Corporate Segment Operating Results Segment Outlook Year Ended December 31, 2019 Compared with Year Ended December 31, 2018 Year Ended December 31, 2020 Compared with Year Ended December 31, 2019 Net investment income was lower in 2020 compared to 2019 primarily driven by a decline in the yield on invested assets. Interest, debt, and other expenses were higher in 2020 relative to 2019. Interest, debt, and other expenses includes the costs related to an organizational design update and the impairment loss on ROU asset during 2020, and the early retirement of debt during 2019. Excluding these items, interest, debt, and other expenses in 2020 were generally consistent with 2019 with higher interest expense resulting from a higher level of outstanding debt, mostly offset by lower pension costs in 2020. See "Executive Summary” contained herein in Item 7 for further discussion. Net investment income was lower in 2019 due primarily to both a lower yield and a lower level of invested assets. Interest, debt, and other expenses were higher in 2019 relative to 2018, driven primarily by costs related to the early retirement of debt, higher pension costs, and a higher level of outstanding debt, partially offset by acquisition and restructuring costs in 2018 that did not recur. See "Liquidity and Capital Resources - Debt” contained herein in Item 7 for further discussion. We expect to continue to generate excess capital on an annual basis through the statutory earnings in our insurance subsidiaries and believe we are well positioned with flexibility to preserve our capital strength while also returning capital to our shareholders. N.M. = not a meaningful percentage The Corporate segment includes investment income on corporate assets not specifically allocated to a line of business, interest expense on corporate debt other than non-recourse debt, and certain other corporate income and expenses not allocated to a line of business. Year Ended December 31 2020 % Change 2019 % Change 2018 Adjusted Operating Revenue Net Investment Income $ 9.8  (52.2) % $ 20.5  (30.5) % $ 29.5  Other Income 1.1  (64.5) 3.1  14.8  2.7  Total 10.9  (53.8) 23.6  (26.7) 32.2  Interest, Debt, and Other Expenses 247.7  3.4  239.5  17.8  203.3  Loss Before Income Tax and Net Realized Investment Gains and Losses (236.8) (9.7) (215.9) (26.2) (171.1) Costs Related to Organizational Design Update 23.3  N.M. —  — —  Impairment Loss on ROU Asset 12.7  N.M. —  — —  Cost Related to Early Retirement of Debt —  N.M. 27.3  N.M. —  Adjusted Operating Loss $ (200.8) (6.5) $ (188.6) (10.2) $ (171.1) (in millions of dollars) 84