Humana Beats First Quarter Earnings Expectations on Strong Medicare Business | WSAU News/Talk 550 AM · 99.9 FM

(Reuters) -Humana beat first-quarter profit expectations on Wednesday, helped by the strength of its government-backed seniors insurance business and the boost from certain valuation adjustments in a number of strategic partnerships.

The health insurer also increased its 2024 individual Medicare Advantage growth target by 50,000 members.

The company’s shares rose 3.3% in premarket trading.

Humana generated revenue of $29.61 billion in the first quarter, above estimates of $28.47 billion, according to LSEG data.

On an adjusted basis, Humana reported earnings of $7.23 per share, higher than the average analyst estimate of $6.12 per share, according to LSEG data.

The company also recorded a valuation adjustment of $1.08 per share for certain strategic partnerships, boosting adjusted earnings.

(Reporting by Mariam Sunny and Leroy Leo in Bengaluru; Editing by Shinjini Ganguli)