Humana 2003 Annual Report Download - page 78

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Humana Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
3. INVESTMENT SECURITIES
Investment securities classified as current assets were as follows at December 31, 2003 and 2002:
2003 2002
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(in thousands)
U.S. Government obligations ....... $ 455,305 $ 2,121 $(2,024) $ 455,402 $ 375,059 $ 6,232 $ — $ 381,291
Tax exempt municipal securities .... 686,552 14,056 (1,766) 698,842 586,834 16,249 (566) 602,517
Corporate and other securities ...... 374,568 8,649 (3,407) 379,810 312,667 12,070 (5,597) 319,140
Mortgage-backed securities ........ 84,399 811 (1,251) 83,959 23,606 661 — 24,267
Redeemable preferred stocks ....... 27,686 95 (734) 27,047 19,886 61 (564) 19,383
Debt securities .............. 1,628,510 25,732 (9,182) 1,645,060 1,318,052 35,273 (6,727) 1,346,598
Non-redeemable preferred stocks . . . 31,171 683 (272) 31,582 41,248 321 (1,900) 39,669
Common stocks ................. — — — — 10,813 106 (2,118) 8,801
Equity securities ............. 31,171 683 (272) 31,582 52,061 427 (4,018) 48,470
Investment securities ......... $1,659,681 $26,415 $(9,454) $1,676,642 $1,370,113 $35,700 $(10,745) $1,395,068
Investment securities classified as long-term assets were as follows at December 31, 2003 and 2002:
2003 2002
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
Amortized
Cost
Gross
Unrealized
Gains
Gross
Unrealized
Losses
Fair
Value
(in thousands)
U.S. Government obligations ....... $137,512 $ 1,532 $(101) $138,943 $127,111 $ 3,556 $ — $130,667
Tax exempt municipal securities .... 65,535 1,014 (294) 66,255 55,510 1,350 (194) 56,666
Corporate and other securities ...... 57,994 1,365 (271) 59,088 57,496 1,277 (395) 58,378
Mortgage-backed securities ........ 11,155 116 (44) 11,227 6,122 27 — 6,149
Redeemable preferred stocks ....... 32,625 7,390 — 40,015 31,625 7,377 — 39,002
Debt securities .............. 304,821 11,417 (710) 315,528 277,864 13,587 (589) 290,862
Non-redeemable preferred stocks . . . 2,233 19 (13) 2,239 3,721 35 (217) 3,539
Common stocks ................. 1,400 — — 1,400 6,108 — (1,020) 5,088
Equity securities ............. 3,633 19 (13) 3,639 9,829 35 (1,237) 8,627
Long-term investment
securities ................ $308,454 $11,436 $(723) $319,167 $287,693 $13,622 $(1,826) $299,489
Investment securities with a fair value of $95.4 million at December 31, 2003 and $100.7 million at
December 31, 2002 were on deposit at financial institutions in certain states pursuant to the respective states’
insurance regulations.
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