Humana 2010 Annual Report Download - page 56
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Comparison of Results of Operations for 2010 and 2009
Certain financial data for our two segments was as follows for the years ended December 31, 2010 and
2009:
Change
2010 2009 Dollars Percentage
(dollars in thousands)
Premium revenues:
Medicare Advantage ....................... $19,286,121 $16,413,301 $2,872,820 17.5%
Medicare stand-alone PDP ................... 2,320,060 2,327,418 (7,358) (0.3)%
Total Medicare ........................ 21,606,181 18,740,719 2,865,462 15.3%
Military services ........................... 3,462,544 3,426,739 35,805 1.0%
Medicaid ................................. 723,563 646,195 77,368 12.0%
Total Government ..................... 25,792,288 22,813,653 2,978,635 13.1%
Fully-insured ............................. 5,914,042 6,185,158 (271,116) (4.4)%
Specialty ................................. 1,005,993 927,940 78,053 8.4%
Total Commercial ...................... 6,920,035 7,113,098 (193,063) (2.7)%
Total ............................ $32,712,323 $29,926,751 $2,785,572 9.3%
Administrative services fees:
Government .............................. $ 115,192 $ 108,442 $ 6,750 6.2%
Commercial .............................. 393,052 387,693 5,359 1.4%
Total .................................... $ 508,244 $ 496,135 $ 12,109 2.4%
Income before income taxes:
Government .............................. $ 1,647,983 $ 1,497,606 $ 150,377 10.0%
Commercial .............................. 101,579 104,154 (2,575) (2.5)%
Total ................................ $ 1,749,562 $ 1,601,760 $ 147,802 9.2%
Benefit ratios (a):
Government .............................. 83.9% 83.5% 0.4%
Commercial .............................. 78.6% 80.6% (2.0)%
Total ................................ 82.8% 82.8% 0.0%
SG&A expense ratios (b):
Government .............................. 10.0% 10.3% (0.3)%
Commercial .............................. 27.0% 24.1% 2.9%
Total ................................ 13.9% 13.8% 0.1%
(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 (SG&A) as a percentage of premium
revenues, administrative services fees, and other revenues. Also known as the SG&A expense ratio.
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