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v3.23.2

Segment Information (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2023
Segment Reporting [Abstract] |
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.
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2023 |  | 2022 |  | 2023 |  | 2022
| (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 Disability | 256.2 |  |  | 232.1 |  |  | 496.5 |  |  | 453.7 |
Group Life and Accidental Death & Dismemberment |  |  |  |  |  |  |
Group Life | 418.2 |  |  | 419.6 |  |  | 831.3 |  |  | 832.2 |
Accidental Death & Dismemberment | 43.6 |  |  | 43.8 |  |  | 87.1 |  |  | 85.9 |
Supplemental and Voluntary |  |  |  |  |  |  |
Voluntary Benefits | 213.4 |  |  | 214.4 |  |  | 427.9 |  |  | 433.0 |
Individual Disability | 125.8 |  |  | 117.8 |  |  | 250.0 |  |  | 231.4 |
Dental and Vision | 68.1 |  |  | 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 Disability | 104.7 |  |  | 94.3 |  |  | 196.4 |  |  | 197.7 |
Group Life | 41.1 |  |  | 33.3 |  |  | 80.3 |  |  | 65.5 |
Supplemental | 33.5 |  |  | 29.4 |  |  | 65.3 |  |  | 58.4 |
Unum Poland | 28.6 |  |  | 22.4 |  |  | 54.5 |  |  | 45.6 |
| 207.9 |  |  | 179.4 |  |  | 396.5 |  |  | 367.2 |
Colonial Life |  |  |  |  |  |  |
Accident, Sickness, and Disability | 235.6 |  |  | 238.2 |  |  | 471.3 |  |  | 477.9 |
Life | 106.6 |  |  | 101.3 |  |  | 211.9 |  |  | 203.0 |
Cancer and Critical Illness | 88.4 |  |  | 88.1 |  |  | 176.9 |  |  | 177.4 |
| 430.6 |  |  | 427.6 |  |  | 860.1 |  |  | 858.3 |
Closed Block |  |  |  |  |  |  |
Long-term Care | 174.0 |  |  | 173.7 |  |  | 349.1 |  |  | 348.5 |
All Other | 55.2 |  |  | 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 |
Selected Operating Statement Data by Segment |
| Unum US |  | Unum International |  | Colonial Life |  | Closed Block |  | Corporate |  | Total
| (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 Income | 158.0 |  |  | 45.8 |  |  | 38.0 |  |  | 263.9 |  |  | 25.4 |  |  | 531.1 |
Other Income | 54.5 |  |  | 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 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 | $ | 1,789.5 |  |  | $ | 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 US |  | Unum International |  | Colonial Life |  | Closed Block |  | Corporate |  | Total
| (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 Income | 315.3 |  |  | 76.7 |  |  | 75.3 |  |  | 521.1 |  |  | 51.5 |  |  | 1,039.9 |
Other Income | 108.1 |  |  | 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 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 | $ | 3,550.6 |  |  | $ | 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 |
Assets by Segment |
| June 30 |  | December 31
| 2023 |  | 2022
| (in millions of dollars)
Assets |  |  |
Unum US | $ | 15,813.2 |  |  | $ | 16,356.3 |
Unum International | 3,315.2 |  |  | 3,129.4 |
Colonial Life | 4,674.9 |  |  | 4,575.0 |
Closed Block | 34,309.8 |  |  | 33,776.6 |
Corporate | 3,791.3 |  |  | 3,311.2 |
Total Assets | $ | 61,904.4 |  |  | $ | 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:
| Three Months Ended June 30 |  | Six Months Ended June 30
| 2023 |  | 2022 |  | 2023 |  | 2022
| (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 |

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