Clover Health improved on its loss margins in 2022, posting a $84 million loss in the fourth quarter of 2022, down from a $187.2 million loss in the fourth quarter of 2021.
The insurtech company reported its fourth-quarter earnings Feb. 28. In a news release, Clover Health CEO Andrew Toy said "accelerating our path toward profitability" is the company's top priority for 2023. Mr. Toy became the company's chief executive at the beginning of 2023.
Four additional things to know about Clover's fourth quarter earnings report:
- Clover Health reported $898.8 million in revenue in the fourth quarter, up from $432 million in the same quarter of 2021.
- The company expects its insurance revenue to land between $1.15 billion and $1.20 billion in 2023, a growth rate of 6 percent to 11 percent compared to 2022.
- Clover projects noninsurance revenue for 2023 to be between $750 million and $800 million.
- The company had 88,627 members at the end of 2022, up from 68,120 at the end of 2021.