reported in the consolidated financial statements and accompanying notes.
We continuously evaluate our estimates and those critical accounting policies related primarily to benefit expenses and revenue recognition as well as accounting for impairments related to our investment securities, goodwill, and long-lived assets.
These estimates are based on knowledge of current events and anticipated future events and, accordingly, actual results ultimately may differ from those estimates.
We believe the following critical accounting policies involve the most significant judgments and estimates used in the preparation of our consolidated financial statements.
Benefit Expense Recognition Benefit expenses are recognized in the period in which services are provided and include an estimate of the cost of services which have been incurred but not yet reported, or IBNR.
IBNR represents a substantial portion of our benefits payable as follows:
## Table 0 ##
Military services benefits payable primarily consists of our estimate of incurred healthcare services provided to beneficiaries which are in turn reimbursed by the federal government as more fully described in Note 2 to the consolidated financial statements included in Item 8.
—Financial Statements and Supplementary Data.
This amount is generally offset by a corresponding receivable due from the federal government, as more fullydescribed on page 47.
Estimating IBNR is complex and involves a significant amount of judgment.
Changes in this estimate can materially affect, either favorably or unfavorably, our results of operations and overall financial position.
Accordingly, it represents a critical accounting estimate.
Most benefit claims are paid within a few months of the member receiving service from a physician or other health care provider.
As a result, these liabilities generally are described as having a “short-tail”.
As such, we expect that substantially all of the December 31, 2008 estimate of benefits payable will be known and paid during 2009.
Our reserving practice is to consistently recognize the actuarial best point estimate within a level of confidence required by actuarial standards.
Actuarial standards of practice generally require a level of confidence such that the liabilities established for IBNR have a greater probability of being adequate versus being insufficient, or such that the liabilities established for IBNR are sufficient to cover obligations under an assumption of moderately adverse conditions.
Adverse conditions are situations in which the actual claims are expected to be higher than the otherwise estimated value of such claims at the time of the estimate.
Therefore, in many situations, the claim amounts ultimately settled will be less than the estimate that satisfies the actuarial standards of practice.
We develop our estimate for IBNR using actuarial methodologies and assumptions, primarily based upon historical claim experience.
Depending on the period for which incurred claims are estimated, we apply a different method in determining our estimate.
For periods prior to the most recent three months, the key assumption used in estimating our IBNR is that the completion factor pattern remains consistent over a rolling 12-month period after adjusting for known changes in claim inventory levels and known changes in claim payment processes.
Completion factors result from the calculation of the percentage of claims incurred during a
Recently Issued Accounting Pronouncements For a discussion of recently issued accounting pronouncements, see Note 2 to the consolidated financial statements included in Item 8.
—Financial Statements and Supplementary Data.
ITEM 7A.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK The level of our pretax earnings is subject to market risk due to changes in investment income from our fixed income portfolio and cash and cash equivalents which are partially offset by both our outstanding indebtedness and the short-term duration of the fixed income investment portfolio.
We evaluated the impact on our investment income and interest expense resulting from a hypothetical change in interest rates of 100, 200 and 300 basis points over the next twelve-month period, as reflected in the following table.
The evaluation was based on our investment portfolio and our outstanding indebtedness as of December 31, 2008 and 2007.
Our investment portfolio consists of cash, cash equivalents and investment securities.
The modeling technique used to calculate the pro forma net change in pretax earnings considered the cash flows related to fixed income investments and debt, which are subject to interest rate changes during a prospective twelve-month period.
This evaluation measures parallel shifts in interest rates and may not account for certain unpredictable events that may effect interest income, including, among others, unexpected changes of cash flows into and out of the portfolio, changes in the asset allocation, including shifts between taxable and tax-exempt securities, and spread changes specific to various investment categories.
In the past ten years, changes in 3 month LIBOR rates during the year have exceeded 300 basis points twice, have not changed between 200 and 300 basis points, have changed between 100 and 200 basis points four times and have changed by less than 100 basis points four times.
## Table 1 ##
Humana Inc.  NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued) 123 15.
STOCKHOLDERS’ EQUITY Dividends The following table provides details of dividend payments, excluding dividend equivalent rights, in 2015, 2016, and 2017 under our Board approved quarterly cash dividend policy
## Table 2 ##
On November 2, 2017, the Board declared a cash dividend of $0.40 per share that was paid on January 26, 2018 to stockholders of record on December 29, 2017, for an aggregate amount of $55 million.
Declaration and payment of future quarterly dividends is at the discretion of our Board and may be adjusted as business needs or market conditions change.
Stock Repurchases In September 2014, our Board of Directors replaced a previous share repurchase authorization of up to $1 billion (of which $816 million remained unused) with an authorization for repurchases of up to $2 billion of our common shares exclusive of shares repurchased in connection with employee stock plans, which expired on December 31, 2016.
Under the share repurchase authorization, shares may have been purchased from time to time at prevailing prices in the open market, by block purchases, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or in privately-negotiated transactions (including pursuant to accelerated share repurchase agreements with investment banks), subject to certain regulatory restrictions on volume, pricing, and timing.
Pursuant to the Merger Agreement, after July 2, 2015, we were prohibited from repurchasing any of our outstanding securities without the prior written consent of Aetna, other than repurchases of shares of our common stock in connection with the exercise of outstanding stock options or the vesting or settlement of outstanding restricted stock awards.
Accordingly, as announced on July 3, 2015, we suspended our share repurchase program.
On February 14, 2017, we and Aetna agreed to mutually terminate the Merger Agreement.
We also announced that the Board had approved a new authorization for share repurchases of up to $2.25 billion of our common stock exclusive of shares repurchased in connection with employee stock plans, expiring on December 31, 2017.
On February 16, 2017, we entered into an accelerated share repurchase agreement, the February 2017 ASR, with Goldman, Sachs & Co.  LLC, or Goldman Sachs, to repurchase $1.5 billion of our common stock as part of the $2.25 billion share repurchase program referred to above.
On February 22, 2017, we made a payment of $1.5 billion to Goldman Sachs from available cash on hand and received an initial delivery of 5.83 million shares of our common stock from Goldman Sachs based on the then current market price of Humana common stock.
The payment to Goldman Sachs was recorded as a reduction to stockholders’ equity, consisting of a $1.2 billion increase in treasury stock, which reflected the value of the initial 5.83 million shares received upon initial settlement, and a $300 million decrease in capital in excess of par value, which reflected the value of stock held back by Goldman Sachs pending final settlement of the February 2017 ASR.
Upon settlement of the February 2017 ASR on August 28, 2017, we received an additional 0.84 million shares as determined by the average daily volume weighted-average share price of our common stock during the term of the agreement of $224.81, bringing the total shares received under this program to 6.67 million.
In addition, upon settlement we reclassified the $300 million value of stock initially held back by Goldman Sachs from capital in excess of par value to treasury stock.
Subsequent to settlement of the February 2017 ASR, we repurchased an additional 3.04 million shares in the open market, utilizing the remaining $750 million of the $2.25 billion authorization prior to expiration.

<table><tr><td></td><td> December 31, 2008</td><td>Percentage of Total</td><td> December 31, 2007</td><td> Percentage of Total</td></tr><tr><td></td><td colspan="4"> (dollars in thousands)</td></tr><tr><td>IBNR</td><td>$1,851,047</td><td>57.7%</td><td>$1,695,088</td><td>62.8%</td></tr><tr><td>Reported claims in process</td><td>486,514</td><td>15.2%</td><td>253,054</td><td>9.4%</td></tr><tr><td>Other benefits payable</td><td>561,221</td><td>17.5%</td><td>407,319</td><td>15.1%</td></tr><tr><td>Benefits payable, excluding military services</td><td>2,898,782</td><td>90.4%</td><td>2,355,461</td><td>87.3%</td></tr><tr><td>Military services benefits payable</td><td>306,797</td><td>9.6%</td><td>341,372</td><td>12.7%</td></tr><tr><td>Total benefits payable</td><td>$3,205,579</td><td>100.0%</td><td>$2,696,833</td><td>100.0%</td></tr></table>
<table><tr><td></td><td colspan="3">Increase (decrease) in pretax earnings givenan interest rate decrease of X basis points</td><td colspan="3">Increase (decrease) in pretax earnings givenan interest rate increase of X basis points</td></tr><tr><td></td><td>-300</td><td>-200</td><td>-100</td><td>100</td><td>200</td><td>300</td></tr><tr><td></td><td colspan="6">(in thousands)</td></tr><tr><td> As of December 31, 2008</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investment income</td><td>$-23,748</td><td>$-17,588</td><td>$-15,483</td><td>$25,773</td><td>$47,625</td><td>$70,225</td></tr><tr><td>Interest expense</td><td>2,128</td><td>2,128</td><td>2,128</td><td>-2,128</td><td>-4,256</td><td>-6,384</td></tr><tr><td>Pretax</td><td>$-21,620</td><td>$-15,460</td><td>$-13,355</td><td>$23,645</td><td>$43,369</td><td>$63,841</td></tr><tr><td> As of December 31, 2007</td><td></td><td></td><td></td><td></td><td></td><td></td></tr><tr><td>Investment income</td><td>$-93,191</td><td>$-62,603</td><td>$-34,478</td><td>$29,613</td><td>$59,066</td><td>$88,782</td></tr><tr><td>Interest expense</td><td>35,173</td><td>23,449</td><td>11,724</td><td>-11,724</td><td>-23,449</td><td>-35,173</td></tr><tr><td>Pretax</td><td>$-58,018</td><td>$-39,154</td><td>$-22,754</td><td>$17,889</td><td>$35,617</td><td>$53,609</td></tr></table>
<table><tr><td>PaymentDate</td><td>Amountper Share</td><td>TotalAmount (in millions)</td></tr><tr><td>2015</td><td>$1.14</td><td>$170</td></tr><tr><td>2016</td><td>$1.16</td><td>$172</td></tr><tr><td>2017</td><td>$1.49</td><td>$216</td></tr></table>

Question: In the year with the most Pretax, what is the growth rate of Interest expense?
Answer: 1