Humana 2010 Annual Report Download - page 125
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Humana Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Our segment results were as follows for the years ended December 31, 2010, 2009, and 2008:
Government Segment
2010 2009 2008
(in thousands)
Revenues:
Premiums:
Medicare Advantage .............................. $19,286,121 $16,413,301 $13,777,999
Medicare stand-alone PDP ......................... 2,320,060 2,327,418 3,380,400
Total Medicare .............................. 21,606,181 18,740,719 17,158,399
Military services ................................. 3,462,544 3,426,739 3,218,270
Medicaid ....................................... 723,563 646,195 591,535
Total premiums .............................. 25,792,288 22,813,653 20,968,204
Administrative services fees ............................ 115,192 108,442 85,868
Investment income ................................... 213,314 179,141 115,162
Other revenue ....................................... 5,946 3,709 1,782
Total revenues ............................... 26,126,740 23,104,945 21,171,016
Operating expenses:
Benefits ............................................ 21,645,836 19,038,423 18,007,907
Selling, general and administrative ....................... 2,602,740 2,360,176 2,223,153
Depreciation and amortization .......................... 150,887 139,728 124,094
Total operating expenses ....................... 24,399,463 21,538,327 20,355,154
Income from operations ................................... 1,727,277 1,566,618 815,862
Interest expense .......................................... 79,294 69,012 30,622
Income before income taxes ................................ $ 1,647,983 $ 1,497,606 $ 785,240
Premium and administrative services revenues derived from our contracts with the federal government, as a
percentage of our total premium and ASO revenues, were approximately 76% for 2010, 73% for 2009 and 72%
for 2008.
Government segment benefits expense for 2010 includes $182.4 million related to prior year favorable
reserve releases not in the ordinary course of business as discussed more fully in Note 9.
115