Humana 2010 Annual Report Download - page 61
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Comparison of Results of Operations for 2009 and 2008
Certain financial data for our two segments was as follows for the years ended December 31, 2009 and
2008:
Change
2009 2008 Dollars Percentage
(dollars in thousands)
Premium revenues:
Medicare Advantage ....................... $16,413,301 $13,777,999 $ 2,635,302 19.1%
Medicare stand-alone PDP .................. 2,327,418 3,380,400 (1,052,982) (31.1)%
Total Medicare ....................... 18,740,719 17,158,399 1,582,320 9.2%
Military services .......................... 3,426,739 3,218,270 208,469 6.5%
Medicaid ................................ 646,195 591,535 54,660 9.2%
Total Government ..................... 22,813,653 20,968,204 1,845,449 8.8%
Fully-insured ............................. 6,185,158 6,169,403 15,755 0.3%
Specialty ................................ 927,940 927,237 703 0.1%
Total Commercial ..................... 7,113,098 7,096,640 16,458 0.2%
Total ........................... $29,926,751 $28,064,844 $ 1,861,907 6.6%
Administrative services fees:
Government ............................. $ 108,442 $ 85,868 $ 22,574 26.3%
Commercial .............................. 387,693 366,011 21,682 5.9%
Total ............................... $ 496,135 $ 451,879 $ 44,256 9.8%
Income before income taxes:
Government ............................. $ 1,497,606 $ 785,240 $ 712,366 90.7%
Commercial .............................. 104,154 207,608 (103,454) (49.8)%
Total ............................... $ 1,601,760 $ 992,848 $ 608,912 61.3%
Benefit ratios (a):
Government ............................. 83.5% 85.9% (2.4)%
Commercial .............................. 80.6% 80.3% 0.3%
Total ............................... 82.8% 84.5% (1.7)%
SG&A expense ratios (b):
Government ............................. 10.3% 10.6% (0.3)%
Commercial .............................. 24.1% 22.4 % 1.7%
Total ............................... 13.8% 13.7% 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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