HUMANA INC (HUM)

Humana Inc., headquartered in Louisville, Kentucky and organized as a Delaware corporation in 1964, is a diversified health and well-being company operating through two reportable segments: Insurance and CenterWell. As of December 31, 2025, the company served approximately 15 million medical members and 4.7 million specialty product members, with 83% of total premiums and services revenue derived from federal government contracts, including 14% from individual Medicare Advantage contracts in Florida alone (approximately 1.0 million members). The Insurance segment, generating $123.8 billion in premiums and services revenue (96.3% of consolidated revenue), offers Medicare Advantage (individual and group), Medicare stand-alone prescription drug plans (PDP), Medicare Supplement, state-based Medicaid contracts, specialty benefits (dental, vision, life, disability), and TRICARE administrative services for the Department of Defense, including the new T-5 East Region contract covering 24 states and roughly 4.6 million beneficiaries.

Individual Medicare Advantage is the largest revenue driver at $90.4 billion (70.3% of consolidated revenue), with total membership of 5.2 million individual MA members. The CenterWell segment encompasses pharmacy solutions (CenterWell Pharmacy, Specialty Pharmacy), primary care (350 clinics under the Conviva and CenterWell brands serving about 491,100 patients, plus a strategic partnership with Welsh, Carson, Anderson & Stowe operating 146 additional clinics), and home solutions (CenterWell Home Health, operating in 37 states, and OneHome), along with a minority (35%) equity stake in Gentiva Hospice. The company's integrated care delivery model emphasizes value-based arrangements, with about 15.1% of medical membership (2.26 million members) covered under shared-risk arrangements, including 37.1% of individual Medicare Advantage members.

Humana maintains extensive provider networks, quality accreditation programs (NCQA, URAC, AAAHC), and multi-channel distribution through employed sales representatives, telemarketing, brokers, and agents, operating in a highly competitive health benefits industry subject to significant federal and state regulatory oversight, including CMS risk-adjustment methodologies and the Affordable Care Act.