Company: HUM
Filing Date: 2025-04-30
Form Type: 10-Q
Source: 0000049071-25-000023
Chunk: 15

Company: HUMANA INC
Filing Date: 2025-04-30
Form: 10-Q
Item: Item 2
Chunk 15
---
 14 to the condensed consolidated financial statements included in this report.

Comparison of Results of Operations for 2025 and 2024 

The following discussion primarily deals with our results of operations for the three months ended March 31, 2025, or the 2025 quarter and the three months ended March 31, 2024, or the 2024 quarter.

ChangeThree months ended March 31,Three months ended March 31, 2025 vs 202420252024$%($ in millions, except per common share results)Revenues:Insurance premiums$30,514 $28,261 $2,253 8.0 %Services:Insurance252 275 (23)(8.4)%CenterWell1,082 787 295 37.5 %Total services revenue1,334 1,062 272 25.6 %Investment income264 288 (24)(8.3)%Total revenues32,112 29,611 2,501 8.4 %Operating expenses:Benefits26,535 25,124 1,411 5.6 %Operating costs3,380 3,042 338 11.1 %Depreciation and amortization183 209 (26)(12.4)%Total operating expenses30,098 28,375 1,723 6.1 %Income from operations2,014 1,236 778 62.9 %Interest expense160 159 1 0.6 %Other expense, net163 63 100 158.7 %Income before income taxes and equity in net losses1,691 1,014 677 66.8 %Provision for income taxes406 251 155 61.8 %Equity in net losses(43)(24)19 79.2 %Net income$1,242 $739 $503 68.1 %Diluted earnings per common share$10.30 $6.11 $4.19 68.6 %Benefit ratio (a)87.0 %88.9 %(1.9)%Operating cost ratio (b)10.6 %10.4 %0.2 %Effective tax rate24.6 %25.3 %(0.7)%

(a)Represents benefits expense