Name: Humana Inc. (NYSE:HUM) | Analysis of Revenues
Creator: Stock Analysis on Net

Analysis of Revenues

Revenues as Reported

Revenues as Reported

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Humana Inc., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Individual Medicare Advantage	78,837)	65,591)	58,654)	51,697)	43,128)
Group Medicare Advantage	6,869)	7,297)	6,955)	7,774)	6,475)
Medicare stand-alone PDP	2,189)	2,269)	2,371)	2,742)	3,165)
Medicare	87,895)	75,157)	67,980)	62,213)	52,768)
Commercial fully-insured	3,527)	4,389)	4,950)	6,051)	5,711)
Specialty benefits	1,007)	1,047)	1,052)	1,699)	1,571)
Medicare Supplement	735)	743)	731)	—)	—)
State-based contracts and other	8,108)	6,376)	5,109)	4,223)	2,898)
Premiums	101,272)	87,712)	79,822)	74,186)	62,948)
Home solutions	1,342)	2,333)	1,166)	107)	140)
Primary care	842)	568)	413)	328)	306)
Commercial ASO	237)	300)	306)	—)	—)
Military services and other	763)	550)	547)	799)	807)
Pharmacy solutions	849)	1,025)	623)	581)	186)
Services revenue	4,033)	4,776)	3,055)	1,815)	1,439)
External revenues	105,305)	92,488)	82,877)	76,001)	64,387)
Investment income	1,069)	382)	187)	1,154)	501)
Revenues	106,374)	92,870)	83,064)	77,155)	64,888)

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).

Total revenues exhibited a consistent upward trajectory from 2019 to 2023, increasing from US$ 64,888 million to US$ 106,374 million. This growth is primarily driven by the expansion of premium-based revenues, which rose from US$ 62,948 million to US$ 101,272 million over the same period.

Medicare Segment Performance: The Medicare segment serves as the primary growth engine, with total Medicare revenues increasing from US$ 52,768 million in 2019 to US$ 87,895 million in 2023. This expansion is almost entirely attributable to Individual Medicare Advantage, which grew by approximately 83% over the five-year period. Conversely, Medicare stand-alone PDP experienced a steady decline, falling from US$ 3,165 million to US$ 2,189 million, indicating a shift in product mix toward integrated advantage plans.
Commercial and State-Based Trends: A significant divergence is observed between commercial and state-based revenue streams. Commercial fully-insured revenues declined sharply from US$ 5,711 million in 2019 to US$ 3,527 million in 2023. In contrast, state-based contracts and other revenues demonstrated strong growth, increasing from US$ 2,898 million to US$ 8,108 million, suggesting a strategic pivot toward government-sponsored health programs.
Services Revenue Evolution: Services revenue grew from US$ 1,439 million in 2019 to US$ 4,033 million in 2023, although a peak was reached in 2022 at US$ 4,776 million. This growth was supported by a steady increase in primary care revenues, which rose from US$ 306 million to US$ 842 million. Home solutions showed high volatility, peaking at US$ 2,333 million in 2022 before retreating to US$ 1,342 million in 2023.
Investment and External Revenue: External revenues rose steadily from US$ 64,387 million to US$ 105,305 million. Investment income remained volatile and represents a small fraction of total revenues, fluctuating from a low of US$ 187 million in 2021 to a high of US$ 1,154 million in 2020, ending at US$ 1,069 million in 2023.

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