The company published its first quarter earnings report April 24, beating investor expectations. In Q1 2023, Humana posted $1.2 billion in net income.
Total revenue in the first quarter was $29.6 billion, up 10.7% year over year.
Humana’s medical loss ratio was 88.9% in the first quarter, which the company projects will rise to about 90% for the full year.
The company affirmed its year-end adjusted earnings guidance to about $16 per share. Humana withdrew its 2025 earnings forecast, saying it would provide more clarity in the future.
Humana’s total medical membership in the first quarter was 16.2 million, down 5.7% year over year. Its Medicare Advantage membership grew 7.7% year over year, reaching 6.1 million.
Humana raised its 2024 individual Medicare Advantage membership growth expectations by 50,000, predicting to add around 150,000 more members.
