The company said consolidated premiums revenue rose from $87.7 billion in 2022 to $101.3 billion in 2023, an increase of $13.6 billion, or 15.5%. It cited growth in individual Medicare Advantage and state-based contracts membership and higher per member premiums as the factors.

10-KAnnual reportFiled Feb 15, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

The company said consolidated premiums revenue rose from $87.7 billion in 2022 to $101.3 billion in 2023, an increase of $13.6 billion, or 15.5%. It cited growth in individual Medicare Advantage and state-based contracts membership and higher per member premiums as the factors.
Humana said net income attributable to Humana was $2.5 billion in 2023, or $20.00 per diluted common share, and $2.8 billion in 2022, or $22.08 per diluted common share. The company said the comparison was significantly affected by several items, including the gain on sale of Gentiva Hospice.
The company said it recorded value creation initiative charges within operating costs of $436 million in 2023 and $473 million in 2022. It said the main components in 2023 were asset impairments of $237 million and severance charges of $199 million. It expects to incur additional charges through the end of 2024.
Humana said it announced in February 2023 its plan to exit the Employer Group Commercial Medical Products business. The exit will be phased over 18 to 24 months following the announcement, and the company said no other Humana health plan offerings are materially affected.

Key figures

Fiscal year ended December 31, 2023

Revenue: $106.4B
Operating income: $4.0B
Net income: $2.5B
EPS: $20.00
Operating cash flow: $4.0B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Premiums Revenue Increase

The company said consolidated premiums revenue rose from $87.7 billion in 2022 to $101.3 billion in 2023, an increase of $13.6 billion, or 15.5%. It cited growth in individual Medicare Advantage and state-based contracts membership and higher per member premiums as the factors.

Source · Based on the MD&A text of the filing

Net Income and Diluted Earnings Per Share

Humana said net income attributable to Humana was $2.5 billion in 2023, or $20.00 per diluted common share, and $2.8 billion in 2022, or $22.08 per diluted common share. The company said the comparison was significantly affected by several items, including the gain on sale of Gentiva Hospice.

Source · Based on the MD&A text of the filing

Value Creation Initiative Charges

The company said it recorded value creation initiative charges within operating costs of $436 million in 2023 and $473 million in 2022. It said the main components in 2023 were asset impairments of $237 million and severance charges of $199 million. It expects to incur additional charges through the end of 2024.

Source · Based on the MD&A text of the filing

Exit from Employer Group Commercial Medical Products Business

Humana said it announced in February 2023 its plan to exit the Employer Group Commercial Medical Products business. The exit will be phased over 18 to 24 months following the announcement, and the company said no other Humana health plan offerings are materially affected.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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