Company: HUM
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000049071-25-000023
Chunk: 13

Company: HUMANA INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 13
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 offers our members affordable health care combined with a positive consumer experience in growing markets. At the core of this strategy is our integrated care delivery model, which unites quality care, high member engagement, and sophisticated data analytics. Our approach to primary, physician-directed care for our members aims to provide quality care that is consistent, integrated, cost-effective, and member-focused, provided by both employed physicians and physicians with network contract arrangements. The model is designed to improve health outcomes and affordability for individuals and for the health system as a whole, while offering our members a simple, seamless healthcare experience. We believe this strategy is positioning us for long-term growth in both membership and earnings. We offer providers a continuum of opportunities to increase the integration of care and offer assistance to providers in transitioning from a fee-for-service to a value-based arrangement. These include performance bonuses, shared savings and shared risk relationships. At March 31, 2025, approximately 3,501,700 members, or 

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67%, of our individual Medicare Advantage members were in value-based relationships under our integrated care delivery model, as compared to 3,837,300 members, or 69%, at March 31, 2024.

•Net income attributable to Humana was $1.2 billion, or $10.30 per diluted common share, and $0.7 billion, or $6.11 per diluted common share, for the three months ended March 31, 2025 and 2024, respectively. These comparisons were significantly impacted by put/call valuation adjustments associated with non-consolidating minority interest investments and charges associated with value creation initiatives. The impact of these adjustments to our consolidated income before income taxes and equity in net losses and diluted earnings per common share was as follows for the 2025 and 2024 quarter:

For the three months ended March 31,20252024(in millions)Consolidated income before income taxes and equity in net losses:Put/call valuation adjustments associated with our non consolidating minority interest investments$163 $131 Value creation initiatives24 29 Total$187 $160 For the three months ended March 31,20252024Diluted earnings per common share:Put/call valuation adjustments associated with our non consolidating minority interest investments$1.35 $1.08 Value creation initiatives0.20 0.24 Cumulative net tax impact(0.36)(0.31)Total$1.19 $1.