Company: HUM
Filing Date: 2025-07-30
Form Type: 10-Q
Source: 0000049071-25-000042
Chunk: 25

Company: HUMANA INC
Filing Date: 2025-07-30
Form: 10-Q
Item: Item 2
Chunk 25
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 non-insurance subsidiaries, such as in our CenterWell segment, is generally not restricted by state departments of insurance (or comparable state regulators).

For additional information regarding our liquidity risk, refer to Part I, Item 1A, "Risk Factors" in our 2024 Form 10-K and Part II, Item 1A, "Risk Factors" of this Form 10-Q.

Cash and cash equivalents increased to approximately $4.0 billion at June 30, 2025 from $2.2 billion at December 31, 2024. The change in cash and cash equivalents for the six months ended June 30, 2025 and 2024 is summarized as follows:

Six Months Ended20252024 (in millions)Net cash provided by operating activities$1,602 $1,636 Net cash provided by (used in) investing activities661 (1,416)Net cash (used in) provided by financing activities(444)587 Increase in cash and cash equivalents$1,819 $807 

44

Cash Flow from Operating Activities 

Cash flows provided by operations remained relatively unchanged year-over-year and reflected the unfavorable impact of working capital items, partially offset by higher earnings in the 2025 period.  

The most significant drivers of changes in our working capital are typically the timing of payments of benefits expense and receipts for premiums. Benefits expense includes claim payments, capitation payments, pharmacy costs net of rebates, allocations of certain centralized expenses and various other costs incurred to provide health insurance coverage to members, as well as estimates of future payments to hospitals and others for medical care and other supplemental benefits provided on or prior to the balance sheet date. For additional information regarding our benefits payable and benefits expense recognition, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K. 

The detail of total net receivables at June 30, 2025 and December 31, 2024 and reconciliation to cash flow for the six months ended June 30, 2025 and 2024 was as follows:

June 30, 2025December 31, 20242025 Period Change2024 Period Change (in millions)Medicare$3,708 $1,745 $1,963 $1,970 State-based contracts463 614 (151)77 Military services156 180 (24