Humana 2012 Annual Report Download - page 138
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Humana Inc.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
Reinsurance recoverables represent the portion of future policy benefits payable that are covered by
reinsurance. Amounts recoverable from reinsurers are estimated in a manner consistent with the methods used to
determine future policy benefits payable as detailed in Note 2. Reinsurance recoverables, included in other long-
term assets, were $461 million at December 31, 2012 and $436 million at December 31, 2011. The percentage of
these reinsurance recoverables resulting from 100% coinsurance agreements was approximately 48% at
December 31, 2012 and approximately 51% at December 31, 2011. Premiums ceded were $34 million in each of
2012, 2011, and 2010.
We evaluate the financial condition of these reinsurers on a regular basis. These reinsurers are well-known
and well-established, as evidenced by the strong financial ratings at December 31, 2012 presented below:
Reinsurer
Total
Recoverable
A.M. Best Rating
at December 31, 2012
(in millions)
Protective Life Insurance Company ........ $196 A+ (superior)
Munich American Reassurance Company . . . 78 A+ (superior)
Employers Reassurance Corporation ....... 64 A-(excellent)
General Re Life Corporation .............. 64 A++(superior)
All others ............................. 59 A+toB++(superior to good)
$461
The all other category represents 15 reinsurers with individual balances less than $20 million. Two of these
reinsurers have placed $24 million of cash and securities in trusts, an amount at least equal to the recoverable
from the reinsurer.
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