“We’ve had a strong start to the year, with our outperformance underpinned by strong membership growth and favorable inpatient utilization trends in our individual Medicare Advantage business,” CEO Bruce Broussard said.
The company posted $1.3 billion in net income in the first quarter of 2023, up from $930 million in the first quarter of 2022.
The company raised its earnings-per-share guidance to $28.25.
Total revenues in the first quarter of 2023 were $26.7 billion, up 11.6 percent year-over-year.
The company expects to add at least 775,000 Medicare Advantage members this year, according to the earnings report. Total Medicare Advantage membership was 5.7 million at the end of the first quarter of 2023, up 11 percent from the same time period last year.
The company’s total medical membership was 17.2 million at the end of the first quarter, a 0.1 percent increase from 2022. Gains in Medicare Advantage and state-based contracts were offset by membership losses in stand-alone Medicare Part D plans and commercial contracts.
Humana’s medical loss ratio was 86.4 percent in the first quarter of 2023 compared to 87.1 percent in the first quarter of 2022.
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