$	9,475.0
Net Investment Income	721.6		132.7		172.0		1,159.0		27.9		2,213.2
Other Income	170.0		0.6		1.0		65.1		6.2		242.9
Adjusted Operating Revenue	$	6,963.6	$	850.3	$	1,863.2	$	2,219.9	$	34.1	$	11,931.1

Adjusted Operating Income (Loss)	$	398.9	$	105.7	$	404.3	$	420.1	$	(177.9)	$	1,151.1
Interest and Debt Expense	$	—	$	—	$	—	$	—	$	185.0	$	185.0
Costs Related to Early Retirement of Debt	$	—	$	—	$	—	$	—	$	67.3	$	67.3
DAC Amortization	$	285.9	$	7.0	$	159.2	$	—	$	—	$	452.1
Depreciation and Intangible Amortization	$	81.9	$	13.0	$	16.3	$	5.1	$	0.7	$	117.0

Assets by Segment


	December 31
	2023		2022
	(in millions of dollars)
Assets
Unum US	$	15,561.1	$	16,356.3
Unum International	3,372.9		3,129.4
Colonial Life	4,830.4		4,575.0
Closed Block	35,272.8		33,776.6
Corporate	4,218.0		3,311.2
Total Assets	$	63,255.2	$	61,148.5

Reconciliation of Total Revenue and Income Before Income Tax to Adjusted Operating Revenue and Adjusted Operating Income

A reconciliation of total revenue to "adjusted operating revenue" and income before income tax to "adjusted operating income" is as follows:


	Year Ended December 31
	2023		2022		2021
	(in millions of dollars)
Total Revenue	$	12,385.9	$	11,984.1	$	12,007.8
Excluding:
Net Investment Gain (Loss)	(36.0)		(15.7)		76.7
Adjusted Operating Revenue	$	12,421.9	$	11,999.8	$	11,931.1

Income Before Income Tax	$	1,640.1	$	1,750.0	$	1,260.6
Excluding:
Net Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction	—		—		67.6
Net Investment Gain (Loss), Other	(36.0)		(15.7)		9.1

Total Net Investment Gain (Loss)	(36.0)		(15.7)		76.7
Items Related to Closed Block Individual Disability Reinsurance Transaction

Amortization of the Cost of Reinsurance	(44.1)		(50.3)		(69.8)
Non-Contemporaneous Reinsurance	(34.8)		(34.4)		(32.9)
Transaction Costs	—		—		(6.2)
Total Items Related to Closed Block Individual Disability Reinsurance Transaction	(78.9)		(84.7)		(108.9)
Reserve Assumption Updates	(177.2)		243.3		235.0
Impairment Loss on Internal-Use Software	—		—		(12.1)
Cost Related to Early Retirement of Debt	—		—		(67.3)
Impairment Loss on ROU Asset	—		—		(13.9)



Adjusted Operating Income	$	1,932.2	$	1,607.1	$	1,151.1