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v3.22.2

Segment Information | 6 Months Ended
--- | ---
Jun. 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 June 30 |  | Six Months Ended June 30
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions of dollars)
Premium Income |  |  |  |  |  |  |
Unum US |  |  |  |  |  |  |
Group Disability |  |  |  |  |  |  |
Group Long-term Disability | $ | 474.4 |  |  | $ | 458.6 |  |  | $ | 938.3 |  |  | $ | 916.3 |
Group Short-term Disability | 232.1 |  |  | 213.6 |  |  | 453.7 |  |  | 428.8 |
Group Life and Accidental Death & Dismemberment |  |  |  |  |  |  |
Group Life | 419.6 |  |  | 414.6 |  |  | 832.2 |  |  | 824.6 |
Accidental Death & Dismemberment | 43.8 |  |  | 42.0 |  |  | 85.9 |  |  | 83.4 |
Supplemental and Voluntary |  |  |  |  |  |  |
Voluntary Benefits | 215.7 |  |  | 212.1 |  |  | 436.2 |  |  | 430.8 |
Individual Disability | 117.8 |  |  | 113.6 |  |  | 231.4 |  |  | 229.3 |
Dental and Vision | 68.9 |  |  | 67.6 |  |  | 139.5 |  |  | 134.7 |
| 1,572.3 |  |  | 1,522.1 |  |  | 3,117.2 |  |  | 3,047.9 |
Unum International |  |  |  |  |  |  |
Unum UK |  |  |  |  |  |  |
Group Long-term Disability | 94.3 |  |  | 105.1 |  |  | 197.7 |  |  | 202.2 |
Group Life | 33.3 |  |  | 28.0 |  |  | 65.5 |  |  | 55.3 |
Supplemental | 29.4 |  |  | 27.9 |  |  | 58.4 |  |  | 55.9 |
Unum Poland | 22.4 |  |  | 22.5 |  |  | 45.6 |  |  | 44.5 |
| 179.4 |  |  | 183.5 |  |  | 367.2 |  |  | 357.9 |
Colonial Life |  |  |  |  |  |  |
Accident, Sickness, and Disability | 238.2 |  |  | 236.4 |  |  | 477.9 |  |  | 477.1 |
Life | 101.3 |  |  | 96.1 |  |  | 203.0 |  |  | 192.7 |
Cancer and Critical Illness | 88.1 |  |  | 87.2 |  |  | 177.4 |  |  | 176.3 |
| 427.6 |  |  | 419.7 |  |  | 858.3 |  |  | 846.1 |
Closed Block |  |  |  |  |  |  |
Long-term Care | 173.7 |  |  | 174.9 |  |  | 348.5 |  |  | 352.3 |
Individual Disability | 62.4 |  |  | 72.4 |  |  | 125.8 |  |  | 144.5 |
All Other | 1.9 |  |  | 1.8 |  |  | 3.6 |  |  | 4.0 |
| 238.0 |  |  | 249.1 |  |  | 477.9 |  |  | 500.8 |
Total Premium Income | $ | 2,417.3 |  |  | $ | 2,374.4 |  |  | $ | 4,820.6 |  |  | $ | 4,752.7 |
| Unum US |  | Unum International |  | Colonial Life |  | Closed Block |  | Corporate |  | Total
| (in millions of dollars)
Three Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Premium Income | $ | 1,572.3 |  |  | $ | 179.4 |  |  | $ | 427.6 |  |  | $ | 238.0 |  |  | $ | — |  |  | $ | 2,417.3 |
Net Investment Income | 167.8 |  |  | 50.8 |  |  | 38.7 |  |  | 291.5 |  |  | 10.2 |  |  | 559.0 |
Other Income | 50.7 |  |  | 0.3 |  |  | 0.2 |  |  | 16.5 |  |  | 1.0 |  |  | 68.7 |
Adjusted Operating Revenue | $ | 1,790.8 |  |  | $ | 230.5 |  |  | $ | 466.5 |  |  | $ | 546.0 |  |  | $ | 11.2 |  |  | $ | 3,045.0 |
Adjusted Operating Income (Loss) | $ | 295.4 |  |  | $ | 24.9 |  |  | $ | 101.1 |  |  | $ | 79.3 |  |  | $ | (36.9) |  |  | $ | 463.8 |
Three Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |
Premium Income | $ | 1,522.1 |  |  | $ | 183.5 |  |  | $ | 419.7 |  |  | $ | 249.1 |  |  | $ | — |  |  | $ | 2,374.4 |
Net Investment Income | 183.6 |  |  | 35.7 |  |  | 41.6 |  |  | 294.7 |  |  | 7.9 |  |  | 563.5 |
Other Income | 41.3 |  |  | 0.1 |  |  | 0.3 |  |  | 12.1 |  |  | 0.4 |  |  | 54.2 |
Adjusted Operating Revenue | $ | 1,747.0 |  |  | $ | 219.3 |  |  | $ | 461.6 |  |  | $ | 555.9 |  |  | $ | 8.3 |  |  | $ | 2,992.1 |
Adjusted Operating Income (Loss) | $ | 179.3 |  |  | $ | 24.8 |  |  | $ | 95.8 |  |  | $ | 111.2 |  |  | $ | (48.5) |  |  | $ | 362.6 |
| Unum US |  | Unum International |  | Colonial Life |  | Closed Block |  | Corporate |  | Total
| (in millions of dollars)
Six Months Ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |
Premium Income | $ | 3,117.2 |  |  | $ | 367.2 |  |  | $ | 858.3 |  |  | $ | 477.9 |  |  | $ | — |  |  | $ | 4,820.6 |
Net Investment Income | 338.8 |  |  | 85.3 |  |  | 76.8 |  |  | 566.3 |  |  | 19.0 |  |  | 1,086.2 |
Other Income | 97.8 |  |  | 0.5 |  |  | 0.5 |  |  | 32.5 |  |  | 3.2 |  |  | 134.5 |
Adjusted Operating Revenue | $ | 3,553.8 |  |  | $ | 453.0 |  |  | $ | 935.6 |  |  | $ | 1,076.7 |  |  | $ | 22.2 |  |  | $ | 6,041.3 |
Adjusted Operating Income (Loss) | $ | 467.0 |  |  | $ | 52.1 |  |  | $ | 191.2 |  |  | $ | 173.4 |  |  | $ | (77.3) |  |  | $ | 806.4 |
Six Months Ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |
Premium Income | $ | 3,047.9 |  |  | $ | 357.9 |  |  | $ | 846.1 |  |  | $ | 500.8 |  |  | $ | — |  |  | $ | 4,752.7 |
Net Investment Income | 363.3 |  |  | 61.7 |  |  | 79.3 |  |  | 591.9 |  |  | 16.0 |  |  | 1,112.2 |
Other Income | 81.7 |  |  | 0.2 |  |  | 0.5 |  |  | 30.5 |  |  | 1.7 |  |  | 114.6 |
Adjusted Operating Revenue | $ | 3,492.9 |  |  | $ | 419.8 |  |  | $ | 925.9 |  |  | $ | 1,123.2 |  |  | $ | 17.7 |  |  | $ | 5,979.5 |
Adjusted Operating Income (Loss) | $ | 295.0 |  |  | $ | 51.2 |  |  | $ | 169.1 |  |  | $ | 208.2 |  |  | $ | (87.4) |  |  | $ | 636.1 |
| June 30 |  | December 31
| 2022 |  | 2021
| (in millions of dollars)
Assets |  |  |
Unum US | $ | 16,743.8 |  |  | $ | 18,696.3 |
Unum International | 3,386.8 |  |  | 4,086.5 |
Colonial Life | 4,594.7 |  |  | 4,895.9 |
Closed Block | 34,439.3 |  |  | 38,287.9 |
Corporate | 3,956.5 |  |  | 4,149.0 |
Total Assets | $ | 63,121.1 |  |  | $ | 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 June 30 |  | Six Months Ended June 30
| 2022 |  | 2021 |  | 2022 |  | 2021
| (in millions of dollars)
Total Revenue | $ | 3,040.9 |  |  | $ | 2,993.0 |  |  | $ | 6,023.4 |  |  | $ | 6,065.0 |
Excluding: |  |  |  |  |  |  |
Net Investment Gain (Loss) | (4.1) |  |  | 0.9 |  |  | (17.9) |  |  | 85.5 |
Adjusted Operating Revenue | $ | 3,045.0 |  |  | $ | 2,992.1 |  |  | $ | 6,041.3 |  |  | $ | 5,979.5 |
Income Before Income Tax | $ | 443.1 |  |  | $ | 262.6 |  |  | $ | 755.2 |  |  | $ | 461.4 |
Excluding: |  |  |  |  |  |  |
Net Investment Gains and Losses |  |  |  |  |  |  |
Net Realized Investment Gain Related to Reinsurance Transaction | — |  |  | — |  |  | — |  |  | 67.6 |
Net Investment Gain (Loss), Other | (4.1) |  |  | 0.9 |  |  | (17.9) |  |  | 17.9 |
Total Net Investment Gain (Loss) | (4.1) |  |  | 0.9 |  |  | (17.9) |  |  | 85.5 |
Items Related to Closed Block Individual Disability Reinsurance Transaction |  |  |  |  |  |  |
Change in Benefit Reserves and Transaction Costs | — |  |  | — |  |  | — |  |  | (139.3) |
Amortization of the Cost of Reinsurance | (16.6) |  |  | (19.7) |  |  | (33.3) |  |  | (39.7) |
Total Items Related to Closed Block Individual Disability Reinsurance Transaction | (16.6) |  |  | (19.7) |  |  | (33.3) |  |  | (179.0) |
Cost Related to Early Retirement of Debt | — |  |  | (67.3) |  |  | — |  |  | (67.3) |
Impairment Loss on ROU Asset | — |  |  | (13.9) |  |  | — |  |  | (13.9) |
Adjusted Operating Income | $ | 463.8 |  |  | $ | 362.6 |  |  | $ | 806.4 |  |  | $ | 636.1 |

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- 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 Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8924-108599 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8981-108599 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (f) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (e) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8844-108599 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 15 -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8657-108599 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8721-108599 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI https://asc.fasb.org/topic&trid=2134510 + Details
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