(Exact name of registrant as specified in its charter) | ||
Delaware | 1-5975 | 61-0647538 | ||||||
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) |
☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common Stock | HUM | New York Stock Exchange |
Exhibit No. | Description | ||||||||||
99.1 | |||||||||||
99.2 | |||||||||||
99.3 | |||||||||||
99.4 | |||||||||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
HUMANA INC. | |||||
BY: | /s/ John-Paul W. Felter | ||||
John-Paul W. Felter | |||||
Senior Vice President, Chief Accounting Officer & Controller | |||||
(Principal Accounting Officer) |
n e w s r e l e a s e |
Exhibit 99.1
Humana Inc.
500 West Main Street
P.O. Box 1438
Louisville, KY 40202
http://www.humana.com
|
Lisa Stoner Humana Investor Relations (502) 580-2652 e-mail: LStamper@humana.com |
Consolidated income before income taxes and equity in net earnings (pretax results) In millions |
2Q24 (a) | 2Q23 (a) | YTD 2024 (a) | YTD 2023 (a) | ||||||||||
Generally Accepted Accounting Principles (GAAP) | $918 | $1,262 | $1,932 | $2,876 | ||||||||||
Amortization associated with identifiable intangibles | 15 | 16 | 31 | 34 | ||||||||||
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments | 68 | 53 | 199 | 107 | ||||||||||
Impact of exit of employer group commercial medical products business | 59 | 45 | 60 | (37) | ||||||||||
Value creation initiatives | 68 | — | 97 | — | ||||||||||
Transaction and integration costs | — | 4 | — | (48) | ||||||||||
Accrued charge related to certain anticipated litigation expenses | — | 90 | — | 90 | ||||||||||
Change in fair market value of publicly-traded equity securities | — | — | — | (1) | ||||||||||
Adjusted (non-GAAP) | $1,128 | $1,470 | $2,319 | $3,021 | ||||||||||
Diluted earnings per share (EPS) | 2Q24 (a) | 2Q23 (a) | YTD 2024 (a) | YTD 2023 (a) | ||||||||||
GAAP | $5.62 | $7.66 | $11.74 | $17.54 | ||||||||||
Amortization associated with identifiable intangibles | 0.13 | 0.13 | 0.25 | 0.27 | ||||||||||
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments | 0.57 | 0.43 | 1.65 | 0.85 | ||||||||||
Impact of exit of employer group commercial medical products business | 0.49 | 0.35 | 0.50 | (0.30) | ||||||||||
Value creation initiatives | 0.56 | — | 0.80 | — | ||||||||||
Transaction and integration costs | — | 0.03 | — | (0.38) | ||||||||||
Accrued charge related to certain anticipated litigation expenses | — | 0.72 | — | 0.72 | ||||||||||
Change in fair market value of publicly-traded equity securities | — | — | — | (0.01) | ||||||||||
Cumulative net tax impact of non-GAAP adjustments | (0.41) | (0.38) | (0.75) | (0.37) | ||||||||||
Adjusted (non-GAAP) | $6.96 | $8.94 | $14.19 | $18.32 | ||||||||||
Humana Inc. Summary of Results ($ in millions, except per share amounts) |
2Q24 (a) | 2Q23 (a) | YTD 2024 (a) | YTD 2023 (a) | ||||||||||
CONSOLIDATED | ||||||||||||||
Revenues | $29,540 | $26,747 | $59,151 | $53,489 | ||||||||||
Revenues - Adjusted (non-GAAP) | $29,380 | $25,733 | $58,711 | $51,385 | ||||||||||
Pretax results | $918 | $1,262 | $1,932 | $2,876 | ||||||||||
Pretax results - Adjusted (non-GAAP) | $1,128 | $1,470 | $2,319 | $3,021 | ||||||||||
EPS | $5.62 | $7.66 | $11.74 | $17.54 | ||||||||||
EPS - Adjusted (non-GAAP) | $6.96 | $8.94 | $14.19 | $18.32 | ||||||||||
Benefits expense ratio | 89.0 | % | 86.3 | % | 88.9 | % | 85.9 | % | ||||||
Benefits expense ratio - Adjusted (non-GAAP) | 88.9 | % | 86.1 | % | 88.9 | % | 86.0 | % | ||||||
Operating cost ratio | 10.8 | % | 11.8 | % | 10.6 | % | 11.5 | % | ||||||
Operating cost ratio - Adjusted (non-GAAP) | 10.5 | % | 11.2 | % | 10.4 | % | 11.0 | % | ||||||
Operating cash flows | $1,636 | $9,863 | ||||||||||||
Operating cash flows - Adjusted (non-GAAP) (b) | $1,636 | $2,861 | ||||||||||||
Parent company cash and short term investments | $1,256 | $1,109 | ||||||||||||
Debt-to-total capitalization | 43.6 | % | 41.0 | % | ||||||||||
Days in Claims Payable (DCP) | 41.6 | 42.6 | ||||||||||||
INSURANCE SEGMENT | ||||||||||||||
Revenues | $28,525 | $25,875 | $57,224 | $51,778 | ||||||||||
Revenues - Adjusted (non-GAAP) | $28,365 | $24,861 | $56,784 | $49,675 | ||||||||||
Benefits expense ratio | 89.5 | % | 86.8 | % | 89.4 | % | 86.4 | % | ||||||
Benefits expense ratio - Adjusted (non-GAAP) | 89.4 | % | 86.6 | % | 89.4 | % | 86.5 | % | ||||||
Operating cost ratio | 8.4 | % | 9.9 | % | 8.4 | % | 9.6 | % | ||||||
Operating cost ratio - Adjusted (non-GAAP) | 8.4 | % | 9.2 | % | 8.3 | % | 9.1 | % | ||||||
Income from operations | $763 | $1,031 | $1,661 | $2,358 | ||||||||||
Income from operations - Adjusted (non-GAAP) | $826 | $1,172 | $1,730 | $2,422 | ||||||||||
CENTERWELL SEGMENT | ||||||||||||||
Revenues | $4,947 | $4,530 | $9,765 | $9,035 | ||||||||||
Operating cost ratio | 92.0 | % | 92.6 | % | 92.5 | % | 92.1 | % | ||||||
Income from operations | $338 | $287 | $620 | $617 | ||||||||||
Income from operations - Adjusted (non-GAAP) (c) | $394 | $337 | $729 | $716 |
Diluted earnings per share |
FY 2024 Guidance |
||||
GAAP | approximately $12.81 | ||||
Amortization of identifiable intangibles | 0.50 | ||||
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (d) | 1.65 | ||||
Impact of exit of employer group commercial medical products business | 1.21 | ||||
Value creation initiatives (d) | 0.80 | ||||
Cumulative net tax impact of non-GAAP adjustments | (0.97) | ||||
Adjusted (non-GAAP) – FY 2024 projected | approximately $16.00 |
2Q24 | 2Q23 | YTD 2024 | YTD 2023 | |||||||||||
Insurance segment | $4 | $6 | $9 | $11 | ||||||||||
CenterWell segment | $11 | $10 | $22 | $23 |
Revenues - CONSOLIDATED (in millions) |
2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | $29,540 | $26,747 | $59,151 | $53,489 | ||||||||||
Change in fair market value of publicly-traded equity securities | — | — | — | (1) | ||||||||||
Impact of exit of employer group commercial medical products business | (160) | (1,014) | (440) | (2,103) | ||||||||||
Adjusted (non-GAAP) | $29,380 | $25,733 | $58,711 | $51,385 |
Revenues - INSURANCE SEGMENT (in millions) |
2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | $28,525 | $25,875 | $57,224 | $51,778 | ||||||||||
Impact of exit of employer group commercial medical products business | (160) | (1,014) | (440) | (2,103) | ||||||||||
Adjusted (non-GAAP) | $28,365 | $24,861 | $56,784 | $49,675 |
Benefit ratio - CONSOLIDATED | 2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | 89.0 | % | 86.3 | % | 88.9 | % | 85.9 | % | ||||||
Impact of exit of employer group commercial medical products business | (0.1) | % | (0.2) | % | — | % | 0.1 | % | ||||||
Adjusted (non-GAAP) | 88.9 | % | 86.1 | % | 88.9 | % | 86.0 | % |
Benefit ratio - INSURANCE SEGMENT | 2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | 89.5 | % | 86.8 | % | 89.4 | % | 86.4 | % | ||||||
Impact of exit of employer group commercial medical products business | (0.1) | % | (0.2) | % | — | % | 0.1 | % | ||||||
Adjusted (non-GAAP) | 89.4 | % | 86.6 | % | 89.4 | % | 86.5 | % |
Operating cost ratio - CONSOLIDATED | 2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | 10.8 | % | 11.8 | % | 10.6 | % | 11.5 | % | ||||||
Impact of exit of employer group commercial medical products business | (0.1) | % | (0.2) | % | (0.1) | % | (0.3) | % | ||||||
Value creation initiatives | (0.2) | % | — | % | (0.1) | % | — | % | ||||||
Accrued charge related to certain anticipated litigation expenses | — | % | (0.4) | % | — | % | (0.2) | % | ||||||
Adjusted (non-GAAP) | 10.5 | % | 11.2 | % | 10.4 | % | 11.0 | % |
Operating cost ratio - INSURANCE SEGMENT | 2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | 8.4 | % | 9.9 | % | 8.4 | % | 9.6 | % | ||||||
Impact of exit of employer group commercial medical products business | — | % | (0.3) | % | (0.1) | % | (0.3) | % | ||||||
Accrued charge related to certain anticipated litigation expenses | — | % | (0.4) | % | — | % | (0.2) | % | ||||||
Adjusted (non-GAAP) | 8.4 | % | 9.2 | % | 8.3 | % | 9.1 | % |
Income from operations - INSURANCE SEGMENT | 2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | $763 | $1,031 | $1,661 | $2,358 | ||||||||||
Amortization associated with identifiable intangibles | 4 | 6 | 9 | 11 | ||||||||||
Impact of exit of employer group commercial medical products business | 59 | 45 | 60 | (37) | ||||||||||
Accrued charge related to certain anticipated litigation expenses | — | 90 | — | 90 | ||||||||||
Adjusted (non-GAAP) | $826 | $1,172 | $1,730 | $2,422 |
Net cash from operating activities
(in millions)
|
YTD 2024 | YTD 2023 | ||||||
GAAP | $1,636 | $9,863 | ||||||
Timing of premium payment from CMS | — | (7,002) | ||||||
Adjusted (non-GAAP) | $1,636 | $2,861 |
Income from operations - CENTERWELL SEGMENT (in millions) |
2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | $338 | $287 | $620 | $617 | ||||||||||
Depreciation and amortization expense | 56 | 50 | 109 | 99 | ||||||||||
Adjusted (non-GAAP) | $394 | $337 | $729 | $716 |
n e w s r e l e a s e |
Exhibit 99.2 |
Humana Inc.
500 West Main Street
P.O. Box 1438
Louisville, KY 40202
http://www.humana.com
|
Lisa Stoner Humana Investor Relations (502) 580-2652 e-mail: LStamper@humana.com |
Consolidated income before income taxes and equity in net earnings (pretax results) In millions |
2Q24 (a) | 2Q23 (a) | YTD 2024 (a) | YTD 2023 (a) | ||||||||||
Generally Accepted Accounting Principles (GAAP) | $918 | $1,262 | $1,932 | $2,876 | ||||||||||
Amortization associated with identifiable intangibles | 15 | 16 | 31 | 34 | ||||||||||
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments | 68 | 53 | 199 | 107 | ||||||||||
Impact of exit of employer group commercial medical products business | 59 | 45 | 60 | (37) | ||||||||||
Value creation initiatives | 68 | — | 97 | — | ||||||||||
Transaction and integration costs | — | 4 | — | (48) | ||||||||||
Accrued charge related to certain anticipated litigation expenses | — | 90 | — | 90 | ||||||||||
Change in fair market value of publicly-traded equity securities | — | — | — | (1) | ||||||||||
Adjusted (non-GAAP) | $1,128 | $1,470 | $2,319 | $3,021 | ||||||||||
Diluted earnings per share (EPS) | 2Q24 (a) | 2Q23 (a) | YTD 2024 (a) | YTD 2023 (a) | ||||||||||
GAAP | $5.62 | $7.66 | $11.74 | $17.54 | ||||||||||
Amortization associated with identifiable intangibles | 0.13 | 0.13 | 0.25 | 0.27 | ||||||||||
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments | 0.57 | 0.43 | 1.65 | 0.85 | ||||||||||
Impact of exit of employer group commercial medical products business | 0.49 | 0.35 | 0.50 | (0.30) | ||||||||||
Value creation initiatives | 0.56 | — | 0.80 | — | ||||||||||
Transaction and integration costs | — | 0.03 | — | (0.38) | ||||||||||
Accrued charge related to certain anticipated litigation expenses | — | 0.72 | — | 0.72 | ||||||||||
Change in fair market value of publicly-traded equity securities | — | — | — | (0.01) | ||||||||||
Cumulative net tax impact of non-GAAP adjustments | (0.41) | (0.38) | (0.75) | (0.37) | ||||||||||
Adjusted (non-GAAP) | $6.96 | $8.94 | $14.19 | $18.32 | ||||||||||
Humana Inc. Summary of Results ($ in millions, except per share amounts) |
2Q24 (a) | 2Q23 (a) | YTD 2024 (a) | YTD 2023 (a) | ||||||||||
CONSOLIDATED | ||||||||||||||
Revenues | $29,540 | $26,747 | $59,151 | $53,489 | ||||||||||
Revenues - Adjusted (non-GAAP) | $29,380 | $25,733 | $58,711 | $51,385 | ||||||||||
Pretax results | $918 | $1,262 | $1,932 | $2,876 | ||||||||||
Pretax results - Adjusted (non-GAAP) | $1,128 | $1,470 | $2,319 | $3,021 | ||||||||||
EPS | $5.62 | $7.66 | $11.74 | $17.54 | ||||||||||
EPS - Adjusted (non-GAAP) | $6.96 | $8.94 | $14.19 | $18.32 | ||||||||||
Benefits expense ratio | 89.0 | % | 86.3 | % | 88.9 | % | 85.9 | % | ||||||
Benefits expense ratio - Adjusted (non-GAAP) | 88.9 | % | 86.1 | % | 88.9 | % | 86.0 | % | ||||||
Operating cost ratio | 10.8 | % | 11.8 | % | 10.6 | % | 11.5 | % | ||||||
Operating cost ratio - Adjusted (non-GAAP) | 10.5 | % | 11.2 | % | 10.4 | % | 11.0 | % | ||||||
Operating cash flows | $1,636 | $9,863 | ||||||||||||
Operating cash flows - Adjusted (non-GAAP) (b) | $1,636 | $2,861 | ||||||||||||
Parent company cash and short term investments | $1,256 | $1,109 | ||||||||||||
Debt-to-total capitalization | 43.6 | % | 41.0 | % | ||||||||||
Days in Claims Payable (DCP) | 41.6 | 42.6 | ||||||||||||
INSURANCE SEGMENT | ||||||||||||||
Revenues | $28,525 | $25,875 | $57,224 | $51,778 | ||||||||||
Revenues - Adjusted (non-GAAP) | $28,365 | $24,861 | $56,784 | $49,675 | ||||||||||
Benefits expense ratio | 89.5 | % | 86.8 | % | 89.4 | % | 86.4 | % | ||||||
Benefits expense ratio - Adjusted (non-GAAP) | 89.4 | % | 86.6 | % | 89.4 | % | 86.5 | % | ||||||
Operating cost ratio | 8.4 | % | 9.9 | % | 8.4 | % | 9.6 | % | ||||||
Operating cost ratio - Adjusted (non-GAAP) | 8.4 | % | 9.2 | % | 8.3 | % | 9.1 | % | ||||||
Income from operations | $763 | $1,031 | $1,661 | $2,358 | ||||||||||
Income from operations - Adjusted (non-GAAP) | $826 | $1,172 | $1,730 | $2,422 | ||||||||||
CENTERWELL SEGMENT | ||||||||||||||
Revenues | $4,947 | $4,530 | $9,765 | $9,035 | ||||||||||
Operating cost ratio | 92.0 | % | 92.6 | % | 92.5 | % | 92.1 | % | ||||||
Income from operations | $338 | $287 | $620 | $617 | ||||||||||
Income from operations - Adjusted (non-GAAP) (c) | $394 | $337 | $729 | $716 |
Diluted earnings per share |
FY 2024 Guidance |
||||
GAAP | approximately $12.81 | ||||
Amortization of identifiable intangibles | 0.50 | ||||
Put/call valuation adjustments associated with the company's non-consolidating minority interest investments (d) | 1.65 | ||||
Impact of exit of employer group commercial medical products business | 1.21 | ||||
Value creation initiatives (d) | 0.80 | ||||
Cumulative net tax impact of non-GAAP adjustments | (0.97) | ||||
Adjusted (non-GAAP) – FY 2024 projected | approximately $16.00 |
Humana Inc. Summary of Results ($ in millions, except per share amounts) |
2Q24 (a) | 2Q23 (a) | YTD 2024 (a) | YTD 2023 (a) | ||||||||||
CONSOLIDATED | ||||||||||||||
Revenues | $29,540 | $26,747 | $59,151 | $53,489 | ||||||||||
Revenues - Adjusted (non-GAAP) | $29,380 | $25,733 | $58,711 | $51,385 | ||||||||||
Pretax results | $918 | $1,262 | $1,932 | $2,876 | ||||||||||
Pretax results - Adjusted (non-GAAP) | $1,128 | $1,470 | $2,319 | $3,021 | ||||||||||
EPS | $5.62 | $7.66 | $11.74 | $17.54 | ||||||||||
EPS - Adjusted (non-GAAP) | $6.96 | $8.94 | $14.19 | $18.32 | ||||||||||
Benefits expense ratio | 89.0 | % | 86.3 | % | 88.9 | % | 85.9 | % | ||||||
Benefits expense ratio - Adjusted (non-GAAP) | 88.9 | % | 86.1 | % | 88.9 | % | 86.0 | % | ||||||
Operating cost ratio | 10.8 | % | 11.8 | % | 10.6 | % | 11.5 | % | ||||||
Operating cost ratio - Adjusted (non-GAAP) | 10.5 | % | 11.2 | % | 10.4 | % | 11.0 | % | ||||||
Operating cash flows | $1,636 | $9,863 | ||||||||||||
Operating cash flows - Adjusted (non-GAAP) (b) | $1,636 | $2,861 | ||||||||||||
Parent company cash and short term investments | $1,256 | $1,109 | ||||||||||||
Debt-to-total capitalization | 43.6 | % | 41.0 | % | ||||||||||
Days in Claims Payable (DCP) | 41.6 | 42.6 |
Consolidated Favorable Prior Period Development
$ in millions
Basis points (bps)
|
First Quarter |
Second Quarter |
YTD | ||||||||||||||
Prior Period Development from prior years recognized in 2024 (e) |
$535 | $134 | $669 | ||||||||||||||
Decrease to GAAP benefit ratio | (190 bps) | (50 bps) | (120 bps) | ||||||||||||||
Prior Period Development from prior years recognized in 2023 (e) |
$522 | $232 | $754 | ||||||||||||||
Decrease to GAAP benefit ratio | (200 bps) | (90 bps) | (150 bps) |
YTD 2024 | |||||
Total number of shares repurchased | 1,948,690 | ||||
Average price paid per share | $ | 384.65 | |||
Remaining repurchase authorization as of July 30, 2024 | $2.93 billion |
Insurance Segment Results ($ in millions) |
2Q24 (a) | 2Q23 (a) | YTD 2024 (a) | YTD 2023 (a) | ||||||||||
Revenues | $28,525 | $25,875 | $57,224 | $51,778 | ||||||||||
Revenues - Adjusted (non-GAAP) | $28,365 | $24,861 | $56,784 | $49,675 | ||||||||||
Benefits expense ratio | 89.5 | % | 86.8 | % | 89.4 | % | 86.4 | % | ||||||
Benefits expense ratio - Adjusted (non-GAAP) | 89.4 | % | 86.6 | % | 89.4 | % | 86.5 | % | ||||||
Operating cost ratio | 8.4 | % | 9.9 | % | 8.4 | % | 9.6 | % | ||||||
Operating cost ratio - Adjusted (non-GAAP) | 8.4 | % | 9.2 | % | 8.3 | % | 9.1 | % | ||||||
Income from operations | $763 | $1,031 | $1,661 | $2,358 | ||||||||||
Income from operations - Adjusted (non-GAAP) | $826 | $1,172 | $1,730 | $2,422 |
CenterWell Segment Results ($ in millions) |
2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
Revenues | $4,947 | $4,530 | $9,765 | $9,035 | ||||||||||
Operating cost ratio | 92.0 | % | 92.6 | % | 92.5 | % | 92.1 | % | ||||||
Income from operations | $338 | $287 | $620 | $617 | ||||||||||
Income from operations - Adjusted (non-GAAP) (c) | $394 | $337 | $729 | $716 |
2Q24 | 2Q23 | YTD 2024 | YTD 2023 | |||||||||||
Insurance segment | $4 | $6 | $9 | $11 | ||||||||||
CenterWell segment | $11 | $10 | $22 | $23 |
Revenues - CONSOLIDATED
(in millions)
|
2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | $29,540 | $26,747 | $59,151 | $53,489 | ||||||||||
Change in fair market value of publicly-traded equity securities | — | — | — | (1) | ||||||||||
Impact of exit of employer group commercial medical products business | (160) | (1,014) | (440) | (2,103) | ||||||||||
Adjusted (non-GAAP) | $29,380 | $25,733 | $58,711 | $51,385 |
Revenues - INSURANCE SEGMENT
(in millions)
|
2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | $28,525 | $25,875 | $57,224 | $51,778 | ||||||||||
Impact of exit of employer group commercial medical products business | (160) | (1,014) | (440) | (2,103) | ||||||||||
Adjusted (non-GAAP) | $28,365 | $24,861 | $56,784 | $49,675 |
Benefit ratio - CONSOLIDATED | 2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | 89.0 | % | 86.3 | % | 88.9 | % | 85.9 | % | ||||||
Impact of exit of employer group commercial medical products business | (0.1) | % | (0.2) | % | — | % | 0.1 | % | ||||||
Adjusted (non-GAAP) | 88.9 | % | 86.1 | % | 88.9 | % | 86.0 | % |
Benefit ratio - INSURANCE SEGMENT | 2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | 89.5 | % | 86.8 | % | 89.4 | % | 86.4 | % | ||||||
Impact of exit of employer group commercial medical products business | (0.1) | % | (0.2) | % | — | % | 0.1 | % | ||||||
Adjusted (non-GAAP) | 89.4 | % | 86.6 | % | 89.4 | % | 86.5 | % | ||||||
Operating cost ratio - CONSOLIDATED | 2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | 10.8 | % | 11.8 | % | 10.6 | % | 11.5 | % | ||||||
Impact of exit of employer group commercial medical products business | (0.1) | % | (0.2) | % | (0.1) | % | (0.3) | % | ||||||
Value creation initiatives | (0.2) | % | — | % | (0.1) | % | — | % | ||||||
Accrued charge related to certain anticipated litigation expenses | — | % | (0.4) | % | — | % | (0.2) | % | ||||||
Adjusted (non-GAAP) | 10.5 | % | 11.2 | % | 10.4 | % | 11.0 | % |
Operating cost ratio - INSURANCE SEGMENT | 2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | 8.4 | % | 9.9 | % | 8.4 | % | 9.6 | % | ||||||
Impact of exit of employer group commercial medical products business | — | % | (0.3) | % | (0.1) | % | (0.3) | % | ||||||
Accrued charge related to certain anticipated litigation expenses | — | % | (0.4) | % | — | % | (0.2) | % | ||||||
Adjusted (non-GAAP) | 8.4 | % | 9.2 | % | 8.3 | % | 9.1 | % |
Income from operations - INSURANCE SEGMENT | 2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | $763 | $1,031 | $1,661 | $2,358 | ||||||||||
Amortization associated with identifiable intangibles | 4 | 6 | 9 | 11 | ||||||||||
Impact of exit of employer group commercial medical products business | 59 | 45 | 60 | (37) | ||||||||||
Accrued charge related to certain anticipated litigation expenses | — | 90 | — | 90 | ||||||||||
Adjusted (non-GAAP) | $826 | $1,172 | $1,730 | $2,422 |
Net cash from operating activities
(in millions)
|
YTD 2024 | YTD 2023 | ||||||
GAAP | $1,636 | $9,863 | ||||||
Timing of premium payment from CMS | — | (7,002) | ||||||
Adjusted (non-GAAP) |
$1,636 | $2,861 |
Income from operations - CENTERWELL SEGMENT
(in millions)
|
2Q24 | 2Q23 | YTD 2024 | YTD 2023 | ||||||||||
GAAP | $338 | $287 | $620 | $617 | ||||||||||
Depreciation and amortization expense | 56 | 50 | 109 | 99 | ||||||||||
Adjusted (non-GAAP) | $394 | $337 | $729 | $716 |
Favorable (Unfavorable) Prior Period Development | First Quarter | Second Quarter |
||||||
Prior Period Development from prior years recognized in 2024 |
$34 | ($9) | ||||||
Prior Period Development from prior years recognized in 2023 |
$23 | ($20) |
Humana Inc. Full Year 2024 Projections - As of July 31, 2024
in accordance with GAAP unless otherwise noted
| |||||||||||
Current Guidance | Prior Guidance | ||||||||||
Diluted earnings per common share | |||||||||||
GAAP: approximately $12.81 |
GAAP: approximately $13.93 |
||||||||||
no change | Non-GAAP: approximately $16.00 |
||||||||||
Total Revenues | |||||||||||
Consolidated | GAAP: approximately $116 billion |
GAAP: approximately $113 billion |
Consolidated and segment level revenue projections include expected investment income. Segment level revenues include amounts that eliminate in consolidation. |
||||||||
Insurance segment | GAAP: approximately $112 billion |
GAAP: approximately $110 billion |
|||||||||
CenterWell segment | no change | GAAP: approximately $19 billion |
|||||||||
Change in year-end medical membership from prior year-end | |||||||||||
Individual Medicare Advantage | Growth of approximately 225,000 | Growth of approximately 150,000 | |||||||||
Group Medicare Advantage | no change | Growth of approximately 45,000 | |||||||||
Medicare stand-alone PDP | Decline of approximately 600,000 | Decline of approximately 650,000 | |||||||||
State-based contracts | no change | Growth of approximately 250,000 | State-based contracts guidance includes membership in Florida, Illinois, Indiana, Kentucky, Louisiana, Ohio, Oklahoma, South Carolina, and Wisconsin. | ||||||||
Benefit Ratio
Insurance segment
|
no change | GAAP: approximately 90.0% |
Ratio calculation: benefits expense as a percent of premiums revenues. | ||||||||
Operating Cost Ratio Consolidated |
no change | GAAP: approximately 11.4% |
Ratio calculation: operating costs excluding depreciation and amortization as a percent of revenues excluding investment income. | ||||||||
Segment Results | |||||||||||
Insurance segment income from operations | no change |
GAAP: approximately $1.1 billion
Non-GAAP: approximately $1.2 billion
|
Insurance segment Non-GAAP income from operations excludes the projected impact of the exit of employer group commercial medical products business and segment amortization. Centerwell segment Non-GAAP income from operations excludes the projected impact of segment depreciation and amortization. |
||||||||
CenterWell segment income from operations | no change |
GAAP: approximately $1.2 billion
Non-GAAP: approximately $1.4 billion
|
|||||||||
Effective Tax Rate | no change |
GAAP: approximately 25.2%
Non-GAAP: approximately 25.0%
|
|||||||||
Weighted Avg. Share Count for Diluted EPS | no change | approximately 121 million | |||||||||
Cash flows from operations | no change | GAAP: approximately $2 billion |
|||||||||
Capital expenditures | no change | GAAP: approximately $800 million |
Humana Inc. Statistical Schedules and Supplementary Information 2Q24 Earnings Release | |||||
(S-3) - (S-4) | Consolidated Statements of Income - Quarter and YTD | ||||
(S-5) | Consolidated Balance Sheets | ||||
(S-6) | Consolidated Statements of Cash Flows -YTD | ||||
(S-7) - (S-8) | Consolidating Statements of Income - Quarter | ||||
(S-9) - (S-10) | Consolidating Statements of Income - YTD | ||||
(S-11) | Membership Detail | ||||
(S-12) - (S-13) | Premiums and Services Revenue Detail | ||||
(S-14) - (S-16) | CenterWell Segment - Pharmacy Solutions, Primary Care, & Home Solutions | ||||
(S-17) | Footnotes |
For the three months ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Premiums | $ | 28,142 | $ | 25,495 | |||||||
Services | 1,100 | 978 | |||||||||
Investment income | 298 | 274 | |||||||||
Total revenues | 29,540 | 26,747 | |||||||||
Operating expenses: | |||||||||||
Benefits | 25,039 | 22,009 | |||||||||
Operating costs | 3,148 | 3,111 | |||||||||
Depreciation and amortization | 212 | 191 | |||||||||
Total operating expenses | 28,399 | 25,311 | |||||||||
Income from operations | 1,141 | 1,436 | |||||||||
Interest expense | 168 | 120 | |||||||||
Other expense, net | 55 | 54 | |||||||||
Income before income taxes and equity in net earnings | 918 | 1,262 | |||||||||
Provision from income taxes | 223 | 296 | |||||||||
Equity in net losses (A) | (17) | (10) | |||||||||
Net income | 678 | 956 | |||||||||
Net loss attributable to noncontrolling interests | 1 | 3 | |||||||||
Net income attributable to Humana | $ | 679 | $ | 959 | |||||||
Basic earnings per common share | $ | 5.63 | $ | 7.70 | |||||||
Diluted earnings per common share | $ | 5.62 | $ | 7.66 | |||||||
Shares used in computing basic earnings per common share (000’s) | 120,445 | 124,574 | |||||||||
Shares used in computing diluted earnings per common share (000’s) | 120,665 | 125,109 |
For the six months ended June 30, | |||||||||||
2024 | 2023 | ||||||||||
Revenues: | |||||||||||
Premiums | $ | 56,403 | $ | 51,045 | |||||||
Services | 2,162 | 1,977 | |||||||||
Investment income | 586 | 467 | |||||||||
Total revenues | 59,151 | 53,489 | |||||||||
Operating expenses: | |||||||||||
Benefits | 50,163 | 43,867 | |||||||||
Operating costs | 6,190 | 6,090 | |||||||||
Depreciation and amortization | 421 | 377 | |||||||||
Total operating expenses | 56,774 | 50,334 | |||||||||
Income from operations | 2,377 | 3,155 | |||||||||
Interest expense | 327 | 233 | |||||||||
Other expense, net | 118 | 46 | |||||||||
Income before income taxes and equity in net earnings | 1,932 | 2,876 | |||||||||
Provision for income taxes | 474 | 655 | |||||||||
Equity in net losses (A) | (41) | (27) | |||||||||
Net income | 1,417 | 2,194 | |||||||||
Net loss attributable to noncontrolling interests | 3 | 4 | |||||||||
Net income attributable to Humana | $ | 1,420 | $ | 2,198 | |||||||
Basic earnings per common share | $ | 11.76 | $ | 17.62 | |||||||
Diluted earnings per common share | $ | 11.74 | $ | 17.54 | |||||||
Shares used in computing basic earnings per common share (000’s) | 120,712 | 124,790 | |||||||||
Shares used in computing diluted earnings per common share (000’s) | 120,967 | 125,336 |
June 30, | December 31, | |||||||
2024 | 2023 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 5,501 | $ | 4,694 | ||||
Investment securities | 17,424 | 16,626 | ||||||
Receivables, net | 4,090 | 2,035 | ||||||
Other current assets | 5,843 | 6,631 | ||||||
Total current assets | 32,858 | 29,986 | ||||||
Property and equipment, net | 2,821 | 3,030 | ||||||
Long-term investment securities | 388 | 382 | ||||||
Equity method investments | 736 | 740 | ||||||
Goodwill | 9,567 | 9,550 | ||||||
Other long-term assets | 3,723 | 3,377 | ||||||
Total assets | $ | 50,093 | $ | 47,065 | ||||
Liabilities and Stockholders’ Equity | ||||||||
Current liabilities: | ||||||||
Benefits payable | $ | 11,446 | $ | 10,241 | ||||
Trade accounts payable and accrued expenses | 6,527 | 6,569 | ||||||
Book overdraft | 355 | 353 | ||||||
Unearned revenues | 313 | 266 | ||||||
Short-term debt | 1,149 | 1,443 | ||||||
Total current liabilities | 19,790 | 18,872 | ||||||
Long-term debt | 11,746 | 10,213 | ||||||
Other long-term liabilities | 1,829 | 1,662 | ||||||
Total liabilities | 33,365 | 30,747 | ||||||
Commitments and contingencies | ||||||||
Stockholders’ equity: | ||||||||
Preferred stock, $1 par; 10,000,000 shares authorized, none issued | — | — | ||||||
Common stock, $0.16 2/3 par; 300,000,000 shares authorized; 198,718,810 issued at June 30, 2024 | 33 | 33 | ||||||
Capital in excess of par value | 3,420 | 3,346 | ||||||
Retained earnings | 28,745 | 27,540 | ||||||
Accumulated other comprehensive loss | (1,122) | (999) | ||||||
Treasury stock, at cost, 78,317,149 shares at June 30, 2024 | (14,405) | (13,658) | ||||||
Total stockholders’ equity | 16,671 | 16,262 | ||||||
Noncontrolling interests | 57 | 56 | ||||||
Total equity | 16,728 | 16,318 | ||||||
Total liabilities and equity | $ | 50,093 | $ | 47,065 | ||||
Debt-to-total capitalization ratio | 43.6 | % | 41.8 | % |
For the six months ended June 30, | ||||||||
2024 | 2023 | |||||||
Cash flows from operating activities | ||||||||
Net income | $ | 1,417 | $ | 2,194 | ||||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||||||
Loss on investment securities, net | — | 45 | ||||||
Equity in net losses | 41 | 27 | ||||||
Stock-based compensation | 100 | 89 | ||||||
Depreciation | 454 | 410 | ||||||
Amortization | 31 | 34 | ||||||
Impairment of property and equipment | 87 | — | ||||||
Changes in operating assets and liabilities, net of effect of businesses acquired and disposed: | ||||||||
Receivables | (2,055) | 269 | ||||||
Other assets | 592 | (1,141) | ||||||
Benefits payable | 1,205 | 978 | ||||||
Other liabilities | (327) | (170) | ||||||
Unearned revenues | 47 | 7,092 | ||||||
Other, net | 44 | 36 | ||||||
Net cash provided by operating activities | 1,636 | 9,863 | ||||||
Cash flows from investing activities | ||||||||
Acquisitions, net of cash and cash equivalents acquired | (17) | (189) | ||||||
Purchases of property and equipment, net | (291) | (487) | ||||||
Purchases of investment securities | (2,962) | (2,737) | ||||||
Maturities of investment securities | 1,355 | 577 | ||||||
Proceeds from sales of investment securities | 499 | 811 | ||||||
Net cash used in investing activities | (1,416) | (2,025) | ||||||
Cash flows from financing activities | ||||||||
Receipts from contract deposits, net | 285 | 3,510 | ||||||
Proceeds from issuance of senior notes, net | 2,232 | 1,215 | ||||||
Repayments of senior notes | (34) | (349) | ||||||
Repayments (issuance) of commercial paper, net | (895) | 238 | ||||||
Repayment of term loan | — | (500) | ||||||
Debt issue costs | (7) | (4) | ||||||
Change in book overdraft | 2 | 159 | ||||||
Common stock repurchases | (766) | (623) | ||||||
Dividends paid | (216) | (211) | ||||||
Other | (14) | (120) | ||||||
Net cash provided by financing activities | 587 | 3,315 | ||||||
Increase in cash and cash equivalents | 807 | 11,153 | ||||||
Cash and cash equivalents at beginning of period | 4,694 | 5,061 | ||||||
Cash and cash equivalents at end of period | $ | 5,501 | $ | 16,214 |
Insurance | CenterWell | Eliminations/ Corporate |
Consolidated | ||||||||||||||||||||
Revenues—external customers Premiums: | |||||||||||||||||||||||
Individual Medicare Advantage | $ | 22,215 | $ | — | $ | — | $ | 22,215 | |||||||||||||||
Group Medicare Advantage | 1,938 | — | — | 1,938 | |||||||||||||||||||
Medicare stand-alone PDP | 867 | — | — | 867 | |||||||||||||||||||
Total Medicare | 25,020 | — | — | 25,020 | |||||||||||||||||||
State-based contracts and other | 2,524 | — | — | 2,524 | |||||||||||||||||||
Commercial fully-insured | 152 | — | — | 152 | |||||||||||||||||||
Specialty benefits | 240 | — | — | 240 | |||||||||||||||||||
Medicare Supplement | 206 | — | — | 206 | |||||||||||||||||||
Total premiums | 28,142 | — | — | 28,142 | |||||||||||||||||||
Services revenue: | |||||||||||||||||||||||
Home solutions | — | 335 | — | 335 | |||||||||||||||||||
Primary care | — | 322 | — | 322 | |||||||||||||||||||
Pharmacy solutions | — | 229 | — | 229 | |||||||||||||||||||
Military services and other | 206 | — | — | 206 | |||||||||||||||||||
Commercial ASO | 8 | — | — | 8 | |||||||||||||||||||
Total services revenue | 214 | 886 | — | 1,100 | |||||||||||||||||||
Total revenues—external customers | 28,356 | 886 | — | 29,242 | |||||||||||||||||||
Intersegment revenues | 1 | 4,061 | (4,062) | — | |||||||||||||||||||
Investment income | 168 | — | 130 | 298 | |||||||||||||||||||
Total revenues | 28,525 | 4,947 | (3,932) | 29,540 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Benefits | 25,182 | — | (143) | 25,039 | |||||||||||||||||||
Operating costs | 2,395 | 4,553 | (3,800) | 3,148 | |||||||||||||||||||
Depreciation and amortization | 185 | 56 | (29) | 212 | |||||||||||||||||||
Total operating expenses | 27,762 | 4,609 | (3,972) | 28,399 | |||||||||||||||||||
Income from operations | $ | 763 | $ | 338 | $ | 40 | $ | 1,141 | |||||||||||||||
Benefit ratio | 89.5 | % | 89.0 | % | |||||||||||||||||||
Operating cost ratio | 8.4 | % | 92.0 | % | 10.8 | % |
Insurance | CenterWell | Eliminations/ Corporate |
Consolidated | ||||||||||||||||||||
Revenues—external customers Premiums: | |||||||||||||||||||||||
Individual Medicare Advantage | $ | 19,749 | $ | — | $ | — | $ | 19,749 | |||||||||||||||
Group Medicare Advantage | 1,732 | — | — | 1,732 | |||||||||||||||||||
Medicare stand-alone PDP | 568 | — | — | 568 | |||||||||||||||||||
Total Medicare | 22,049 | — | — | 22,049 | |||||||||||||||||||
State-based contracts and other | 2,062 | — | — | 2,062 | |||||||||||||||||||
Commercial fully-insured | 950 | — | — | 950 | |||||||||||||||||||
Specialty benefits | 252 | — | — | 252 | |||||||||||||||||||
Medicare Supplement |
182 | — | — | 182 | |||||||||||||||||||
Total premiums | 25,495 | — | — | 25,495 | |||||||||||||||||||
Services revenue: | |||||||||||||||||||||||
Home solutions | — | 341 | — | 341 | |||||||||||||||||||
Primary care | — | 190 | — | 190 | |||||||||||||||||||
Pharmacy solutions | — | 216 | — | 216 | |||||||||||||||||||
Military services and other | 167 | — | — | 167 | |||||||||||||||||||
Commercial ASO | 64 | — | — | 64 | |||||||||||||||||||
Total services revenue | 231 | 747 | — | 978 | |||||||||||||||||||
Total revenues—external customers | 25,726 | 747 | — | 26,473 | |||||||||||||||||||
Intersegment revenues | 15 | 3,783 | (3,798) | — | |||||||||||||||||||
Investment income | 134 | — | 140 | 274 | |||||||||||||||||||
Total revenues | 25,875 | 4,530 | (3,658) | 26,747 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Benefits | 22,127 | — | (118) | 22,009 | |||||||||||||||||||
Operating costs | 2,545 | 4,193 | (3,627) | 3,111 | |||||||||||||||||||
Depreciation and amortization | 172 | 50 | (31) | 191 | |||||||||||||||||||
Total operating expenses | 24,844 | 4,243 | (3,776) | 25,311 | |||||||||||||||||||
Income from operations | $ | 1,031 | $ | 287 | $ | 118 | $ | 1,436 | |||||||||||||||
Benefit ratio | 86.8 | % | 86.3 | % | |||||||||||||||||||
Operating cost ratio | 9.9 | % | 92.6 | % | 11.8 | % |
Insurance | CenterWell | Eliminations/ Corporate |
Consolidated | ||||||||||||||||||||
Revenues—external customers Premiums: | |||||||||||||||||||||||
Individual Medicare Advantage | $ | 44,663 | $ | — | $ | — | $ | 44,663 | |||||||||||||||
Group Medicare Advantage | 3,927 | — | — | 3,927 | |||||||||||||||||||
Medicare stand-alone PDP | 1,688 | — | — | 1,688 | |||||||||||||||||||
Total Medicare | 50,278 | — | — | 50,278 | |||||||||||||||||||
State-based contracts and other | 4,835 | — | — | 4,835 | |||||||||||||||||||
Commercial fully-insured | 408 | — | — | 408 | |||||||||||||||||||
Specialty | 479 | — | — | 479 | |||||||||||||||||||
Medicare Supplement | 403 | — | — | 403 | |||||||||||||||||||
Total premiums | 56,403 | — | — | 56,403 | |||||||||||||||||||
Services revenue: | |||||||||||||||||||||||
Home solutions | — | 670 | — | 670 | |||||||||||||||||||
Primary care | — | 563 | — | 563 | |||||||||||||||||||
Pharmacy solutions | — | 440 | — | 440 | |||||||||||||||||||
Military services and other | 457 | — | — | 457 | |||||||||||||||||||
Commercial ASO | 32 | — | — | 32 | |||||||||||||||||||
Total services revenue | 489 | 1,673 | — | 2,162 | |||||||||||||||||||
Total revenues—external customers | 56,892 | 1,673 | — | 58,565 | |||||||||||||||||||
Intersegment revenues | 2 | 8,092 | (8,094) | — | |||||||||||||||||||
Investment income | 330 | — | 256 | 586 | |||||||||||||||||||
Total revenues | 57,224 | 9,765 | (7,838) | 59,151 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Benefits | 50,433 | — | (270) | 50,163 | |||||||||||||||||||
Operating costs | 4,759 | 9,036 | (7,605) | 6,190 | |||||||||||||||||||
Depreciation and amortization | 371 | 109 | (59) | 421 | |||||||||||||||||||
Total operating expenses | 55,563 | 9,145 | (7,934) | 56,774 | |||||||||||||||||||
Income from operations | $ | 1,661 | $ | 620 | $ | 96 | $ | 2,377 | |||||||||||||||
Benefit ratio | 89.4 | % | 88.9 | % | |||||||||||||||||||
Operating cost ratio | 8.4 | % | 92.5 | % | 10.6 | % |
Insurance | CenterWell | Eliminations/ Corporate |
Consolidated | |||||||||||||||||||||||
Revenues—external customers Premiums: | ||||||||||||||||||||||||||
Individual Medicare Advantage | $ | 39,558 | $ | — | $ | — | $ | 39,558 | ||||||||||||||||||
Group Medicare Advantage | 3,497 | — | — | 3,497 | ||||||||||||||||||||||
Medicare stand-alone PDP | 1,184 | — | — | 1,184 | ||||||||||||||||||||||
Total Medicare | 44,239 | — | — | 44,239 | ||||||||||||||||||||||
State-based contracts and other | 3,971 | — | — | 3,971 | ||||||||||||||||||||||
Commercial fully-insured | 1,968 | — | — | 1,968 | ||||||||||||||||||||||
Specialty | 506 | — | — | 506 | ||||||||||||||||||||||
Medicare Supplement | 361 | — | — | 361 | ||||||||||||||||||||||
Total premiums | 51,045 | — | — | 51,045 | ||||||||||||||||||||||
Services revenue: | ||||||||||||||||||||||||||
Home solutions | — | 655 | — | 655 | ||||||||||||||||||||||
Primary care | — | 391 | — | 391 | ||||||||||||||||||||||
Pharmacy solutions | — | 458 | — | 458 | ||||||||||||||||||||||
Military services and other | 338 | — | — | 338 | ||||||||||||||||||||||
Commercial ASO | 135 | — | — | 135 | ||||||||||||||||||||||
Total services revenue | 473 | 1,504 | — | 1,977 | ||||||||||||||||||||||
Total revenues—external customers | 51,518 | 1,504 | — | 53,022 | ||||||||||||||||||||||
Intersegment revenues | 29 | 7,531 | (7,560) | — | ||||||||||||||||||||||
Investment income | 231 | — | 236 | 467 | ||||||||||||||||||||||
Total revenues | 51,778 | 9,035 | (7,324) | 53,489 | ||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||
Benefits | 44,120 | — | (253) | 43,867 | ||||||||||||||||||||||
Operating costs | 4,963 | 8,319 | (7,192) | 6,090 | ||||||||||||||||||||||
Depreciation and amortization | 337 | 99 | (59) | 377 | ||||||||||||||||||||||
Total operating expenses | 49,420 | 8,418 | (7,504) | 50,334 | ||||||||||||||||||||||
Income from operations | $ | 2,358 | $ | 617 | $ | 180 | $ | 3,155 | ||||||||||||||||||
Benefit ratio | 86.4 | % | 85.9 | % | ||||||||||||||||||||||
Operating cost ratio | 9.6 | % | 92.1 | % | 11.5 | % |
June 30, 2024 | Average 2Q24 | June 30, 2023 | December 31, 2023 | |||||||||||||||||
Medical Membership: | ||||||||||||||||||||
Individual Medicare Advantage* | 5,617.6 | 5,596.0 | 5,269.1 | 5,408.9 | ||||||||||||||||
Group Medicare Advantage | 544.9 | 547.4 | 509.5 | 509.6 | ||||||||||||||||
Total Medicare Advantage | 6,162.5 | 6,143.4 | 5,778.6 | 5,918.5 | ||||||||||||||||
Medicare stand-alone PDP | 2,341.2 | 2,349.1 | 2,915.3 | 2,849.1 | ||||||||||||||||
Total Medicare | 8,503.7 | 8,492.5 | 8,693.9 | 8,767.6 | ||||||||||||||||
Medicare supplement | 339.2 | 333.4 | 294.3 | 307.2 | ||||||||||||||||
State-based contracts and other | 1,392.3 | 1,402.5 | 1,330.2 | 1,228.8 | ||||||||||||||||
Military services | 5,959.2 | 5,965.9 | 5,939.1 | 5,960.2 | ||||||||||||||||
Total excluding employer group commercial medical | 16,194.4 | 16,194.3 | 16,257.5 | 16,263.8 | ||||||||||||||||
Fully-insured commercial medical | 62.2 | 79.0 | 475.5 | 338.7 | ||||||||||||||||
ASO commercial | 47.0 | 55.1 | 395.3 | 255.3 | ||||||||||||||||
Total employer group commercial medical | 109.2 | 134.1 | 870.8 | 594.0 | ||||||||||||||||
Total Medical Membership | 16,303.6 | 16,328.4 | 17,128.3 | 16,857.8 | ||||||||||||||||
Specialty Membership: | ||||||||||||||||||||
Dental—fully-insured (B) | 2,091.3 | 2,099.3 | 2,294.2 | 2,205.0 | ||||||||||||||||
Dental—ASO | 291.9 | 203.6 | 309.1 | 307.0 | ||||||||||||||||
Total Dental | 2,383.2 | 2,302.9 | 2,603.3 | 2,512.0 | ||||||||||||||||
Vision | 1,858.0 | 1,865.1 | 2,029.4 | 1,971.4 | ||||||||||||||||
Other supplemental benefits | 360.8 | 361.8 | 408.4 | 384.9 | ||||||||||||||||
Total Specialty Membership | 4,602.0 | 4,529.8 | 5,041.1 | 4,868.3 | ||||||||||||||||
June 30, 2024 | Member Mix June 30, 2024 |
June 30, 2023 | Member Mix June 30, 2023 |
|||||||||||||||||
Individual Medicare Advantage Membership | ||||||||||||||||||||
HMO | 2,866.5 | 51 | % | 2,814.9 | 53 | % | ||||||||||||||
PPO/PFFS | 2,751.1 | 49 | % | 2,454.2 | 47 | % | ||||||||||||||
Total Individual Medicare Advantage |
5,617.6 | 100 | % | 5,269.1 | 100 | % | ||||||||||||||
Individual Medicare Advantage Membership | ||||||||||||||||||||
Shared Risk (C) | 2,085.6 | 37 | % | 1,813.7 | 35 | % | ||||||||||||||
Path to Risk (D) | 1,837.6 | 33 | % | 1,804.8 | 34 | % | ||||||||||||||
Total Value-based | 3,923.2 | 70 | % | 3,618.5 | 69 | % | ||||||||||||||
Other | 1,694.4 | 30 | % | 1,650.6 | 31 | % | ||||||||||||||
Total Individual Medicare Advantage | 5,617.6 | 100 | % | 5,269.1 | 100 | % |
For the three months ended June 30, | Per Member per Month (I) For the three months ended June 30, |
|||||||||||||||||||||||||
Dollar | Percentage | |||||||||||||||||||||||||
2024 | 2023 | Change | Change | 2024 | 2023 | |||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||
Individual Medicare Advantage | $ | 22,215 | $ | 19,749 | $ | 2,466 | 12.5 | % | $ | 1,323 | $ | 1,258 | ||||||||||||||
Group Medicare Advantage | 1,938 | 1,732 | 206 | 11.9 | % | 1,180 | 1,133 | |||||||||||||||||||
Medicare stand-alone PDP | 867 | 568 | 299 | 52.6 | % | 123 | 65 | |||||||||||||||||||
State-based contracts and other (E) | 2,524 | 2,062 | 462 | 22.4 | % | 573 | 483 | |||||||||||||||||||
Fully-insured commercial medical (F) | 152 | 950 | (798) | -84.0 | % | 540 | 545 | |||||||||||||||||||
Specialty benefits (G) | 240 | 252 | (12) | -4.8 | % | 18 | 18 | |||||||||||||||||||
Medicare Supplement | 206 | 182 | 24 | 13.2 | % | 206 | 206 | |||||||||||||||||||
Military and other (H) | 207 | 182 | 25 | 13.7 | % | |||||||||||||||||||||
Commercial ASO | 8 | 64 | (56) | -87.5 | % | |||||||||||||||||||||
Total | 28,357 | 25,741 | 2,616 | 10.2 | % | |||||||||||||||||||||
CenterWell | ||||||||||||||||||||||||||
Pharmacy solutions | 2,874 | 2,855 | 19 | 0.7 | % | |||||||||||||||||||||
Primary care | 1,239 | 1,013 | 226 | 22.3 | % | |||||||||||||||||||||
Home solutions | 834 | 662 | 172 | 26.0 | % | |||||||||||||||||||||
Total | 4,947 | 4,530 | 417 | 9.2 | % | |||||||||||||||||||||
For the six months ended June 30, | Per Member per Month (I) For the six months ended June 30, |
|||||||||||||||||||||||||
Dollar | Percentage | |||||||||||||||||||||||||
2024 | 2023 | Change | Change | 2024 | 2023 | |||||||||||||||||||||
Insurance | ||||||||||||||||||||||||||
Individual Medicare Advantage | $ | 44,663 | $ | 39,558 | $ | 5,105 | 12.9 | % | $ | 1,337 | $ | 1,275 | ||||||||||||||
Group Medicare Advantage | 3,927 | 3,497 | 430 | 12.3 | % | 1,191 | 1,139 | |||||||||||||||||||
Medicare stand-alone PDP | 1,688 | 1,184 | 504 | 42.6 | % | 119 | 67 | |||||||||||||||||||
State-based contracts and other (E) | 4,835 | 3,971 | 864 | 21.8 | % | 574 | 467 | |||||||||||||||||||
Fully-insured commercial medical (F) | 408 | 1,968 | (1,560) | -79.3 | % | 555 | 547 | |||||||||||||||||||
Specialty (G) | 479 | 506 | (27) | -5.3 | % | 18 | 18 | |||||||||||||||||||
Medicare Supplement | 403 | 361 | 42 | 11.6 | % | 206 | 204 | |||||||||||||||||||
Military services and other (H) | 459 | 367 | 92 | 25.1 | % | |||||||||||||||||||||
Commercial ASO | 32 | 135 | (103) | -76.3 | % | |||||||||||||||||||||
Total | 56,894 | 51,547 | 5,347 | 10.4 | % | |||||||||||||||||||||
CenterWell | ||||||||||||||||||||||||||
Pharmacy solutions | 5,702 | 5,712 | (10) | (0.2) | % | |||||||||||||||||||||
Primary care | 2,409 | 2,033 | 376 | 18.5 | % | |||||||||||||||||||||
Home solutions | 1,654 | 1,290 | 364 | 28.2 | % | |||||||||||||||||||||
Total | 9,765 | 9,035 | 730 | 8.1 | % | |||||||||||||||||||||
For the three months ended June 30, 2024 |
For the three months ended June 30, 2023 |
For the three months ended March 31, 2024 |
||||||||||||||||||
Generic Dispense Rate | ||||||||||||||||||||
Total Medicare | 90.9 | % | 91.8 | % | 91.0 | % | ||||||||||||||
Mail-Order Penetration | ||||||||||||||||||||
Total Medicare | 28.4 | % | 29.9 | % | 29.0 | % | ||||||||||||||
For the six months ended June 30, 2024 |
For the six months ended June 30, 2023 |
|||||||||||||||||||
Generic Dispense Rate | ||||||||||||||||||||
Total Medicare | 91.0 | % | 91.4 | % | ||||||||||||||||
Mail-Order Penetration | ||||||||||||||||||||
Total Medicare | 28.6 | % | 30.1 | % | ||||||||||||||||
As of June 30, 2024 | As of June 30, 2023 | Year-over-Year Growth | |||||||||||||||||||||||||||||||||
Primary | Primary | Primary | |||||||||||||||||||||||||||||||||
Center | Care | Patients | Center | Care | Patients | Center | Care | Patients | |||||||||||||||||||||||||||
Count | Providers | Served (K) | Count | Providers | Served (K) | Count | Providers | Served | |||||||||||||||||||||||||||
De novo | 116 | 267 | 58,400 | 67 | 200 | 29,300 | 73.1 | % | 33.5 | % | 99.3 | % | |||||||||||||||||||||||
Wholly-owned | 183 | 627 | 209,300 | 191 | 595 | 183,900 | (4.2) | % | 5.4 | % | 13.8 | % | |||||||||||||||||||||||
Independent Physician Associations | 64,200 | 59,000 | 8.8 | % | |||||||||||||||||||||||||||||||
299 | 894 | 331,900 | 258 | 795 | 272,200 | 15.9 | % | 12.5 | % | 21.9 | % |
As of December 31, 2023 | YTD Growth | |||||||||||||||||||||||||
Primary | Primary | |||||||||||||||||||||||||
Center | Care | Patients | Center | Care | Patients | |||||||||||||||||||||
Count | Providers | Served (K) | Count | Providers | Served | |||||||||||||||||||||
De novo | 108 | 274 | 43,100 | 7.4 | % | (2.6) | % | 35.5 | % | |||||||||||||||||
Wholly-owned | 188 | 617 | 189,600 | (2.7) | % | 1.6 | % | 10.4 | % | |||||||||||||||||
Independent Physician Associations | 61,500 | 4.4 | % | |||||||||||||||||||||||
296 | 891 | 294,200 | 1.0 | % | 0.3 | % | 12.8 | % |
For the three months ended June 30, 2024 |
For the three months ended June 30, 2023 |
Year-over-Year Growth | |||||||||
Episodic Admissions (L) | 81,024 | 75,545 | 7.3 | % | |||||||
Total Admissions - Same Store (M) | 106,055 | 96,791 | 9.6 | % |
For the six months ended June 30, 2024 |
For the six months ended June 30, 2023 |
Year-over-Year Growth | |||||||||
Episodic Admissions (L) | 165,284 | 149,482 | 10.6 | % | |||||||
Total Admissions - Same Store (M) | 215,107 | 193,111 | 11.4 | % |