Humana beat the Street in the first quarter by posting $828 million in profit.
That represents a 75.1% increase over profits from the first quarter of 2020, which were $473 million, according to the insurer’s earnings report released Wednesday.
While Humana surpassed Zacks Investment Research analysts’ projections for earnings, the company did fall short of expectations on revenue, posting $20.7 billion in revenue for the quarter. Revenues were up 9.2% over the prior-year quarter, where Humana reported $18.9 billion.
“We’re pleased with the strong start of the year, with solid results across the company, and meaningful progress against our strategy, all while we continue to navigate the pandemic,” said Bruce Broussard, Humana’s CEO, in a statement.
Humana’s Medicare Advantage enrollment was up 12% year over year in the first quarter, the company said, reaching 4.3 million members. That represents a gain of 453,200 beneficiaries compared to the first quarter of 2020.
Humana also said it has gained 328,600 MA members over the course of the quarter, an increase of 8% from Dec. 31, 2020.
The insurer also saw its state-based contract membership, which includes dual-eligible demonstration enrollment, increase by 36% compared to the first quarter of 2020, reaching 838,900 members. Humana attributed this in part to the economic impacts of the COVID-19 pandemic.
Broussard said the insurer is now particularly focused on the vaccine rollout, especially around education and outreach.
“In partnership with federal, state and local governments, and with retailers and providers, we’re working to educate our members about the COVID-19 vaccines, ensuring individuals have access to a vaccine, especially those in underserved communities,” he said.
Due to the quarterly results, Humana also reaffirmed its outlook for the year. It expects $21.25 to $21.75 in earnings per share and revenues of between $80.3 billion and $81.9 billion.