Humana (NYSE:HUM) reported financial results for the first quarter ended March 31, 2026, on Wednesday morning, delivering earnings that reached the upper bound of management’s previous forecasts.
The Louisville-based health insurer posted GAAP earnings per share (EPS) of $9.83 and adjusted EPS of $10.31, representing approximately 110% to 115% of the company's full-year 2026 target.
The quarter was characterized by significant membership gains in the company’s core individual Medicare Advantage (MA) business.
Humana affirmed its expectations for 2026 MA membership growth of approximately 25% over 2025 levels.
This expansion is being driven by a combination of high new-sales volume and improved member retention, which the company attributes to a revised customer-led benefit strategy and an overhaul of its service delivery model.
In the insurance segment, the GAAP benefit ratio—a key metric measuring the percentage of premiums spent on medical claims—was 89.4% for the quarter.
This figure was slightly more favorable than management's initial guidance of "just under 90 percent."
For the full year, Humana affirmed its insurance segment benefit ratio guidance of 92.75%, plus or minus 25 basis points, suggesting a stable outlook for medical cost trends through the remainder of 2026.
Beyond its insurance operations, Humana’s health services brand, CenterWell, showed substantial scaling.
The CenterWell Senior Primary Care division saw sequential patient growth of over 22%, or 110,500 patients.
This surge was aided by the integration of approximately 59,000 patients and 54 centers following the recently completed acquisition of MaxHealth.
Additionally, the company announced a partnership between CenterWell Pharmacy and Cost Plus to develop comprehensive prescription drug solutions for employers.