Humana 2008 Annual Report Download - page 52
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Comparison of Results of Operations for 2007 and 2006
Certain financial data for our two segments was as follows for the years ended December 31, 2007 and
2006:
2007 2006
Change
Dollars Percentage
(dollars in thousands)
Premium revenues:
Medicare Advantage ........................ $11,173,417 $ 8,499,064 $2,674,353 31.5%
Medicare stand-alone PDP ................... 3,668,425 3,050,304 618,121 20.3%
Total Medicare ......................... 14,841,842 11,549,368 3,292,474 28.5%
Military services ........................... 2,839,790 2,543,930 295,860 11.6%
Medicaid ................................. 555,594 520,520 35,074 6.7%
Total Government ...................... 18,237,226 14,613,818 3,623,408 24.8%
Fully-insured .............................. 5,663,000 5,704,378 (41,378) (0.7)%
Specialty ................................. 534,121 410,986 123,135 30.0%
Total Commercial ...................... 6,197,121 6,115,364 81,757 1.3%
Total ............................. $24,434,347 $20,729,182 $3,705,165 17.9%
Administrative services fees:
Government ............................... $ 73,659 $ 49,442 $ 24,217 49.0%
Commercial ............................... 317,856 291,769 26,087 8.9%
Total ................................. $ 391,515 $ 341,211 $ 50,304 14.7%
Income before income taxes:
Government ............................... $ 1,027,531 $ 513,845 $ 513,686 100.0%
Commercial ............................... 261,769 248,240 13,529 5.4%
Total ................................. $ 1,289,300 $ 762,085 $ 527,215 69.2%
Benefit ratios(a):
Government ............................... 83.8% 85.0% (1.2)%
Commercial ............................... 80.5% 81.7% (1.2)%
Total ................................. 83.0% 84.0% (1.0)%
SG&A expense ratios(b):
Government ............................... 11.2% 11.8% (0.6)%
Commercial ............................... 21.5% 20.0% 1.5%
Total ................................. 13.9% 14.3% (0.4)%
(a) Represents total benefit expenses as a percentage of premium revenues. Also known as the benefit 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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