Humana — Nov 5, 2025 release

Insurance segment no change GAAP: at least $123 billion CenterWell segment no change GAAP: at least $21.5 billion Change in year-end medical membership from prior year-end Individual Medicare Advantage Decline of approximately 425,000 Decline of 'up to 500,000' Group Medicare Advantage no change Relatively flat Medicare stand-alone PDP no change Growth of approximately 200,000 State-based contracts Growth of approximately 160,000 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 GAAP: 11.6% to 12.1% Non-GAAP: 11.3% to 11.7% GAAP: 11.3% to 11.7% Ratio calculation: operating costs excluding depreciation and amortization as a percent of revenues excluding investment income. Due to charges incurred to date and charges that could potentially be recorded related to the company's ongoing value creation and other strategic initiatives, the company anticipates potential changes to its FY 2025 GAAP ratio. Segment Results Insurance segment income from operations no change GAAP: $1.6 billion to $2.0 billion   CenterWell segment Non-GAAP income from operations excludes the projected impact of segment depreciation and amortization. CenterWell segment income from operations no change GAAP: