Humana 2013 Annual Report Download - page 98
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300 basis points, have changed between 100 and 200 basis points four times, and have changed by less than 100
basis points five times.
Increase (decrease) in
pretax earnings given an
interest rate decrease of
X basis points
Increase (decrease) in
pretax earnings given an
interest rate increase of
X basis points
(300) (200) (100) 100 200 300
(in millions)
As of December 31, 2013
Investment income (a) ................................ $(24) $(16) $ (8) $26 $52 $ 79
Interest expense (b) ................................... 0 0 0 0 0 0
Pretax ......................................... $(24) $(16) $ (8) $26 $52 $ 79
As of December 31, 2012
Investment income (a) ................................ $(16) $(16) $(10) $33 $68 $102
Interest expense (b) ................................... 0 0 0 0 0 0
Pretax ......................................... $(16) $(16) $(10) $33 $68 $102
(a) As of December 31, 2013 and 2012, some of our investments had interest rates below 3% so the assumed
hypothetical change in pretax earnings does not reflect the full 3% point reduction.
(b) The interest rate under our senior notes is fixed. There were no borrowings outstanding under the credit
agreement at December 31, 2013 or December 31, 2012.
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