---
title: "人保健康 (Q1) 季度盈利強勁，但受降低的指引影響"
description: "Humana 報告顯示，第一季度業績強勁，超出了收入和盈利的預期。公司的戰略增長舉措，包括擴大 CenterWell 業務板塊，為其成功做出了貢獻。然而，Humana 降低了全年 GAAP 每股盈利指引，反映出在應對運營和市場挑戰時的謹慎態度。投資者應關注醫療保險計劃成員增長、醫療補助擴張以及 CenterWell 業務板塊的發展"
type: "news"
locale: "zh-HK"
url: "https://longbridge.com/zh-HK/news/202936318.md"
published_at: "2024-04-26T14:51:14.000Z"
---

# 人保健康 (Q1) 季度盈利強勁，但受降低的指引影響

> Humana 報告顯示，第一季度業績強勁，超出了收入和盈利的預期。公司的戰略增長舉措，包括擴大 CenterWell 業務板塊，為其成功做出了貢獻。然而，Humana 降低了全年 GAAP 每股盈利指引，反映出在應對運營和市場挑戰時的謹慎態度。投資者應關注醫療保險計劃成員增長、醫療補助擴張以及 CenterWell 業務板塊的發展

Health insurance giant **Humana** (HUM -0.89%) released its first-quarter earnings for 2024 on Wednesday, dazzling investors and analysts alike. It not only beat analysts' estimates for both earnings and revenue but also showcased its ongoing strategic growth endeavors.

Metrics

Q1 2024

Analyst Estimates

Q1 2023

Change (YOY)

Revenue

$29.6 billion

$28.5 billion

$26.7 billion

10.7%

Adjusted EPS

$7.23

$6.12

$9.38

\-22.9%

GAAP EPS

$6.11

N/A

$9.87

\-38.1%

Operating expenses

$28.4 billion

N/A

$25 billion

+13.4%

Operating cost ratio

10.4%

N/A

11.2%

+80 bps

Analyst source: FactSet. YOY = Year over year. BPS = Basis points. GAAP = Generally accepted accounting principles.

## Humana's profile and strategic focus

Humana stands at the forefront of the health insurance industry, with its core focus on the Medicare Advantage program. This program constitutes a significant portion of Humana's revenue. Through comprehensive health insurance benefits, Humana caters to Medicare-eligible individuals, blending wellness programs, chronic care management, and care coordination under one roof.

Moreover, Humana's strategic expansion into the CenterWell segment marks its ambition beyond traditional insurance. CenterWell encompasses pharmacy solutions, primary care, and home solutions, aiming for innovation in healthcare services and operational efficiencies.

## Quarterly highlights

This quarter saw Humana's adjusted EPS climb to $7.23, primarily driven by higher-than-expected revenue and operational efficiencies. The company's revenue surged to $29.6 billion, attributed to robust performance in its insurance segment and strategic expansions in Medicaid across multiple states.

Besides financial performance, Humana reported a significant increase in its growth estimate for individual Medicare Advantage membership. It revised its annual growth expectation to 150,000, an increase of 50,000 over the previous outlook. That would be a 2.8% increase over 2023 totals. This upward adjustment highlights Humana's successful strategy in attracting and retaining members in this critical segment.

Additionally, Humana's focus on the CenterWell segment brought about promising developments. CenterWell quarterly revenue of $4.82 billion was up 6.9% year over year. From expanding home solutions to enhancing primary care offerings, these strategic moves aim to diversify Humana's revenue streams and solidify its footprint in the healthcare services market.

The quarter was not without its challenges, as the company saw total operating expenses of $28.4 billion, up 13.4% year over year. The increase was attributed to higher overall benefits expenses and operating costs. The operating cost ratio, however, improved by 80 basis points year over year to 14.6%, thanks to rising scale and cost efficiencies.

## Looking ahead

For the remainder of 2024, Humana has adjusted its full-year GAAP EPS guidance to approximately $13.93, a decrease from its initial forecast of $14.87. However, it maintains an optimistic view on the adjusted EPS, holding steadfast at $16. This outlook reflects Humana's cautious yet hopeful perspective on navigating operational and market challenges ahead.

Investors should monitor Humana's efforts in member growth within its Medicare Advantage programs, its expansion into Medicaid, and further developments in the CenterWell segment. These areas, combined with Humana's adaptability to changing healthcare landscapes, will be crucial for its continuing success.

### Related Stocks

- [HUM.US - 休曼納](https://longbridge.com/zh-HK/quote/HUM.US.md)

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