Bengaluru: Humana surpassed Wall Street's profit expectations for the third quarter, attributed to the robust performance of its government-backed Medicare insurance segment catering to older adults.
The health insurer primarily focuses on Medicare Advantage plans, where the U.S. government pays private insurers a fixed rate to manage healthcare for individuals aged 65 and older, as well as those with disabilities.
The company reported a medical cost ratio of 89.9%, an increase from 86.6% in the same quarter last year. This ratio indicates the percentage of premiums allocated to medical care, with analysts anticipating a ratio of 89.94% for the quarter.
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On an adjusted basis, Humana reported a profit of $4.16 per share, significantly higher than the average analyst estimate of $3.40. Additionally, the Louisville, Kentucky-based company achieved quarterly adjusted revenue of $29.3 billion, exceeding expectations of $28.67 billion.
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