Segment Information

6 Months Ended

Jun. 30, 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 June 30						Six Months Ended June 30
	2020		2019		2020		2019
	(in millions of dollars)
Premium Income

Unum US
Group Disability
Group Long-term Disability	$	461.0	$	457.2	$	924.0	$	910.1
Group Short-term Disability	203.6		187.6		406.8		376.3
Group Life and Accidental Death & Dismemberment
Group Life	414.6		420.0		829.1		834.4
Accidental Death & Dismemberment	41.7		41.7		83.4		82.7
Supplemental and Voluntary
Individual Disability	113.1		108.5		222.6		219.2
Voluntary Benefits	224.0		228.6		454.4		463.0
Dental and Vision	64.7		60.9		130.1		120.7
	1,522.7		1,504.5		3,050.4		3,006.4

Unum International
Unum UK
Group Long-term Disability	89.0		89.6		179.8		177.5
Group Life	25.1		28.8		56.0		56.0
Supplemental	24.6		22.4		48.5		44.1
Unum Poland	18.4		17.8		37.4		35.0
	157.1		158.6		321.7		312.6


Colonial Life
Accident, Sickness, and Disability	250.3		242.4		499.6		484.6
Life	96.8		88.3		190.6		175.9
Cancer and Critical Illness	91.5		90.2		183.1		179.7
	438.6		420.9		873.3		840.2

Closed Block
Long-term Care	165.7		162.6		330.5		325.6
Individual Disability	83.1		94.4		160.1		192.5
All Other	1.5		2.1		4.1		4.5
	250.3		259.1		494.7		522.6


Total Premium Income	$	2,368.7	$	2,343.1	$	4,740.1	$	4,681.8


	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Three Months Ended June 30, 2020

Premium Income	$	1,522.7	$	157.1	$	438.6	$	250.3	$	—	$	2,368.7
Net Investment Income	176.9		26.3		36.8		326.3		2.7		569.0
Other Income	35.3		0.2		0.3		13.7		0.2		49.7
Adjusted Operating Revenue	$	1,734.9	$	183.6	$	475.7	$	590.3	$	2.9	$	2,987.4

Adjusted Operating Income (Loss)	$	231.9	$	15.1	$	90.9	$	36.7	$	(58.1)	$	316.5

Three Months Ended June 30, 2019

Premium Income	$	1,504.5	$	158.6	$	420.9	$	259.1	$	—	$	2,343.1
Net Investment Income	184.1		44.8		37.2		354.5		4.3		624.9
Other Income	36.8		0.3		0.7		16.5		1.7		56.0
Adjusted Operating Revenue	$	1,725.4	$	203.7	$	458.8	$	630.1	$	6.0	$	3,024.0

Adjusted Operating Income (Loss)	$	254.3	$	30.7	$	84.4	$	33.7	$	(43.8)	$	359.3


	Unum US		Unum International		Colonial Life		Closed Block		Corporate		Total
	(in millions of dollars)
Six Months Ended June 30, 2020

Premium Income	$	3,050.4	$	321.7	$	873.3	$	494.7	$	—	$	4,740.1
Net Investment Income	356.5		52.8		74.5		662.4		7.8		1,154.0
Other Income	75.5		0.2		0.6		31.9		0.2		108.4
Adjusted Operating Revenue	$	3,482.4	$	374.7	$	948.4	$	1,189.0	$	8.0	$	6,002.5

Adjusted Operating Income (Loss)	$	493.7	$	34.5	$	172.0	$	66.4	$	(104.0)	$	662.6



Six Months Ended June 30, 2019

Premium Income	$	3,006.4	$	312.6	$	840.2	$	522.6	$	—	$	4,681.8
Net Investment Income	366.2		69.6		74.1		701.1		8.6		1,219.6
Other Income	71.3		0.3		1.3		34.5		1.7		109.1
Adjusted Operating Revenue	$	3,443.9	$	382.5	$	915.6	$	1,258.2	$	10.3	$	6,010.5

Adjusted Operating Income (Loss)	$	506.6	$	59.8	$	169.6	$	64.7	$	(89.2)	$	711.5


	June 30		December 31
	2020		2019
	(in millions of dollars)
Assets
Unum US	$	18,790.7	$	18,586.3
Unum International	3,823.9		3,869.1
Colonial Life	4,768.0		4,629.0
Closed Block	37,823.7		37,008.7
Corporate	4,098.9		2,920.3
Total Assets	$	69,305.2	$	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 and certain other items 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. See Note 12 of the "Notes to Consolidated Financial Statements" contained herein in this Item 1 for further discussion regarding the impairment loss on the ROU asset related to one of our operating leases for office space.

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 30						Six Months Ended June 30
	2020		2019		2020		2019
	(in millions of dollars)
Total Revenue	$	3,021.2	$	3,016.7	$	5,892.3	$	6,004.3
Excluding:
Net Realized Investment Gain (Loss)	33.8		(7.3)		(110.2)		(6.2)
Adjusted Operating Revenue	$	2,987.4	$	3,024.0	$	6,002.5	$	6,010.5

Income Before Income Tax	$	337.6	$	352.0	$	539.7	$	705.3
Excluding:
Net Realized Investment Gain (Loss)	33.8		(7.3)		(110.2)		(6.2)
Impairment Loss on ROU Asset	(12.7)		—		(12.7)		—





Adjusted Operating Income	$	316.5	$	359.3	$	662.6	$	711.5

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

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+ Details