Company: HUM
Filing Date: 2025-03-07
Form Type: DEF 14A
Source: 0001193125-25-048976
Chunk: 51

Company: HUMANA INC
Filing Date: 2025-03-07
Form: DEF 14A
Chunk 51
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 say-on-payproposal indicates that stockholders are generally supportive of our executive compensation program, and therefore the Committee made no material changes to the executive compensation program as a result of this vote. Stockholder voting trend for the past three years is illustrated below. The feedback loop illustrated below further demonstrates how investor sentiment on say-on-payis considered by the Committee in its evaluation of compensation plan design, policies and decision-making process. Peer Group Our peer group is used as a reference point in making compensation decisions, such as developing base salary ranges, developing short-term and long-term incentive award ranges, determining competitiveness of the total compensation package for our NEO’s and comparing our performance in order to validate if our compensation programs are informed by market practices. The Committee uses the framework below, in consultation with its independent compensation consultant (Farient), to filter and select a broad group of potential peers. This framework yields multiple perspectives that enrich our understanding of competitive executive pay practices while also ensuring that our peer group is comprised of companies with whom we may compete for talent and whose revenues, market capitalization, and business focus are similar to our own.

| Peer Group Considerations and Characteristics |     |                                                                                         |
| Industry                                      |     | Operates in a similar industry (Managed Care, Healthcare, Primary Care, Home, Pharmacy) |
| Strategic Interest                            |     | Similar strategic interest (Well-being, Research, Informatics)                          |
| Talent                                        |     | Compete for executive talent                                                            |
| Capital                                       |     | Compete for capital investments                                                         |
| Growth Profile                                |     | Similar growth profile/trajectory                                                       |
| Constituents                                  |     | Similar customers, providers, or product offerings                                      |

| 52 |     | Humana | 2025 Proxy Statement • Compensation Discussion and Analysis |

The peer group is reviewed at least annually and includes an assessment of current peers as well as potential peers in the context of industry and business model criteria, revenue size reflective of our revenue growth, and M&A activity that could impact the size of business mx of our current peers. Following its annual review, the Committee determined that no modifications were needed and subsequently approved the following peer group (the “Peer Group”) for 2024 compensation decisions:

| Managed Care Peers        |     | Healthcare Services & Facilities Peers             |     | Financial & Insurance Peers  |
| ☐ Centene Corporation     |     | ☐ Cencora                                          |     | ☐ Afl