Humana takes $148M hit from workforce cuts in 2017

Humana recorded charges of $148 million for a voluntary early retirement program and involuntary layoffs it initiated in 2017, according to financial documents filed with the Securities and Exchange Commission.

The insurer estimated the reductions affected 7.8 percent of its workforce, or about 3,600 employees. Humana included the charge in its operating costs for the fiscal year ended Dec. 31, 2017.

Humana ended the fourth quarter of 2017 with $184 million in net income, turning around a $401 million net loss reported in the fourth quarter of 2016. For the year ended Dec. 31, Humana posted full-year net income of $2.4 billion, well above the net income of $614 million it achieved in 2016.

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