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v3.25.3

Segments | 9 Months Ended
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Sep. 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 September 30, 2025
| Medicaid |  | Medicare |  | Marketplace |  | Other |  | Total
| (In millions)
Revenue: |  |  |  |  |  |  |  |  |
Premium revenue | $ | 8,015 |  |  | $ | 1,610 |  |  | $ | 1,197 |  |  | $ | 19 |  |  | $ | 10,841 |
Service revenue | — |  |  | — |  |  | — |  |  | 21 |  |  | 21 |
Revenue from external customers | 8,015 |  |  | 1,610 |  |  | 1,197 |  |  | 40 |  |  | 10,862 |
Other operating revenues (1) |  |  |  |  |  |  |  |  | 615 |
Total revenue |  |  |  |  |  |  |  |  | 11,477 |
Operating Expenses: |  |  |  |  |  |  |  |  |
Medical care costs | 7,376 |  |  | 1,507 |  |  | 1,144 |  |  | 17 |  |  | 10,044 |
Cost of service revenue | — |  |  | — |  |  | — |  |  | 20 |  |  | 20 |
Segment expenses | 7,376 |  |  | 1,507 |  |  | 1,144 |  |  | 37 |  |  | 10,064 |
Other operating expenses (2) |  |  |  |  |  |  |  |  | 1,276 |
Operating income |  |  |  |  |  |  |  |  | 137 |
Less: interest expense |  |  |  |  |  |  |  |  | 49 |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 88 |
Segment Margin: |  |  |  |  |  |  |  |  |
Medical margin | $ | 639 |  |  | $ | 103 |  |  | $ | 53 |  |  | $ | 2 |  |  | $ | 797 |
Service margin | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
| Three Months Ended September 30, 2024
| Medicaid |  | Medicare |  | Marketplace |  | Other |  | Total
| (In millions)
Revenue: |  |  |  |  |  |  |  |  |
Premium revenue | $ | 7,668 |  |  | $ | 1,367 |  |  | $ | 659 |  |  | $ | — |  |  | $ | 9,694 |
Service revenue | — |  |  | — |  |  | — |  |  | 20 |  |  | 20 |
Revenue from external customers | 7,668 |  |  | 1,367 |  |  | 659 |  |  | 20 |  |  | 9,714 |
Other operating revenues (1) |  |  |  |  |  |  |  |  | 626 |
Total revenue |  |  |  |  |  |  |  |  | 10,340 |
Operating Expenses: |  |  |  |  |  |  |  |  |
Medical care costs | 6,938 |  |  | 1,225 |  |  | 480 |  |  | — |  |  | 8,643 |
Cost of service revenue | — |  |  | — |  |  | — |  |  | 19 |  |  | 19 |
Segment expenses | 6,938 |  |  | 1,225 |  |  | 480 |  |  | 19 |  |  | 8,662 |
Other operating expenses (2) |  |  |  |  |  |  |  |  | 1,211 |
Operating income |  |  |  |  |  |  |  |  | 467 |
Less: interest expense |  |  |  |  |  |  |  |  | 29 |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 438 |
Segment Margin: |  |  |  |  |  |  |  |  |
Medical margin | $ | 730 |  |  | $ | 142 |  |  | $ | 179 |  |  | $ | — |  |  | $ | 1,051 |
Service margin | — |  |  | — |  |  | — |  |  | 1 |  |  | 1 |
| Nine Months Ended September 30, 2025
| Medicaid |  | Medicare |  | Marketplace |  | Other |  | Total
| (In millions)
Revenue: |  |  |  |  |  |  |  |  |
Premium revenue | $ | 24,174 |  |  | $ | 4,686 |  |  | $ | 3,401 |  |  | $ | 76 |  |  | $ | 32,337 |
Service revenue | — |  |  | — |  |  | — |  |  | 65 |  |  | 65 |
Revenue from external customers | 24,174 |  |  | 4,686 |  |  | 3,401 |  |  | 141 |  |  | 32,402 |
Other operating revenues (1) |  |  |  |  |  |  |  |  | 1,649 |
Total revenue |  |  |  |  |  |  |  |  | 34,051 |
Operating Expenses: |  |  |  |  |  |  |  |  |
Medical care costs | 22,047 |  |  | 4,250 |  |  | 2,990 |  |  | 65 |  |  | 29,352 |
Cost of service revenue | — |  |  | — |  |  | — |  |  | 58 |  |  | 58 |
Segment expenses | 22,047 |  |  | 4,250 |  |  | 2,990 |  |  | 123 |  |  | 29,410 |
Other operating expenses (2) |  |  |  |  |  |  |  |  | 3,698 |
Operating income |  |  |  |  |  |  |  |  | 943 |
Less: interest expense |  |  |  |  |  |  |  |  | 140 |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 803 |
Segment Margin: |  |  |  |  |  |  |  |  |
Medical margin | $ | 2,127 |  |  | $ | 436 |  |  | $ | 411 |  |  | $ | 11 |  |  | $ | 2,985 |
Service margin | — |  |  | — |  |  | — |  |  | 7 |  |  | 7 |
| Nine Months Ended September 30, 2024
| Medicaid |  | Medicare |  | Marketplace |  | Other |  | Total
| (In millions)
Revenue: |  |  |  |  |  |  |  |  |
Premium revenue | $ | 22,538 |  |  | $ | 4,250 |  |  | $ | 1,856 |  |  | $ | — |  |  | $ | 28,644 |
Service revenue | — |  |  | — |  |  | — |  |  | 60 |  |  | 60 |
Revenue from external customers | 22,538 |  |  | 4,250 |  |  | 1,856 |  |  | 60 |  |  | 28,704 |
Other operating revenues (1) |  |  |  |  |  |  |  |  | 1,447 |
Total revenue |  |  |  |  |  |  |  |  | 30,151 |
Operating Expenses: |  |  |  |  |  |  |  |  |
Medical care costs | 20,350 |  |  | 3,728 |  |  | 1,347 |  |  | — |  |  | 25,425 |
Cost of service revenue | — |  |  | — |  |  | — |  |  | 55 |  |  | 55 |
Segment expenses | 20,350 |  |  | 3,728 |  |  | 1,347 |  |  | 55 |  |  | 25,480 |
Other operating expenses (2) |  |  |  |  |  |  |  |  | 3,344 |
Operating income |  |  |  |  |  |  |  |  | 1,327 |
Less: interest expense |  |  |  |  |  |  |  |  | 84 |
Income before income tax expense |  |  |  |  |  |  |  |  | $ | 1,243 |
Segment Margin: |  |  |  |  |  |  |  |  |
Medical margin | $ | 2,188 |  |  | $ | 522 |  |  | $ | 509 |  |  | $ | — |  |  | $ | 3,219 |
Service margin | — |  |  | — |  |  | — |  |  | 5 |  |  | 5 |
______________________ (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.

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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