Humana 2010 Annual Report Download - page 104

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Humana Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Gross unrealized losses and fair values aggregated by investment category and length of time that individual
securities have been in a continuous unrealized loss position were as follows at December 31, 2010 and 2009,
respectively:
Less than 12 months 12 months or more Total
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
Fair
Value
Gross
Unrealized
Losses
(in thousands)
December 31, 2010
U.S. Treasury and other U.S.
government corporations and
agencies:
U.S. Treasury and agency
obligations .............. $ 141,766 $ (615) $ 0 $ 0 $ 141,766 $ (615)
Mortgage-backed securities . . . 110,358 (1,054) 5,557 (119) 115,915 (1,173)
Tax-exempt municipal securities . . . 1,168,221 (33,218) 97,809 (10,401) 1,266,030 (43,619)
Mortgage-backed securities: ......
Residential ................ 0 0 32,671 (2,675) 32,671 (2,675)
Commercial ............... 0 0 2,752 (171) 2,752 (171)
Asset-backed securities .......... 17,069 (42) 283 (2) 17,352 (44)
Corporate debt securities ......... 383,677 (9,572) 31,464 (4,138) 415,141 (13,710)
Total debt securities ..... $1,821,091 $(44,501) $170,536 $(17,506) $1,991,627 $(62,007)
December 31, 2009
U.S. Treasury and other U.S.
government corporations and
agencies:
U.S. Treasury and agency
obligations .............. $ 301,843 $ (2,425) $ 2,970 $ (109) $ 304,813 $ (2,534)
Mortgage-backed securities . . . 823,365 (11,005) 6,834 (323) 830,199 (11,328)
Tax-exempt municipal securities . . . 598,520 (14,286) 198,327 (9,131) 796,847 (23,417)
Mortgage-backed securities: ......
Residential ................ 1,771 (5) 73,178 (10,994) 74,949 (10,999)
Commercial ............... 31,941 (359) 142,944 (8,281) 174,885 (8,640)
Asset-backed securities .......... 1,930 (19) 2,179 (88) 4,109 (107)
Corporate debt securities ......... 636,833 (9,354) 99,830 (11,972) 736,663 (21,326)
Total debt securities ..... $2,396,203 $(37,453) $526,262 $(40,898) $2,922,465 $(78,351)
Approximately 96% of our debt securities were investment-grade quality, with an average credit rating of
AA by S&P at December 31, 2010. Most of the debt securities that were below investment-grade were rated BB,
the higher end of the below investment-grade rating scale. At December 31, 2010, 14% of our tax-exempt
94