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SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2024
Segment Reporting [Abstract] |
Schedule of Segment Results | Our segment results were as follows for the three and six months ended June 30, 2024 and 2023:
| Insurance |  | CenterWell |  | Eliminations/ Corporate |  | Consolidated
Three months ended June 30, 2024 | (in millions)
External revenues |  |  |  |  |  |
Premiums: |  |  |  |  |  |  |
Individual Medicare Advantage | $ | 22,215 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,215 |
Group Medicare Advantage | 1,938 |  |  | — |  |  | — |  |  | 1,938 |
Medicare stand-alone PDP | 867 |  |  | — |  |  | — |  |  | 867 |
Total Medicare | 25,020 |  |  | — |  |  | — |  |  | 25,020 |
Commercial fully-insured | 152 |  |  | — |  |  | — |  |  | 152 |
Specialty benefits | 240 |  |  | — |  |  | — |  |  | 240 |
Medicare Supplement | 206 |  |  | — |  |  | — |  |  | 206 |
State-based contracts and other | 2,524 |  |  | — |  |  | — |  |  | 2,524 |
Total premiums | 28,142 |  |  | — |  |  | — |  |  | 28,142 |
Services revenue: |  |  |  |  |  |  |
Home solutions | — |  |  | 335 |  |  | — |  |  | 335 |
Primary care | — |  |  | 322 |  |  | — |  |  | 322 |
Commercial ASO | 8 |  |  | — |  |  | — |  |  | 8 |
Military services and other | 206 |  |  | — |  |  | — |  |  | 206 |
Pharmacy solutions | — |  |  | 229 |  |  | — |  |  | 229 |
Total services revenue | 214 |  |  | 886 |  |  | — |  |  | 1,100 |
Total external revenues | 28,356 |  |  | 886 |  |  | — |  |  | 29,242 |
Intersegment revenues |  |  |  |  |  |  |
Services | 1 |  |  | 1,416 |  |  | (1,417) |  |  | — |
Products | — |  |  | 2,645 |  |  | (2,645) |  |  | — |
Total intersegment revenues | 1 |  |  | 4,061 |  |  | (4,062) |  |  | — |
Investment income | 168 |  |  | — |  |  | 130 |  |  | 298 |
Total revenues | 28,525 |  |  | 4,947 |  |  | (3,932) |  |  | 29,540 |
Operating expenses: |  |  |  |  |  |  |
Benefits | 25,182 |  |  | — |  |  | (143) |  |  | 25,039 |
Operating costs | 2,395 |  |  | 4,553 |  |  | (3,800) |  |  | 3,148 |
Depreciation and amortization | 185 |  |  | 56 |  |  | (29) |  |  | 212 |
Total operating expenses | 27,762 |  |  | 4,609 |  |  | (3,972) |  |  | 28,399 |
Income from operations | 763 |  |  | 338 |  |  | 40 |  |  | 1,141 |
Interest expense | — |  |  | 1 |  |  | 167 |  |  | 168 |
Other expense, net | — |  |  | — |  |  | 55 |  |  | 55 |
Income (loss) before income taxes and equity in net earnings | 763 |  |  | 337 |  |  | (182) |  |  | 918 |
Equity in net income (losses) | 1 |  |  | (18) |  |  | — |  |  | (17) |
Segment earnings (loss) | $ | 764 |  |  | $ | 319 |  |  | $ | (182) |  |  | $ | 901 |
Net loss attributable to noncontrolling interests | 1 |  |  | — |  |  | — |  |  | 1 |
Segment earnings (loss) attributable to Humana | $ | 765 |  |  | $ | 319 |  |  | $ | (182) |  |  | $ | 902 |
| Insurance |  | CenterWell |  | Eliminations/ Corporate |  | Consolidated
Three months ended June 30, 2023 | (in millions)
External revenues |  |  |  |  |  |
Premiums: |  |  |  |  |  |  |
Individual Medicare Advantage | $ | 19,749 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,749 |
Group Medicare Advantage | 1,732 |  |  | — |  |  | — |  |  | 1,732 |
Medicare stand-alone PDP | 568 |  |  | — |  |  | — |  |  | 568 |
Total Medicare | 22,049 |  |  | — |  |  | — |  |  | 22,049 |
Commercial fully-insured | 950 |  |  | — |  |  | — |  |  | 950 |
Specialty benefits | 252 |  |  | — |  |  | — |  |  | 252 |
Medicare Supplement | 182 |  |  | — |  |  | — |  |  | 182 |
State-based contracts and other | 2,062 |  |  | — |  |  | — |  |  | 2,062 |
Total premiums | 25,495 |  |  | — |  |  | — |  |  | 25,495 |
Services revenue: |  |  |  |  |  |  |
Home solutions | — |  |  | 341 |  |  | — |  |  | 341 |
Primary care | — |  |  | 190 |  |  | — |  |  | 190 |
Commercial ASO | 64 |  |  | — |  |  | — |  |  | 64 |
Military services and other | 167 |  |  | — |  |  | — |  |  | 167 |
Pharmacy solutions | — |  |  | 216 |  |  | — |  |  | 216 |
Total services revenue | 231 |  |  | 747 |  |  | — |  |  | 978 |
Total external revenues | 25,726 |  |  | 747 |  |  | — |  |  | 26,473 |
Intersegment revenues |  |  |  |  |  |  |
Services | 15 |  |  | 1,144 |  |  | (1,159) |  |  | — |
Products | — |  |  | 2,639 |  |  | (2,639) |  |  | — |
Total intersegment revenues | 15 |  |  | 3,783 |  |  | (3,798) |  |  | — |
Investment income | 134 |  |  | — |  |  | 140 |  |  | 274 |
Total revenues | 25,875 |  |  | 4,530 |  |  | (3,658) |  |  | 26,747 |
Operating expenses: |  |  |  |  |  |  |
Benefits | 22,127 |  |  | — |  |  | (118) |  |  | 22,009 |
Operating costs | 2,545 |  |  | 4,193 |  |  | (3,627) |  |  | 3,111 |
Depreciation and amortization | 172 |  |  | 50 |  |  | (31) |  |  | 191 |
Total operating expenses | 24,844 |  |  | 4,243 |  |  | (3,776) |  |  | 25,311 |
Income from operations | 1,031 |  |  | 287 |  |  | 118 |  |  | 1,436 |
Interest expense | — |  |  | 1 |  |  | 119 |  |  | 120 |
Other expense, net | — |  |  | — |  |  | 54 |  |  | 54 |
Income (loss) before income taxes and equity in net earnings | 1,031 |  |  | 286 |  |  | (55) |  |  | 1,262 |
Equity in net earnings (losses) | 1 |  |  | (11) |  |  | — |  |  | (10) |
Segment earnings (loss) | $ | 1,032 |  |  | $ | 275 |  |  | $ | (55) |  |  | $ | 1,252 |
Net loss attributable to noncontrolling interests | 3 |  |  | — |  |  | — |  |  | 3 |
Segment earnings (loss) attributable to Humana | $ | 1,035 |  |  | $ | 275 |  |  | $ | (55) |  |  | $ | 1,255 |
| Insurance |  | CenterWell |  |  |  |  |  | Eliminations/ Corporate |  | Consolidated
Six months ended June 30, 2024 | (in millions)
External revenues |  |  |  |  |  |  |  |  |  |
Premiums: |  |  |  |  |  |  |  |  |  |  |
Individual Medicare Advantage | $ | 44,663 |  |  | $ | — |  |  |  |  |  |  | $ | — |  |  | $ | 44,663 |
Group Medicare Advantage | 3,927 |  |  | — |  |  |  |  |  |  | — |  |  | 3,927 |
Medicare stand-alone PDP | 1,688 |  |  | — |  |  |  |  |  |  | — |  |  | 1,688 |
Total Medicare | 50,278 |  |  | — |  |  |  |  |  |  | — |  |  | 50,278 |
Commercial fully-insured | 408 |  |  | — |  |  |  |  |  |  | — |  |  | 408 |
Specialty benefits | 479 |  |  | — |  |  |  |  |  |  | — |  |  | 479 |
Medicare Supplement | 403 |  |  | — |  |  |  |  |  |  | — |  |  | 403 |
State-based contracts and other | 4,835 |  |  | — |  |  |  |  |  |  | — |  |  | 4,835 |
Total premiums | 56,403 |  |  | — |  |  |  |  |  |  | — |  |  | 56,403 |
Services revenue: |  |  |  |  |  |  |  |  |  |  |
Home solutions | — |  |  | 670 |  |  |  |  |  |  | — |  |  | 670 |
Primary care | — |  |  | 563 |  |  |  |  |  |  | — |  |  | 563 |
Commercial ASO | 32 |  |  | — |  |  |  |  |  |  | — |  |  | 32 |
Military services and other | 457 |  |  | — |  |  |  |  |  |  | — |  |  | 457 |
Pharmacy solutions | — |  |  | 440 |  |  |  |  |  |  | — |  |  | 440 |
Total services revenue | 489 |  |  | 1,673 |  |  |  |  |  |  | — |  |  | 2,162 |
Total external revenues | 56,892 |  |  | 1,673 |  |  |  |  |  |  | — |  |  | 58,565 |
Intersegment revenues |  |  |  |  |  |  |  |  |  |  |
Services | 2 |  |  | 2,830 |  |  |  |  |  |  | (2,832) |  |  | — |
Products | — |  |  | 5,262 |  |  |  |  |  |  | (5,262) |  |  | — |
Total intersegment revenues | 2 |  |  | 8,092 |  |  |  |  |  |  | (8,094) |  |  | — |
Investment income | 330 |  |  | — |  |  |  |  |  |  | 256 |  |  | 586 |
Total revenues | 57,224 |  |  | 9,765 |  |  |  |  |  |  | (7,838) |  |  | 59,151 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |
Benefits | 50,433 |  |  | — |  |  |  |  |  |  | (270) |  |  | 50,163 |
Operating costs | 4,759 |  |  | 9,036 |  |  |  |  |  |  | (7,605) |  |  | 6,190 |
Depreciation and amortization | 371 |  |  | 109 |  |  |  |  |  |  | (59) |  |  | 421 |
Total operating expenses | 55,563 |  |  | 9,145 |  |  |  |  |  |  | (7,934) |  |  | 56,774 |
Income from operations | 1,661 |  |  | 620 |  |  |  |  |  |  | 96 |  |  | 2,377 |
Interest expense | — |  |  | 2 |  |  |  |  |  |  | 325 |  |  | 327 |
Other expense, net | — |  |  | — |  |  |  |  |  |  | 118 |  |  | 118 |
Income (loss) before income taxes and equity in net losses | 1,661 |  |  | 618 |  |  |  |  |  |  | (347) |  |  | 1,932 |
Equity in net losses | (1) |  |  | (40) |  |  |  |  |  |  | — |  |  | (41) |
Segment earnings (loss) | $ | 1,660 |  |  | $ | 578 |  |  |  |  |  |  | $ | (347) |  |  | $ | 1,891 |
Net loss attributable to noncontrolling interests | 3 |  |  | — |  |  |  |  |  |  | — |  |  | 3 |
Segment earnings (loss) attributable to Humana | $ | 1,663 |  |  | $ | 578 |  |  |  |  |  |  | $ | (347) |  |  | $ | 1,894 |
| Insurance |  | CenterWell |  | Eliminations/ Corporate |  | Consolidated
Six Months Ended June 30, 2023 | (in millions)
External Revenues |  |  |  |  |  |
Premiums: |  |  |  |  |  |  |
Individual Medicare Advantage | $ | 39,558 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,558 |
Group Medicare Advantage | 3,497 |  |  | — |  |  | — |  |  | 3,497 |
Medicare stand-alone PDP | 1,184 |  |  | — |  |  | — |  |  | 1,184 |
Total Medicare | 44,239 |  |  | — |  |  | — |  |  | 44,239 |
Commercial fully-insured | 1,968 |  |  | — |  |  | — |  |  | 1,968 |
Specialty benefits | 506 |  |  | — |  |  | — |  |  | 506 |
Medicare Supplement | 361 |  |  | — |  |  | — |  |  | 361 |
State-based contracts and other | 3,971 |  |  | — |  |  | — |  |  | 3,971 |
Total premiums | 51,045 |  |  | — |  |  | — |  |  | 51,045 |
Services revenue: |  |  |  |  |  |  |
Home solutions | — |  |  | 655 |  |  | — |  |  | 655 |
Primary care | — |  |  | 391 |  |  | — |  |  | 391 |
Commercial ASO | 135 |  |  | — |  |  | — |  |  | 135 |
Military services and other | 338 |  |  | — |  |  | — |  |  | 338 |
Pharmacy solutions | — |  |  | 458 |  |  | — |  |  | 458 |
Total services revenue | 473 |  |  | 1,504 |  |  | — |  |  | 1,977 |
Total external revenues | 51,518 |  |  | 1,504 |  |  | — |  |  | 53,022 |
Intersegment revenues |  |  |  |  |  |  |
Services | 29 |  |  | 2,277 |  |  | (2,306) |  |  | — |
Products | — |  |  | 5,254 |  |  | (5,254) |  |  | — |
Total intersegment revenues | 29 |  |  | 7,531 |  |  | (7,560) |  |  | — |
Investment income | 231 |  |  | — |  |  | 236 |  |  | 467 |
Total revenues | 51,778 |  |  | 9,035 |  |  | (7,324) |  |  | 53,489 |
Operating expenses: |  |  |  |  |  |  |
Benefits | 44,120 |  |  | — |  |  | (253) |  |  | 43,867 |
Operating costs | 4,963 |  |  | 8,319 |  |  | (7,192) |  |  | 6,090 |
Depreciation and amortization | 337 |  |  | 99 |  |  | (59) |  |  | 377 |
Total operating expenses | 49,420 |  |  | 8,418 |  |  | (7,504) |  |  | 50,334 |
Income from operations | 2,358 |  |  | 617 |  |  | 180 |  |  | 3,155 |
Interest expense | — |  |  | 1 |  |  | 232 |  |  | 233 |
Other expense, net | — |  |  | — |  |  | 46 |  |  | 46 |
Income (loss) before income taxes and equity in net losses | 2,358 |  |  | 616 |  |  | (98) |  |  | 2,876 |
Equity in net losses | (2) |  |  | (25) |  |  | — |  |  | (27) |
Segment earnings (loss) | $ | 2,356 |  |  | $ | 591 |  |  | $ | (98) |  |  | $ | 2,849 |
Net loss attributable to noncontrolling interests | 4 |  |  | — |  |  | — |  |  | 4 |
Segment earnings (loss) attributable to Humana | $ | 2,360 |  |  | $ | 591 |  |  | $ | (98) |  |  | $ | 2,853 |

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