Humana Inc. (NYSE:HUM)

The revenue data over the five-year period exhibits notable trends and shifts across various segments and categories.

Individual Medicare Advantage

This segment demonstrates consistent and robust growth from US$43,128 million in 2019 to US$78,837 million in 2023, indicating a significant expansion in this business area. The increase is steady year-over-year, highlighting a strong demand or successful market penetration.

Group Medicare Advantage

Revenue starts at US$6,475 million in 2019 and fluctuates moderately, peaking at US$7,774 million in 2020 before declining to US$6,869 million in 2023. This suggests some volatility or market challenges impacting group plans.

Medicare stand-alone PDP

There is a continuous downward trend in this category, decreasing from US$3,165 million in 2019 to US$2,189 million in 2023. This consistent decline may reflect reduced market share or shifts in consumer preferences.

Overall Medicare

The aggregate Medicare revenue rises steadily from US$52,768 million in 2019 to US$87,895 million in 2023, driven primarily by growth in Individual Medicare Advantage. The overall positive trajectory underscores the importance of Medicare-related offerings to total revenue.

Commercial fully-insured

Revenues in this group show a clear declining trend, dropping from US$5,711 million in 2019 to US$3,527 million in 2023. This points to potential challenges in the fully-insured commercial market or strategic deprioritization.

Specialty benefits

A decline is also observed here, with revenues decreasing from US$1,571 million in 2019 to US$1,007 million in 2023, reflecting either reduced sales volumes or pricing pressures.

Medicare Supplement

Data begins in 2021 at US$731 million with slight fluctuations thereafter, remaining around US$735 million by 2023, indicating relative stability but limited growth in this emerging line.

State-based contracts and other

This category exhibits strong growth, increasing from US$2,898 million in 2019 to US$8,108 million in 2023. This upward trend suggests expanding contracts or diversification of revenue sources outside traditional categories.

Total Premiums

Premium revenue shows consistent annual increases from US$62,948 million in 2019 to US$101,272 million in 2023. The growth aligns with expansion in key segments, reinforcing premiums as a core revenue driver.

Home solutions

This segment exhibits significant growth between 2020 and 2022, rising sharply from US$107 million to US$2,333 million, albeit followed by a decline to US$1,342 million in 2023. The pattern suggests an initial expansion with some retrenchment or normalization.

Primary care

Revenue rises steadily from US$306 million in 2019 to US$842 million in 2023, signaling ongoing development and increased engagement in primary care services.

Commercial ASO

Limited data shows a decline from US$306 million in 2021 to US$237 million in 2023, indicating a shrinking role for administrative services-only contracts in recent years.

Military services and other

This segment remains relatively stable, with minor fluctuations between US$549 million and US$807 million, ending at US$763 million in 2023.

Pharmacy solutions

Starting from a smaller base of US$186 million in 2019, revenues grow substantially to a peak of US$1,025 million in 2022 before retracting slightly to US$849 million in 2023. This reflects a strong growth phase with some moderation in the latest year.

Services revenue

There is notable growth in services revenue, rising from US$1,439 million in 2019 to US$4,776 million in 2022, followed by a decrease to US$4,033 million in 2023. The trend suggests increasing diversification into service offerings with some recent pullback.

External revenues

These revenues mirror total premiums and services patterns, increasing consistently from US$64,387 million in 2019 to US$105,305 million in 2023, reflecting strong overall top-line growth.

Investment income

Investment income shows considerable volatility, reaching a peak of US$1,154 million in 2020, declining sharply in 2021, then increasing again to US$1,069 million by 2023. This variability likely relates to market conditions affecting investment returns.

Total Revenues

Total revenues rise consistently from US$64,888 million in 2019 to US$106,374 million in 2023, emphasizing a strong upward growth trajectory driven by Medicare offerings, expanding service revenues, and diversified state contracts.