Humana — Jul 30, 2025 release

Full Year 2025 Projections - As of July 30, 2025 Diluted earnings per common share (EPS) As of 2Q25 Earnings As of 1Q25 Earnings GAAP: approximately $13.77 GAAP: approximately $14.68 Non-GAAP: approximately $17.00 Non-GAAP: approximately $16.25 Total Revenues Consolidated GAAP: at least $128 billion 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: at least $123 billion GAAP: $121 billion to $123 billion CenterWell segment GAAP: at least $21.5 billion GAAP: $20.5 billion to $21.5 billion Change in year-end medical membership from prior year-end Individual Medicare Advantage Decline of 'up to 500,000' Decline of approximately 550,000 Group Medicare Advantage no change Relatively flat Medicare stand-alone PDP no change Growth of approximately 200,000 State-based contracts no change 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 no change GAAP: 90.1% to 90.5% Ratio calculation: benefits expense as a percent of premiums revenues. Operating Cost Ratio Consolidated no change GAAP: 11.3% to 11.7% Ratio calculation: operating costs excluding depreciation and amortization as a percent of revenues excluding investment income. Segment Resul