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SEGMENT INFORMATION (Tables) | 3 Months Ended
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Mar. 31, 2024
Segment Reporting [Abstract] |
Schedule of Segment Results | Our segment results were as follows for the three months ended March 31, 2024 and 2023:
| Insurance |  | CenterWell |  | Eliminations/ Corporate |  | Consolidated
Three months ended March 31, 2024 | (in millions)
External revenues |  |  |  |  |  |
Premiums: |  |  |  |  |  |  |
Individual Medicare Advantage | $ | 22,448 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,448 |
Group Medicare Advantage | 1,989 |  |  | — |  |  | — |  |  | 1,989 |
Medicare stand-alone PDP | 821 |  |  | — |  |  | — |  |  | 821 |
Total Medicare | 25,258 |  |  | — |  |  | — |  |  | 25,258 |
Commercial fully-insured | 256 |  |  | — |  |  | — |  |  | 256 |
Specialty benefits | 239 |  |  | — |  |  | — |  |  | 239 |
Medicare Supplement | 197 |  |  | — |  |  | — |  |  | 197 |
State-based contracts and other | 2,311 |  |  | — |  |  | — |  |  | 2,311 |
Total premiums | 28,261 |  |  | — |  |  | — |  |  | 28,261 |
Services revenue: |  |  |  |  |  |  |
Home solutions | — |  |  | 335 |  |  | — |  |  | 335 |
Primary care | — |  |  | 241 |  |  | — |  |  | 241 |
Commercial ASO | 24 |  |  | — |  |  | — |  |  | 24 |
Military services and other | 251 |  |  | — |  |  | — |  |  | 251 |
Pharmacy solutions | — |  |  | 211 |  |  | — |  |  | 211 |
Total services revenue | 275 |  |  | 787 |  |  | — |  |  | 1,062 |
Total external revenues | 28,536 |  |  | 787 |  |  | — |  |  | 29,323 |
Intersegment revenues |  |  |  |  |  |  |
Services | 1 |  |  | 1,414 |  |  | (1,415) |  |  | — |
Products | — |  |  | 2,617 |  |  | (2,617) |  |  | — |
Total intersegment revenues | 1 |  |  | 4,031 |  |  | (4,032) |  |  | — |
Investment income | 162 |  |  | — |  |  | 126 |  |  | 288 |
Total revenues | 28,699 |  |  | 4,818 |  |  | (3,906) |  |  | 29,611 |
Operating expenses: |  |  |  |  |  |  |
Benefits | 25,251 |  |  | — |  |  | (127) |  |  | 25,124 |
Operating costs | 2,364 |  |  | 4,483 |  |  | (3,805) |  |  | 3,042 |
Depreciation and amortization | 186 |  |  | 53 |  |  | (30) |  |  | 209 |
Total operating expenses | 27,801 |  |  | 4,536 |  |  | (3,962) |  |  | 28,375 |
Income from operations | 898 |  |  | 282 |  |  | 56 |  |  | 1,236 |
Interest expense | — |  |  | 1 |  |  | 158 |  |  | 159 |
Other expense, net | — |  |  | — |  |  | 63 |  |  | 63 |
Income (loss) before income taxes and equity in net earnings | 898 |  |  | 281 |  |  | (165) |  |  | 1,014 |
Equity in net losses | (2) |  |  | (22) |  |  | — |  |  | (24) |
Segment earnings (loss) | $ | 896 |  |  | $ | 259 |  |  | $ | (165) |  |  | $ | 990 |
Net loss attributable to noncontrolling interests | 2 |  |  | — |  |  | — |  |  | 2 |
Segment earnings (loss) attributable to Humana | $ | 898 |  |  | $ | 259 |  |  | $ | (165) |  |  | $ | 992 |
| Insurance |  | CenterWell |  | Eliminations/ Corporate |  | Consolidated
Three months ended March 31, 2023 | (in millions)
External revenues |  |  |  |  |  |
Premiums: |  |  |  |  |  |  |
Individual Medicare Advantage | $ | 19,809 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,809 |
Group Medicare Advantage | 1,765 |  |  | — |  |  | — |  |  | 1,765 |
Medicare stand-alone PDP | 616 |  |  | — |  |  | — |  |  | 616 |
Total Medicare | 22,190 |  |  | — |  |  | — |  |  | 22,190 |
Commercial fully-insured | 1,018 |  |  | — |  |  | — |  |  | 1,018 |
Specialty benefits | 254 |  |  | — |  |  | — |  |  | 254 |
Medicare Supplement | 179 |  |  | — |  |  | — |  |  | 179 |
State-based contracts and other | 1,909 |  |  | — |  |  | — |  |  | 1,909 |
Total premiums | 25,550 |  |  | — |  |  | — |  |  | 25,550 |
Services revenue: |  |  |  |  |  |  |
Home solutions | — |  |  | 314 |  |  | — |  |  | 314 |
Primary care | — |  |  | 201 |  |  | — |  |  | 201 |
Commercial ASO | 71 |  |  | — |  |  | — |  |  | 71 |
Military services and other | 171 |  |  | — |  |  | — |  |  | 171 |
Pharmacy solutions | — |  |  | 242 |  |  | — |  |  | 242 |
Total services revenue | 242 |  |  | 757 |  |  | — |  |  | 999 |
Total external revenues | 25,792 |  |  | 757 |  |  | — |  |  | 26,549 |
Intersegment revenues |  |  |  |  |  |  |
Services | 14 |  |  | 1,133 |  |  | (1,147) |  |  | — |
Products | — |  |  | 2,615 |  |  | (2,615) |  |  | — |
Total intersegment revenues | 14 |  |  | 3,748 |  |  | (3,762) |  |  | — |
Investment income | 97 |  |  | — |  |  | 96 |  |  | 193 |
Total revenues | 25,903 |  |  | 4,505 |  |  | (3,666) |  |  | 26,742 |
Operating expenses: |  |  |  |  |  |  |
Benefits | 21,993 |  |  | — |  |  | (135) |  |  | 21,858 |
Operating costs | 2,418 |  |  | 4,126 |  |  | (3,565) |  |  | 2,979 |
Depreciation and amortization | 165 |  |  | 49 |  |  | (28) |  |  | 186 |
Total operating expenses | 24,576 |  |  | 4,175 |  |  | (3,728) |  |  | 25,023 |
Income from operations | 1,327 |  |  | 330 |  |  | 62 |  |  | 1,719 |
Interest expense | — |  |  | — |  |  | 113 |  |  | 113 |
Other income, net | — |  |  | — |  |  | (8) |  |  | (8) |
Income (loss) before income taxes and equity in net earnings | 1,327 |  |  | 330 |  |  | (43) |  |  | 1,614 |
Equity in net losses | (3) |  |  | (14) |  |  | — |  |  | (17) |
Segment earnings (loss) | $ | 1,324 |  |  | $ | 316 |  |  | $ | (43) |  |  | $ | 1,597 |
Net loss attributable to noncontrolling interests | 1 |  |  | — |  |  | — |  |  | 1 |
Segment earnings (loss) attributable to Humana | $ | 1,325 |  |  | $ | 316 |  |  | $ | (43) |  |  | $ | 1,598 |

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