© Reuters. FILE PHOTO: Signage for Humana Inc. is pictured at a health facility in Queens, New York City, U.S., November 30, 2021. REUTERS/Andrew Kelly
(Reuters) – Humana Inc (NYSE:) reported a near 43% rise in quarterly adjusted profit on Wednesday, as a slow rebound in elective procedures kept medical costs in check.
The health insurer affirmed its annual adjusted profit forecast at about $25 per share, even as rivals including UnitedHealth Group Inc (NYSE:) and Elevance Health, lifted their annual earnings outlook last month.
Humana had also raised it forecast in September as there was no COVID-19 “headwind materializing” and on lower-than-expected medical cost trends in the company’s Medicare Advantage and Medicaid businesses.
Humana’s ratio of medical expenses to premiums collected was 85.6%.
The company’s adjusted net income rose to $1.14 billion, or $6.88 per share in the third quarter ended Sept. 30 from $802 million, or $4.83 per share, a year earlier.
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