Analysis of Reportable Segments
Humana Inc. operates in 2 segments: Insurance and CenterWell.
Segment Profit Margin
Humana Inc., profit margin by reportable segment
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Insurance | 2.59% | 3.41% | 2.99% | 4.19% | — |
| CenterWell | 7.63% | 7.46% | 6.67% | 5.44% | — |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Insurance | Insurance segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
| CenterWell | CenterWell segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Segment Profit Margin: Insurance
Humana Inc.; Insurance; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from operations | 2,654) | 3,022) | 2,412) | 3,120) | —) |
| Revenues, excluding investment income | 102,303) | 88,618) | 80,716) | 74,426) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 2.59% | 3.41% | 2.99% | 4.19% | — |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Income (loss) from operations ÷ Revenues, excluding investment income
= 100 × 2,654 ÷ 102,303 = 2.59%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | Insurance | Insurance segment profit margin ratio improved from 2021 to 2022 but then deteriorated significantly from 2022 to 2023. |
Segment Profit Margin: CenterWell
Humana Inc.; CenterWell; segment profit margin calculation
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||
| Income (loss) from operations | 1,404) | 1,291) | 938) | 624) | —) |
| Revenues, excluding investment income | 18,405) | 17,299) | 14,054) | 11,477) | —) |
| Segment Profitability Ratio | |||||
| Segment profit margin1 | 7.63% | 7.46% | 6.67% | 5.44% | — |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
1 2023 Calculation
Segment profit margin = 100 × Income (loss) from operations ÷ Revenues, excluding investment income
= 100 × 1,404 ÷ 18,405 = 7.63%
| Segment profitability ratio | Reportable segment | The company |
|---|---|---|
| Segment profit margin | CenterWell | CenterWell segment profit margin ratio improved from 2021 to 2022 and from 2022 to 2023. |
Revenues, excluding investment income
Humana Inc., revenues, excluding investment income by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Insurance | 102,303) | 88,618) | 80,716) | 74,426) | —) |
| CenterWell | 18,405) | 17,299) | 14,054) | 11,477) | —) |
| Eliminations/Corporate | (15,403) | (13,429) | (11,893) | (9,902) | —) |
| Consolidated | 105,305) | 92,488) | 82,877) | 76,001) | —) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).
Income (loss) from operations
Humana Inc., income (loss) from operations by reportable segment
US$ in millions
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | |
|---|---|---|---|---|---|
| Insurance | 2,654) | 3,022) | 2,412) | 3,120) | —) |
| CenterWell | 1,404) | 1,291) | 938) | 624) | —) |
| Eliminations/Corporate | (45) | (513) | (202) | 1,242) | —) |
| Consolidated | 4,013) | 3,800) | 3,148) | 4,986) | —) |
Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).