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Affordable Care Act

12 Months Ended

Dec. 31, 2025

The ACA established risk spreading premium stabilization programs as well as a minimum annual MLR and CSRs.

The Company's net receivables (payables) for each of the programs are as follows ($ in millions):


	December 31, 2025		December 31, 2024
Risk adjustment receivable	$	1,449	$	1,434
Risk adjustment payable	(2,087)		(1,605)

Minimum medical loss ratio	(294)		(688)
Cost sharing reduction receivable	13		305
Cost sharing reduction payable	(15)		(74)

In June 2025, CMS announced the final risk adjustment transfers for the 2024 benefit year. CMS announced an update to the final risk adjustment transfer in July 2025, and the risk adjustment net receivable was decreased by $504 million in the twelve months ended December 31, 2025. After consideration of minimum MLR and other related impacts, which includes the effect to the 2025 benefit year, the net pre-tax benefit recognized was $163 million for the year ended December 31, 2025.

As of December 31, 2025, the Company's 2025 benefit year net risk adjustment payable was $545 million.