Company: HUM
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0000049071-25-000007
Chunk: 158

Company: HUMANA INC
Filing Date: 2025-02-20
Form: 10-K
Item: Item 7
Chunk 158
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2023, or the 2023 period.

Consolidated

  Change 20242023DollarsPercentage (dollars in millions, except percommon share results) Revenues:Insurance premiums$112,104 $101,272 $10,832 10.7 %Services:Insurance966 1,000 (34)(3.4)%CenterWell3,465 3,033 432 14.2 %Total services revenue4,431 4,033 398 9.9 %Investment income1,226 1,069 157 14.7 %Total revenues117,761 106,374 11,387 10.7 %Operating expenses:Benefits100,664 88,394 12,270 13.9 %Operating costs13,696 13,188 508 3.9 %Depreciation and amortization839 779 60 7.7 %Total operating expenses115,199 102,361 12,838 12.5 %Income from operations2,562 4,013 (1,451)(36.2)%Interest expense660 493 167 33.9 %Other expense, net181 137 44 32.1 %Income before income taxes and equity in net losses1,721 3,383 (1,662)(49.1)%Provision for income taxes413 836 (423)(50.6)%Equity in net losses(94)(63)31 49.2 %Net income$1,214 $2,484 $(1,270)(51.1)%Diluted earnings per common share$9.98 $20.00 $(10.02)(50.1)%Benefit ratio (a)89.8 %87.3 %2.5 %Operating cost ratio (b)11.8 %12.5 %(0.7)%Effective tax rate25.5 %25.2 %0.3 %

(a)Represents total benefits expense as a percentage of premiums revenue.

(b)Represents total operating costs, excluding depreciation and amortization, as a percentage of total revenues less investment income.

46

 Premiums Revenue

    Consolidated premiums revenue increased $10.8 billion, or 10.7%, from $101.3 billion in the