Centene, Elevance Health and Humana reported successful Q2 results with notable year-over-year profit growth. Centene’s net income soared to $1.06 billion from a previous year’s loss of $172 million, while Elevance Health saw a 13.2 percent increase in net income. Humana’s net income rose to $959 million, and it anticipates an 18 percent growth in Medicare Advantage members. The companies’ total revenues and memberships also experienced significant boosts.
Centene, Elevance Health and Humana, three major U.S. payers, had successful second quarters with significant year-over-year profit growth. Here are the key highlights from each insurer’s second-quarter earnings report:
Centene:
1. Centene achieved an impressive net income of $1.06 billion in the second quarter of 2023, a remarkable turnaround from a $172 million loss in the same period last year.
2. Total revenues for the quarter ended June 30 reached $37.6 billion, showing growth from $35.9 billion during the corresponding period last year.
3. As of June 30, Centene’s total membership increased to 28.4 million, compared to 26.4 million during the same period last year. The total Medicaid membership rose to 16 million from 15.4 million. ACA membership saw substantial growth to 3.3 million, up from 2 million. Additionally, total commercial membership increased to 3.7 million from 2.5 million.
4. Centene’s medical loss ratio for the second quarter stood at 87 percent, slightly up from 86.7 percent during the same period last year.
Elevance Health:
1. Elevance Health experienced a 13 percent year-over-year increase in total revenues during the second quarter, reaching an impressive $43.7 billion.
2. Net income for the second quarter was $1.9 billion, a significant 13.2 percent increase from the same period last year.
3. Total operating revenue for Elevance Health amounted to $11.9 billion in the second quarter, marking an 18.4 percent year-over-year growth. The operating gain also rose to $632 million, an increase of 6.8 percent.
4. Elevance Health’s total medical membership reached 48 million as of June 30, showing a 2 percent increase from the previous year. Among the members, there were 11.8 million Medicaid members and 2.1 million Medicare Advantage members.
Humana:
1. Humana reported total revenues of $26.7 billion in the second quarter, reflecting a solid 13 percent year-over-year growth.
2. The company achieved a net income of $959 million in the second quarter, up from $696 million in the same quarter of the previous year.
3. Humana expects to add approximately 825,000 Medicare Advantage members by the end of this year, indicating an 18 percent growth rate. As of June 30, the total Medicare Advantage membership reached nearly 5.8 million, showing a significant 12.9 percent increase from the same period last year.
4. Humana’s total medical membership stood at 17.1 million at the end of the second quarter, remaining nearly unchanged from 2022.
5. The company’s medical loss ratio for the second quarter was 87.3 percent.
