Humana 2007 Annual Report Download - page 50
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Results of Operations
Certain financial data for our two segments was as follows for the years ended December 31, 2006 and
2005:
Change
2006 2005 Dollars Percentage
(dollars in thousands)
Premium revenues:
Medicare Advantage ..................... $ 8,499,064 $ 4,590,362 $3,908,702 85.2%
Medicare stand-alone PDP ................. 3,050,304 — 3,050,304 100.0%
Total Medicare ...................... 11,549,368 4,590,362 6,959,006 151.6%
Military services ......................... 2,543,930 2,407,653 136,277 5.7%
Medicaid ............................... 520,520 548,714 (28,194) (5.1)%
Total Government ................... 14,613,818 7,546,729 7,067,089 93.6%
Fully-insured ........................... 5,704,378 6,068,115 (363,737) (6.0)%
Specialty ............................... 410,986 386,747 24,239 6.3%
Total Commercial .................... 6,115,364 6,454,862 (339,498) (5.3)%
Total .......................... $20,729,182 $14,001,591 $6,727,591 48.0%
Administrative services fees:
Government ............................ $ 49,442 $ 50,059 $ (617) (1.2)%
Commercial ............................ 291,769 209,378 82,391 39.4%
Total .............................. $ 341,211 $ 259,437 $ 81,774 31.5%
Income before income taxes:
Government ............................ $ 513,845 $ 316,676 $ 197,169 62.3%
Commercial ............................ 248,240 86,204 162,036 188.0%
Total .............................. $ 762,085 $ 402,880 $ 359,205 89.2%
Benefits ratios(a):
Government ............................ 85.0% 83.1% 1.9%
Commercial ............................ 81.7% 83.3% (1.6)%
Total .............................. 84.0% 83.2% 0.8%
SG&A expense ratios(b):
Government ............................ 11.8% 12.7% (0.9)%
Commercial ............................ 20.0% 18.5% 1.5%
Total .............................. 14.3% 15.4% (1.1)%
(a) Represents total benefit expense as a percentage of premium revenue. Also known as the benefits ratio.
(b) Represents total selling, general, and administrative expenses as a percentage of premium revenues,
administrative services fees, and other revenues. Also known as the SG&A expense ratio.
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