Humana posted strong results for the first quarter of fiscal year 2019, according to filings with the Securities and Exchange Commission.
For the three months ended March 31, Humana posted revenues of $16.1 billion, up 12.8 percent from $14.3 billion reported in the same period a year prior.
At the same time, Humana saw its operating expenses climb 12.9 percent year over year to $15.3 billion in the first quarter, up from $13.5 billion.
Humana recorded net income of $566 million in the first quarter of this year, up 15.3 percent from $491 million in the same quarter a year before. The gains were boosted by continued growth in the insurer's Medicare Advantage business.
"In a year of strong Medicare Advantage membership growth for the industry, driven in no small part by the health insurance industry fee suspension and the resulting increased benefits offered to seniors nationwide, we are pleased to be able to deliver industry leading individual Medicare Advantage membership growth of 415,000 to 440,000 members together with above target earnings growth for 2019," Humana President and CEO Bruce D. Broussard said in a prepared statement.
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