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Humana Reports First Quarter 2024 Financial Results and Affirms Full Year Guidance
Humana Inc. (NYSE: HUM), a leading health insurance company, has released its financial results for the first quarter of 2024, which ended on March 31, 2024. The company reported a decrease in earnings per share (EPS) on a Generally Accepted Accounting Principles (GAAP) basis from the previous year, but affirmed its full-year adjusted financial outlook for 2024.
Financial Highlights
- Earnings Per Share: Humana reported a GAAP EPS of $6.11 for the first quarter of 2024, down from $9.87 in the first quarter of 2023. The adjusted EPS, which excludes certain items, was $7.23, compared to $9.38 in the same quarter last year.
- Revenue: Total revenues increased to $29,611 million in the first quarter of 2024 from $26,742 million in the first quarter of 2023. Adjusted revenues, which exclude certain items, were $29,332 million, up from $25,652 million.
- Guidance: The company revised its full-year 2024 GAAP EPS guidance to approximately $13.93, down from the previous guidance of approximately $14.87. However, the adjusted EPS guidance remains affirmed at approximately $16.00.
Operational Metrics
- Benefit Ratio: The benefit ratio, which measures medical costs as a percentage of premium revenues, stood at 88.9% on both a GAAP and adjusted basis, showing an increase from 85.5% in GAAP and 85.9% in adjusted figures from the previous year.
- Operating Cost Ratio: The operating cost ratio improved slightly to 10.4% on a GAAP basis and 10.2% on an adjusted basis, down from 11.2% and 10.9%, respectively, in the prior year.
Segment Performance
Insurance Segment
- Revenues: Revenues for the insurance segment were $28,699 million, up from $25,903 million in the previous year. Adjusted revenues were $28,420 million, compared to $24,814 million.
- Benefit Ratio: The segment’s benefit ratio increased to 89.3% from 86.1% on a GAAP basis and to 89.4% from 86.4% on an adjusted basis.
CenterWell Segment
- Revenues: The CenterWell segment saw an increase in revenues to $4,818 million from $4,505 million in the previous year.
- Operating Cost Ratio: The operating cost ratio for this segment increased to 93.0% from 91.6%.
Future Outlook
Despite the mixed financial results in the first quarter, Humana remains optimistic about its growth prospects, particularly in its Medicare Advantage and Medicaid segments, fueled by recent contract wins and expansions in Florida, Texas, and Virginia. The company also highlighted its success in managing operational efficiencies and cost containment, which are expected to contribute to financial performance for the remainder of the year.
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