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SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our two reportable segments, Insurance and CenterWell, are based on a combination of the type of health plan customer and adjacent businesses centered on well-being solutions for our health plans and other customers, as described below. Our Chief Executive Officer, the Chief Operating Decision Maker, utilizes these segment groupings and results of each segment, measured by income (loss) from operations, to assess performance and allocate resources primarily during our annual budget process and periodic forecast updates.
The Insurance segment consists of Medicare benefits, marketed to individuals or directly via group Medicare accounts, as well as our contract with CMS to administer the Limited Income Newly Eligible Transition, or LI-NET, prescription drug plan program and contracts with various states to provide Medicaid, dual eligible demonstration, and Long-Term Support Services benefits, which we refer to collectively as our state-based contracts. This segment also includes products consisting of specialty health insurance benefits marketed to individuals and employer groups, including dental, vision, and other supplemental health benefits. In addition, our Insurance segment includes our Military services business, primarily our T-5 East Region contract, as well as the operations of our PBM business.
The CenterWell segment includes our pharmacy, primary care, and home solutions operations. Services offered by this segment are designed to enhance the overall healthcare experience. These services may lead to lower utilization associated with improved member health and/or lower drug costs.
Our CenterWell intersegment revenues includes the operations of CenterWell Pharmacy (our mail- order pharmacy business), CenterWell Specialty Pharmacy, and retail pharmacies jointly located within CenterWell Senior primary care clinics. In addition, our CenterWell intersegment revenues include revenues earned by certain owned providers and our home solutions business, including fee-for-service and certain value-based arrangements with our health plans.
We present our condensed consolidated results of operations from the perspective of the health plans. As a result, the cost of providing benefits to our members, whether provided via a third party provider or internally through a stand-alone subsidiary, is classified as benefits expense and excludes the portion of the cost for which the health plans do not bear responsibility, including member co-share amounts and government subsidies of $3.3 billion and $4.8 billion for the three months ended June 30, 2025 and 2024, respectively. For the six months ended June 30, 2025 and 2024 these amounts were $6.5 billion and $8.5 billion, respectively. In addition, depreciation and amortization expense associated with certain businesses delivering benefits to our members, primarily associated with our primary care and pharmacy operations, are included with benefits expense. The
amount of this expense was $32 million and $32 million for the three months ended June 30, 2025 and 2024, respectively, and $65 million and $64 million for the six months ended June 30, 2025 and 2024, respectively.
Other than those described previously, the accounting policies of each segment are the same. For additional information regarding our accounting policies refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2024 Form 10-K. Transactions between reportable segments primarily consist of sales of products and services rendered by our CenterWell segment, primarily pharmacy, primary care, and home solutions, to our Insurance segment customers. Intersegment sales and expenses are recorded primarily at fair value and eliminated in consolidation. Members served by our segments often use the same provider networks, enabling us in some instances to obtain more favorable contract terms with providers. Our segments also share indirect costs and assets. As a result, the profitability of each segment is interdependent. We allocate most operating expenses to our segments. Assets and certain corporate income and expenses are not allocated to the segments, including the portion of investment income not supporting segment operations, interest expense on corporate debt, and certain other corporate expenses. These items are managed at a corporate level. These corporate amounts are reported separately from our reportable segments and are included with intersegment eliminations in the tables presenting segment results below.
Our segment results were as follows for the three and six months ended June 30, 2025 and 2024:
InsuranceCenterWellEliminations/
Corporate		Consolidated
Three months ended June 30, 2025(in millions)
External revenues
Premiums revenue$30,716 $— $— $30,716 
Services revenue206 1,194 — 1,400 
Total external revenues 30,922 1,194 — 32,116 
Intersegment revenues1 4,343 (4,344)— 
Investment income171 — 101 272 
Total revenues31,094 5,537 (4,243)32,388 
Operating expenses:
Benefits27,621 — (56)27,565 
Operating costs2,558 5,133 (4,144)3,547 
Depreciation and amortization149 60 (31)178 
Total operating expenses30,328 5,193 (4,231)31,290 
Income (loss) from operations$766 $344 $(12)$1,098 
InsuranceCenterWellEliminations/
Corporate		Consolidated
Three months ended June 30, 2024(in millions)
External revenues
Premiums revenue$28,142 $— $— $28,142 
Services revenue214 886 — 1,100 
Total external revenues 28,356 886 — 29,242 
Intersegment revenues1 4,061 (4,062)— 
Investment income 168 — 130 298 
Total revenues28,525 4,947 (3,932)29,540 
Operating expenses:
Benefits25,182 — (143)25,039 
Operating costs2,395 4,553 (3,800)3,148 
Depreciation and amortization185 56 (29)212 
Total operating expenses27,762 4,609 (3,972)28,399 
Income from operations$763 $338 $40 $1,141 
InsuranceCenterWellEliminations/
Corporate		Consolidated
Six months ended June 30, 2025(in millions)
External revenues
Premiums revenue$61,230 $— $— $61,230 
Services revenue458 2,276 — 2,734 
Total external revenues 61,688 2,276 — 63,964 
Intersegment revenues2 8,356 (8,358)— 
Investment income341 — 195 536 
Total revenues62,031 10,632 (8,163)64,500 
Operating expenses:
Benefits54,296 — (196)54,100 
Operating costs5,092 9,777 (7,942)6,927 
Depreciation and amortization303 119 (61)361 
Total operating expenses59,691 9,896 (8,199)61,388 
Income from operations$2,340 $736 $36 $3,112 
InsuranceCenterWellEliminations/
Corporate		Consolidated
Six months ended June 30, 2024(in millions)
External Revenues
Premiums revenue$56,403 $— $— $56,403 
Services revenue489 1,673 — 2,162 
Total external revenues 56,892 1,673 — 58,565 
Intersegment revenues2 8,092 (8,094)— 
Investment income330 — 256 586 
Total revenues57,224 9,765 (7,838)59,151 
Operating expenses:
Benefits50,433 — (270)50,163 
Operating costs4,759 9,036 (7,605)6,190 
Depreciation and amortization371 109 (59)421 
Total operating expenses55,563 9,145 (7,934)56,774 
Income from operations$1,661 $620 $96 $2,377