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STOCKHOLDERS' EQUITY | 12 Months Ended
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Dec. 31, 2024
Equity [Abstract] |
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY Dividends The following table provides details of dividend payments, excluding dividend equivalent rights, in 2022, 2023, and 2024, under our Board approved quarterly cash dividend policy:
Payment Date |  | Amount per Share |  | Total Amount
|  |  |  | (in millions)
2022 |  | $3.06 |  | $390
2023 |  | $3.44 |  | $428
2024 |  | $3.54 |  | $428
In October 2024, the Board declared a cash dividend of $0.885 per share payable on January 31, 2025 to stockholders of record on December 31, 2024 for an aggregate amount of $107 million. In February 2025, the Board declared a cash dividend of $0.885 per share payable on April 25, 2025 to stockholders of record on March 28, 2025. Declaration and payment of future quarterly dividends is at the discretion of our Board and may be adjusted as business needs or market conditions change. Stock Repurchases Our Board of Directors may authorize the purchase of our common shares. Under our share repurchase authorization, shares may have been purchased from time to time at prevailing prices in the open market, by block purchases, through plans designed to comply with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended, or in privately-negotiated transactions (including pursuant to accelerated share repurchase agreements with investment banks), subject to certain regulatory restrictions on volume, pricing, and timing. Effective February 16, 2024, the Board of Directors replaced the February 2023 repurchase authorization (of which approximately $824 million remained unused) with a new share repurchase authorization for repurchases of up to $3 billion of our common shares exclusive of shares repurchased in connection with employee stock plans, expiring as of February 15, 2027, which we refer to as the 2024 repurchase authorization. During the year ended December 31, 2024, we repurchased approximately 0.2 million common shares in open market transactions under the 2024 repurchase authorization for $74 million at an average price of $339.55 and approximately 1.7 million common shares in open market transactions under the February 2023 repurchase authorization for $676 million at an average price of $390.30. Our remaining repurchase authorization was $2.9 billion as of February 19, 2025. Excluding shares acquired in connection with employee stock plans, share repurchases were as follows during the years ended December 31, 2024, 2023 and 2022:
|  |  |  | 2024 |  | 2023 |  | 2022 |
Authorization Date |  | Purchase Not to Exceed |  | Shares |  | Cost |  | Shares |  | Cost |  | Shares |  | Cost |
|  | (in millions) |
February 2024 |  | 3,000 |  |  | 0.2 |  |  | $ | 74 |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |
February 2023 |  | 3,000 |  |  | 1.7 |  |  | $ | 676 |  |  | 3.1 |  |  | $ | 1,500 |  |  | — |  |  | $ | — |  |
February 2021 |  | 3,000 |  |  | — |  |  | $ | — |  |  | — |  |  | $ | — |  |  | 4.3 |  |  | $ | 2,000 |  |
Total repurchases |  |  |  | 1.9 |  |  | $ | 750 |  |  | 3.1 |  |  | $ | 1,500 |  |  | 4.3 |  |  | $ | 2,000 |  |
In connection with employee stock plans, we acquired 0.2 million common shares for $46 million in 2024, 0.2 million common shares for $73 million in 2023, and 0.2 million common shares for $96 million in 2022. Regulatory Requirements Certain of our subsidiaries operate in states that regulate the payment of dividends, loans, or other cash transfers to Humana Inc., our parent company, and require minimum levels of equity as well as limit investments to approved securities. The amount of dividends that may be paid to Humana Inc. by these subsidiaries, without prior approval by state regulatory authorities, or ordinary dividends, is limited based on the entity’s level of statutory income and statutory capit al and surplus. If the dividend, together with other dividends paid within the preceding twelve months, exceeds a specified statutory limit or is paid from sources other than earned surplus, it is generally considered an extraordinary dividend requiring prior regulatory approval. In most states, prior notification is provided before paying a dividend even if approval is not required. Although minimum required levels of equity are largely based on premium volume, product mix, and the quality of assets held, minimum requirements vary significantly at the state level. Our state regulated insurance subsidiaries had aggregate statutory capital and surplus of approximately $13.2 billion and $12.2 billion as of December 31, 2024 and 2023, respectively, which exceeded aggregate minimum regulatory requirements of $11.4 billion and $9.8 billion, respectively. The amount of ordinary dividends that may be paid to our parent company in 2025 is approximately $1.3 billion in the aggregate. The amount, timing and mix of ordinary and extraordinary dividend payments will vary due to state regulatory requirements, the level of excess statutory capital and surplus and expected future surplus requirements related to, for example, premium volume and product mix. Actual dividends that were paid to our parent company were approximately $1.5 billion in 2024, $1.8 billion in 2023, and $1.3 billion in 2022.

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