Humana posts $15M Q4 loss, names top execs

Humana posted revenues of nearly $93 billion in 2022 and a net loss of $15 million in the most recent quarter, according to its year-end earnings report published Feb. 1. 

The company also appointed Steward Health Care President Sanjay Shetty, MD, to lead its healthcare services business, CenterWell, which includes pharmacy dispensing, provider and home health services. Dr. Shetty will start April 1.

In addition, the company promoted its Medicare president, George Renaudin, to president of Medicare and Medicaid, effective immediately.

Humana's total revenues in 2022 were $92.9 billion, up 11.8 percent year over year. In the fourth quarter, revenues were $22.4 billion.

Total net earnings in 2022 were $2.8 billion, down 4.3 percent year over year. In the fourth quarter, the company posted a net loss of $15 million.

In 2023, the company predicts at least $27.57 in earnings per share.

Total medical membership as of Dec. 31 is nearly 17.1 million. There are 5.1 million people enrolled in Medicare Advantage plans and 3.5 million with Medicare prescription drug plans. The company also expects 625,000 additional MA members in 2023, a year-over-year increase of 13.7 percent.

The company's benefits expense ratio was 86.3 percent for 2022 and 87.3 percent for the latest quarter. Days claims payable were 45.9 in the fourth quarter compared to 43.7 the year prior.

"This robust membership outlook reflects high quality growth, with our improvement in retention more than doubling expectations, and marks a continuation of our strong track record of membership growth, with our compounded annual growth from 2018 to 2022 at 10.4 percent as compared to industry growth of 9.7 percent," President and CEO Bruce Broussard said.

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