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A NNUA L REP ORT
Humana Inc. financial highlights Generally Accepted Accounting Principles (GAAP)* 2024 2023 2022 2021 2020 $117,761 $106,374 $92,870 $83,064 $77,155 Net income attributable to Humana $1,207 $2,489 $2,806 $2,933 $3,367 Diluted earnings per common share $9.98 $20.00 $22.08 $22.67 $25.31 Total assets $46,479 $47,065 $43,055 $44,358 $34,969 Total liabilities $30,034 $30,747 $27,685 $28,255 $21,241 Total stockholders' equity $16,445 $16,318 $15,370 $16,103 $13,728 $2,966 $3,981 $4,587 $2,262 $5,639 OPERATING RESULTS Revenues F INANCIAL POSITION Cash flows from operations MEMBERSHIP BY SEGMENT (IN THOUSANDS) Consolidated medical membership 16,347.1 16,857.8 17,079.2 17,067.0 16,831.6 Consolidated specialty membership 4,562.0 4,868.3 5,194.8 5,294.3 5,310.3 * Dollars in millions, except per common share results 1
Dear fellow stockholders, As we entered 2024, the Medicare Advantage (MA) industry was experiencing higher-than-anticipated medical cost trends and implementing various regulatory changes, which significantly impacted our financial outlook for the year. Despite the uncertainties, we were pleased to successfully navigate the dynamic environment and deliver on our 2024 financial guidance, while also making incremental investments to support operational excellence as we prioritize sustainable, long-term value creation. Further, we continued to advance our Medicaid and CenterWell strategies, which are key to our integrated health strategy and are expected to drive increased earnings contribution over the mid and 2 JIM RECHTIN KURT HILZINGER President & Chief Executive Officer, Board Member Chairman of the Board longer term as they mature through their respective J curves. Finally, our 2024 results reflect our commitment to a highly efficient back office as evidenced by our improvement in the consolidated operating cost ratio year over year. Looking ahead, we have conviction that the strong core fundamentals and growth outlook for MA and value-based care (VBC) remain intact. Further, we believe that Humana s platform, unique focus on MA, and expanding CenterWell and Medicaid capabilities will allow us to compete effectively, drive better outcomes for our members and patients, and deliver compelling and sustainable shareholder value over the long term. We were pleased to successfully navigate the dynamic environment and deliver on our 2024 financial guidance, while also making incremental investments to support operational excellence as we prioritize sustainable, long-term value creation.
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 • shareholder letter icon 3/7/2025 Letter Continued (Full PDF)
 • stockholder letter icon 3/8/2023 HUM Stockholder Letter
 • stockholder letter icon 3/8/2024 HUM Stockholder Letter
 • stockholder letter icon More "Life & Health Insurance" Category Stockholder Letters
 • Benford's Law Stocks icon HUM Benford's Law Stock Score = 94


HUM Shareholder/Stockholder Letter Transcript:

A NNUA L REP ORT


Humana Inc.
financial highlights
Generally Accepted
Accounting Principles (GAAP)*
2024
2023
2022
2021
2020
$117,761
$106,374
$92,870
$83,064
$77,155
Net income attributable to Humana
$1,207
$2,489
$2,806
$2,933
$3,367
Diluted earnings per common share
$9.98
$20.00
$22.08
$22.67
$25.31
Total assets
$46,479
$47,065
$43,055
$44,358
$34,969
Total liabilities
$30,034
$30,747
$27,685
$28,255
$21,241
Total stockholders' equity
$16,445
$16,318
$15,370
$16,103
$13,728
$2,966
$3,981
$4,587
$2,262
$5,639
OPERATING RESULTS
Revenues
F INANCIAL POSITION
Cash flows from operations
MEMBERSHIP BY SEGMENT (IN THOUSANDS)
Consolidated medical membership
16,347.1
16,857.8
17,079.2
17,067.0
16,831.6
Consolidated specialty membership
4,562.0
4,868.3
5,194.8
5,294.3
5,310.3
* Dollars in millions, except per common share results
1

Dear fellow
stockholders,
As we entered 2024, the Medicare
Advantage (MA) industry was experiencing
higher-than-anticipated medical cost
trends and implementing various regulatory
changes, which significantly impacted
our financial outlook for the year. Despite
the uncertainties, we were pleased
to successfully navigate the dynamic
environment and deliver on our 2024
financial guidance, while also making
incremental investments to support
operational excellence as we prioritize
sustainable, long-term value creation.
Further, we continued to advance our
Medicaid and CenterWell   strategies, which
are key to our integrated health strategy
and are expected to drive increased
earnings contribution over the mid and
2
JIM
RECHTIN
KURT
HILZINGER
President & Chief
Executive Officer,
Board Member
Chairman of
the Board
longer term as they mature through their
respective J curves. Finally, our 2024
results reflect our commitment to a
highly efficient back office as evidenced
by our improvement in the consolidated
operating cost ratio year over year.
Looking ahead, we have conviction
that the strong core fundamentals and
growth outlook for MA and value-based
care (VBC) remain intact. Further, we
believe that Humana   s platform, unique
focus on MA, and expanding CenterWell
and Medicaid capabilities will allow
us to compete effectively, drive better
outcomes for our members and patients,
and deliver compelling and sustainable
shareholder value over the long term.
We were pleased to
successfully navigate the
dynamic environment and
deliver on our 2024 financial
guidance, while also making
incremental investments to
support operational excellence
as we prioritize sustainable,
long-term value creation.

3



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