Humana — Feb 11, 2025 release

Learn more about what we offer at Humana.com and at CenterWell.com. 13 Humana Inc. Full Year 2025 Projections - As of February 11, 2025 Diluted earnings per common share GAAP: approximately $15.88 Non-GAAP: approximately $16.25 Total Revenues Consolidated GAAP: $126 billion to $128 billion Consolidated and segment level revenue projections include expected investment income. Segment level revenues include amounts that eliminate in consolidation. Insurance segment GAAP: $121 billion to $123 billion CenterWell segment GAAP: $20.5 billion to $21.5 billion Change in year-end medical membership from prior year-end Individual Medicare Advantage Decline of approximately 550,000 Group Medicare Advantage Relatively flat Medicare stand-alone PDP Growth of approximately 200,000 State-based contracts Growth within 175,000 to 250,000 range State-based contracts guidance includes membership in Florida, Illinois, Indiana, Kentucky, Louisiana, Ohio, Oklahoma, South Carolina, Virginia, and Wisconsin. Benefit Ratio  Insurance segment GAAP: 90.1% to 90.5% Ratio calculation: benefits expense as a percent of premiums revenues. Operating Cost Ratio Consolidated GAAP: 11.3% to 11.7% Ratio calculation: operating costs excluding depreciation and amortization as a percent of revenues excluding investment income. Segment Results Insurance segment income from operations GAAP: $1.5 billion to $2.0 billion   CenterWell segment Non-GAAP income from operations excludes the projected impact of segm