Humana lost $693 million in the fourth quarter of 2024, according to the company's year-end earnings report published Feb. 11.
The results reflect increased benefits expenses, particularly in Medicare Advantage and state-based contracts. Despite the challenges, the company projected earnings per share of $15.88 for 2025, with an adjusted EPS of approximately $16.25.
Total revenues in the fourth quarter were $29.2 billion, up 10.4% year over year. In 2024, total revenues were $117.8 billion, up 10.7%.
Humana posted a net loss of $693 million in the fourth quarter, compared to a $541 million net loss the year prior. In 2024, the company's net income totaled nearly $1.2 billion, down 52%.
Humana reported a medical loss ratio of 91.5% in the fourth quarter. The company's full-year medical loss ratio in 2024 was 89.8%.
Humana's total medical membership in the fourth quarter was 16.3 million, down 3% year over year. Its Medicare Advantage membership grew 4.9% year over year, reaching 6.2 million.
The company expects individual Medicare Advantage annual membership to decline by approximately 550,000, or about 10%, from 2024, which includes the company’s decision to exit certain unprofitable plans and counties.