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Segments
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segments Segments
We currently have four reportable segments consisting of: 1) Medicaid; 2) Medicare; 3) Marketplace; and 4) Other. Our reportable segments are consistent with how we currently manage the business and view the markets we serve.
The Medicaid, Medicare, and Marketplace segments represent the government-funded or sponsored programs under which we offer managed healthcare services. The Other segment, which is insignificant to our consolidated results of operations, includes long-term services and supports consultative services in Wisconsin and the commercial portion of the business acquired in connection with the ConnectiCare transaction that closed effective February 1, 2025.
The key metrics used to assess the performance of our segments are revenue, margin and medical care ratio (“MCR”). MCR represents the amount of medical care costs as a percentage of premium revenue. Therefore, the underlying margin, or the amount earned by the segments after medical or service costs are deducted from revenue, represents the most important measure of earnings reviewed by management, and is used by our chief executive officer, who is our chief operating decision maker, to review results, assess performance, and allocate resources. Such oversight and decision making includes, among others, pricing, approving capital expenditures, and identifying growth opportunities. We do not report total assets by segment since this is not a metric used to assess segment performance or allocate resources.
Three Months Ended June 30, 2025
MedicaidMedicare MarketplaceOtherTotal
(In millions)
Revenue:
Premium revenue$8,029 $1,608 $1,200 $31 $10,868 
Service revenue— — — 22 22 
Revenue from external customers8,029 1,608 1,200 53 10,890 
Other operating revenues (1)
537 
Total revenue11,427 
Operating Expenses:
Medical care costs7,332 1,447 1,025 25 9,829 
Cost of service revenue— — — 19 19 
Segment expenses7,332 1,447 1,025 44 9,848 
Other operating expenses (2)
1,206 
Operating income373 
Less: interest expense48 
Income before income tax expense$325 
Segment Margin:
Medical margin$697 $161 $175 $6 $1,039 
Service margin— — — 3 3 
Three Months Ended June 30, 2024
MedicaidMedicare MarketplaceOtherTotal
(In millions)
Revenue:
Premium revenue$7,378 $1,441 $627 $— $9,446 
Service revenue— — — 20 20 
Revenue from external customers7,378 1,441 627 20 9,466 
Other operating revenues (1)
414 
Total revenue9,880 
Operating Expenses:
Medical care costs6,695 1,224 449 — 8,368 
Cost of service revenue— — — 18 18 
Segment expenses6,695 1,224 449 18 8,386 
Other operating expenses (2)
1,060 
Operating income434 
Less: interest expense28 
Income before income tax expense$406 
Segment Margin:
Medical margin$683 $217 $178 $— $1,078 
Service margin— — — 2 2 
Six Months Ended June 30, 2025
MedicaidMedicare MarketplaceOtherTotal
(In millions)
Revenue:
Premium revenue$16,159 $3,076 $2,204 $57 $21,496 
Service revenue— — — 44 44 
Revenue from external customers16,159 3,076 2,204 101 21,540 
Other operating revenues (1)
1,034 
Total revenue22,574 
Operating Expenses:
Medical care costs14,671 2,743 1,846 48 19,308 
Cost of service revenue— — — 38 38 
Segment expenses14,671 2,743 1,846 86 19,346 
Other operating expenses (2)
2,422 
Operating income806 
Less: interest expense91 
Income before income tax expense$715 
Segment Margin:
Medical margin$1,488 $333 $358 $9 $2,188 
Service margin— — — 6 6 
Six Months Ended June 30, 2024
MedicaidMedicare MarketplaceOtherTotal
(In millions)
Revenue:
Premium revenue$14,870 $2,883 $1,197 $— $18,950 
Service revenue— — — 40 40 
Revenue from external customers14,870 2,883 1,197 40 18,990 
Other operating revenues (1)
821 
Total revenue19,811 
Operating Expenses:
Medical care costs13,412 2,503 867 — 16,782 
Cost of service revenue— — — 36 36 
Segment expenses13,412 2,503 867 36 16,818 
Other operating expenses (2)
2,133 
Operating income860 
Less: interest expense55 
Income before income tax expense$805 
Segment Margin:
Medical margin$1,458 $380 $330 $— $2,168 
Service margin— — — 4 4 
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(1)Other operating revenues include premium tax revenue, investment income, and certain other revenue.
(2)Other operating expenses include general and administrative expenses, premium tax expenses, depreciation and amortization, and certain other operating expenses.