Company: HUM
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0000049071-25-000057
Chunk: 21

Company: HUMANA INC
Filing Date: 2025-11-05
Form: 10-Q
Item: Item 2
Chunk 21
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)(100.0)%Premiums revenue30,71127,95191,94184,3542,7609.9%7,5879.0%Services:Military services and other2672147256715324.8%548.0%Commercial ASO —12—44(12)(100.0)%(44)(100.0)%Services revenue2672267257154118.1%101.4%Total external revenues$30,978$28,177$92,666$85,069$2,8019.9%$7,5978.9%Income from operations$251$274$2,591$1,935$(23)(8.4)%$65633.9%Benefit ratio91.1%90.6%89.5%89.8%0.5%(0.3)%Operating cost ratio9.1%9.2%8.5%8.6%(0.1)%(0.1)%

41

Income from operations

Insurance segment income from operations decreased $23 million, or 8.4%, from $274 million in the 2024 quarter to $251 million in the 2025 quarter and increased $0.7 billion, or 33.9%, from $1.9 billion in the 2024 period to $2.6 billion in the 2025 period primarily due to the same factors impacting the Insurance segment's benefit and operating cost ratios as more fully described below. 

Enrollment 

Individual Medicare Advantage membership decreased 421,900 members, or 7.5%, from September 30, 2024 to September 30, 2025, inclusive of the decision to exit certain unprofitable plans and counties. Individual Medicare Advantage membership includes 765,800 D-SNP members as of September 30, 2025, a net decrease of 173,800 D-SNP members, or 18.5%, from 939,600 D-SNP members as of September 30, 2024.

Group Medicare Advantage membership increased 23,100 members, or 4.2%, from September 30, 2024 to September 30, 2025, consistent with expectations as we maintain pricing discipline in a competitive market.

Medicare stand-alone PDP membership increased 130,500 members, or 5.6%, from September 30, 2024 to September 30, 2025, reflecting shifting competitive dynamics.