Humana 2012 Annual Report Download - page 44

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regulatory environment may have contributed to this volatility. Our stock price has fluctuated and may continue
to materially fluctuate in response to a number of events and factors, including:
• the enactment of, and the potential for additional, health insurance reform;
• general economic conditions;
• quarterly variations in operating results;
• natural disasters, terrorist attacks and epidemics;
• changes in financial estimates and recommendations by securities analysts;
• operating and stock price performance of other companies that investors may deem comparable;
• press releases or negative publicity relating to our competitors or us or relating to trends in our
markets;
• regulatory changes and adverse outcomes from litigation and government or regulatory investigations;
• sales of stock by insiders;
• changes in our credit ratings;
• limitations on premium levels or the ability to raise premiums on existing policies;
• increases in minimum capital, reserves, and other financial strength requirements; and
• limitations on our ability to repurchase our common stock.
These factors could materially reduce our stock price. In addition, broad market and industry fluctuations
may adversely affect the trading price of our common stock, regardless of our actual operating performance.
ITEM 1B. UNRESOLVED STAFF COMMENTS
None.
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