The company made $3 billion in revenue, but medical and prescription drug costs rose $173 million compared to the prior year. The losses will be covered by the company’s reserves, which stand at about $488 million.
Losses also stemmed from the Medicare Advantage business, which lost $106 million. The company cited higher provider payments and lower out-of-pocket expenses for members.
In 2023, the company reported a net loss of $21 million, and a net loss of $61 million in 2022.
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