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Segment Information
 9 Months Ended
Sep. 30, 2022
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 as follows:
Three Months Ended September 30Nine Months Ended September 30
2022202120222021
(in millions of dollars)
Premium Income
Unum US
Group Disability
Group Long-term Disability$480.9 $451.4 $1,419.2 $1,367.7 
Group Short-term Disability232.2 212.4 685.9 641.2 
Group Life and Accidental Death & Dismemberment
Group Life417.7 404.2 1,249.9 1,228.8 
Accidental Death & Dismemberment43.8 39.6 129.7 123.0 
Supplemental and Voluntary
Voluntary Benefits199.0 209.6 635.2 640.4 
Individual Disability118.9 115.7 350.3 345.0 
Dental and Vision67.1 67.9 206.6 202.6 
1,559.6 1,500.8 4,676.8 4,548.7 
Unum International
Unum UK
Group Long-term Disability89.8 101.6 287.5 303.8 
Group Life35.0 29.1 100.5 84.4 
Supplemental27.4 28.3 85.8 84.2 
Unum Poland21.1 22.6 66.7 67.1 
173.3 181.6 540.5 539.5 
Colonial Life
Accident, Sickness, and Disability236.1 238.0 714.0 715.1 
Life100.2 94.6 303.2 287.3 
Cancer and Critical Illness87.0 88.2 264.4 264.5 
423.3 420.8 1,281.6 1,266.9 
Closed Block
Long-term Care174.5 176.1 523.0 528.4 
Individual Disability59.5 72.3 185.3 216.8 
All Other1.5 2.1 5.1 6.1 
235.5 250.5 713.4 751.3 
Total Premium Income$2,391.7 $2,353.7 $7,212.3 $7,106.4 
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Three Months Ended September 30, 2022
Premium Income$1,559.6 $173.3 $423.3 $235.5 $— $2,391.7 
Net Investment Income170.6 37.0 38.6 251.4 14.0 511.6 
Other Income49.0 0.2 0.3 13.1 0.4 63.0 
Adjusted Operating Revenue$1,779.2 $210.5 $462.2 $500.0 $14.4 $2,966.3 
Adjusted Operating Income (Loss)$275.0 $29.9 $90.4 $34.1 $(49.5)$379.9 
Three Months Ended September 30, 2021
Premium Income$1,500.8 $181.6 $420.8 $250.5 $— $2,353.7 
Net Investment Income176.2 33.1 51.8 284.6 4.5 550.2 
Other Income43.5 0.4 0.3 19.3 2.4 65.9 
Adjusted Operating Revenue$1,720.5 $215.1 $472.9 $554.4 $6.9 $2,969.8 
Adjusted Operating Income (Loss)$88.5 $27.4 $80.1 $109.8 $(45.4)$260.4 
Unum USUnum InternationalColonial LifeClosed BlockCorporateTotal
(in millions of dollars)
Nine Months Ended September 30, 2022
Premium Income$4,676.8 $540.5 $1,281.6 $713.4 $— $7,212.3 
Net Investment Income509.4 122.3 115.4 817.7 33.0 1,597.8 
Other Income146.8 0.7 0.8 45.6 3.6 197.5 
Adjusted Operating Revenue$5,333.0 $663.5 $1,397.8 $1,576.7 $36.6 $9,007.6 
Adjusted Operating Income (Loss)$742.0 $82.0 $281.6 $207.5 $(126.8)$1,186.3 
Nine Months Ended September 30, 2021
Premium Income$4,548.7 $539.5 $1,266.9 $751.3 $— $7,106.4 
Net Investment Income539.5 94.8 131.1 876.5 20.5 1,662.4 
Other Income125.2 0.6 0.8 49.8 4.1 180.5 
Adjusted Operating Revenue$5,213.4 $634.9 $1,398.8 $1,677.6 $24.6 $8,949.3 
Adjusted Operating Income (Loss)$383.5 $78.6 $249.2 $318.0 $(132.8)$896.5 
September 30December 31
20222021
(in millions of dollars)
Assets
Unum US$16,183.0 $18,696.3 
Unum International2,910.5 4,086.5 
Colonial Life4,412.5 4,895.9 
Closed Block33,876.8 38,287.9 
Corporate3,483.9 4,149.0 
Total Assets$60,866.7 $70,115.6 

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 and the amortization of the cost of reinsurance as well as 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. 

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 have 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 was recognized as a result of the exit of the business related to the DLR cohort of policies. We believe that the exclusion of the amortization of the cost of reinsurance provides a better view of our results from our ongoing businesses. See Note 12 for further discussion regarding the total impacts of the Closed Block individual disability reinsurance transaction and the amortization of the cost of reinsurance.

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 September 30Nine Months Ended September 30
2022202120222021
(in millions of dollars)
Total Revenue$2,961.9 $2,969.7 $8,985.3 $9,034.7 
Excluding:
Net Investment Gain (Loss)(4.4)(0.1)(22.3)85.4 
Adjusted Operating Revenue$2,966.3 $2,969.8 $9,007.6 $8,949.3 
Income Before Income Tax$515.3 $409.9 $1,270.5 $871.3 
Excluding:
Net Investment Gains and Losses
Net Realized Investment Gain Related to Reinsurance Transaction— — — 67.6 
Net Investment Gain (Loss), Other(4.4)(0.1)(22.3)17.8 
Total Net Investment Gain (Loss)(4.4)(0.1)(22.3)85.4 
Items Related to Closed Block Individual Disability Reinsurance Transaction
Change in Benefit Reserves and Transaction Costs— — — (139.3)
Amortization of the Cost of Reinsurance(15.2)(19.7)(48.5)(59.4)
Total Items Related to Closed Block Individual Disability Reinsurance Transaction(15.2)(19.7)(48.5)(198.7)
Net Reserve Decrease Related to Reserve Assumption Updates155.0 181.4 155.0 181.4 
Impairment Loss on Internal-Use Software— (12.1)— (12.1)
Cost Related to Early Retirement of Debt— — — (67.3)
Impairment Loss on ROU Asset— — — (13.9)
Adjusted Operating Income$379.9 $260.4 $1,186.3 $896.5