Stock Analysis on Net

Humana Inc. (NYSE:HUM)

Analysis of Reportable Segments

Microsoft Excel

Segment Profit Margin

Humana Inc., profit margin by reportable segment

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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

Microsoft Excel
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).