Humana Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Humana Inc. has filed its 2023 10-K report, detailing its financial performance and operations.</b>

AI Summary

HUMANA INC (HUM) filed a Annual Report (10-K) with the SEC on February 15, 2024. Humana Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing was made on February 15, 2024. The company's principal business is in Hospital & Medical Service Plans (SIC 6324). Humana Inc. is incorporated in Delaware. The company's principal executive offices are located at 500 W Main St, Louisville, KY 40202.

Why It Matters

For investors and stakeholders tracking HUMANA INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Humana's financial health, operational strategies, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's performance and future outlook. As a major player in the health insurance industry, Humana's annual report offers insights into market trends, regulatory impacts, and competitive positioning within the healthcare sector.

Risk Assessment

Risk Level: medium — HUMANA INC shows moderate risk based on this filing. The company operates in the highly regulated healthcare industry, facing risks related to government policy changes, reimbursement rates, and compliance requirements, which could materially impact its financial results.

Analyst Insight

Investors should review Humana's detailed financial statements and risk factor disclosures in the 10-K to understand the company's performance and potential challenges in the evolving healthcare landscape.

Key Numbers

• 2023-12-31 — Fiscal Year End (Fiscal year end date)
• 2024-02-15 — Filing Date (Date the 10-K was filed)
• 132 — Public Document Count (Number of documents in the filing)
• 610647538 — IRS Number (Company's IRS identification number)

Key Players & Entities

• HUMANA INC (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240215 (date) — Filed as of date
• 500 W MAIN ST (address) — Business address street 1
• LOUISVILLE (city) — Business address city
• KY (state) — Business address state
• 40202 (zip_code) — Business address zip
• 6324 (industry_code) — Standard Industrial Classification

FAQ

Industry Context

Humana Inc. operates within the health insurance and healthcare services industry, a sector characterized by significant regulatory oversight and evolving market dynamics.

Regulatory Implications

The healthcare industry is subject to extensive regulation by federal and state governments, impacting coverage, reimbursement, and operational compliance.

What Investors Should Do

1. Review Humana's financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section for potential impacts on future performance.
3. Assess management's discussion and analysis of financial condition and results of operations.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-15: Filing Date — Date Humana Inc. submitted its 10-K to the SEC.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, providing updated financial and operational information compared to previous filings.

Key Financial Figures

• $0.16 — ange on which registered Common stock, $0.16 2/3 par value HUM New York Stock Exchan
• $445.24 — g the average price on June 30, 2023 of $445.24 per share. The number of shares outsta
• $14.9 b — d for premiums revenue of approximately $14.9 billion, which represented approximately

Filing Documents

• hum-20231231.htm (10-K) — 3292KB
• exhibit10ee-firstamendment.htm (EX-10.EE) — 14KB
• exhibit10mm-annualrsu3yr33.htm (EX-10.MM) — 65KB
• exhibit10nn-annualpsu100at.htm (EX-10.NN) — 64KB
• exhibit10oo-annualiso3yr33.htm (EX-10.OO) — 63KB
• exhibit10pp-annualnq3yr33n.htm (EX-10.PP) — 64KB
• hum-20231231x10kxex21.htm (EX-21) — 61KB
• hum-20231231x10kxex23.htm (EX-23) — 3KB
• hum-20231231x10kxex311.htm (EX-31.1) — 9KB
• hum-20231231x10kxex312.htm (EX-31.2) — 9KB
• hum-20231231x10kxex32.htm (EX-32) — 5KB
• exhibit97-humanarecoupment.htm (EX-97) — 51KB
• hum-20231231_g1.jpg (GRAPHIC) — 89KB
• 0000049071-24-000012.txt (&nbsp;) — 17399KB
• hum-20231231.xsd (EX-101.SCH) — 100KB
• hum-20231231_cal.xml (EX-101.CAL) — 167KB
• hum-20231231_def.xml (EX-101.DEF) — 593KB
• hum-20231231_lab.xml (EX-101.LAB) — 1314KB
• hum-20231231_pre.xml (EX-101.PRE) — 906KB
• hum-20231231_htm.xml (XML) — 2947KB

Risk Factors

Item 1A. Risk Factors 22

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 36

Cybersecurity

Item 1C. Cybersecurity 36

Properties

Item 2. Properties 37

Legal Proceedings

Item 3. Legal Proceedings 38

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 38 Part II

Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 39

Reserved

Item 6. Reserved 42

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 43

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 67

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 69

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 124

Controls and Procedures

Item 9A. Controls and Procedures 124

Other Information

Item 9B. Other Information 125

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 125 Part III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 126

Executive Compensation

Item 11. Executive Compensation 127

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 127

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 128

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 128 Part IV

Exhibits, Financial Statement Schedule

Item 15. Exhibits, Financial Statement Schedule 129

Form 10-K Summary

Item 16. Form 10-K Summary 141 Signatures and Certifications 142 3

Forward-Looking Statements

Forward-Looking Statements Some of the statements under "Business," "Management's Discussion and Analysis of Financial Condition and Results of Operations," and elsewhere in this report may contain forward-looking statements which reflect our current views with respect to future events and financial performance. These forward-looking statements are made within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, or the Exchange Act. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we are including this statement for purposes of complying with these safe harbor provisions. We have based these forward-looking statements on our current expectations and projections about future events, trends and uncertainties. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties and assumptions, including the information discussed under the section entitled "Risk Factors" in this report. In making these statements, we are not undertaking to address or update them in future filings or communications regarding our business or results. Our business is highly complicated, regulated and competitive with many different factors affecting results. PART I

BUSINESS

ITEM 1. BUSINESS General Headquartered in Louisville, Kentucky, Humana Inc. and its subsidiaries, referred to throughout this document as "we," "us," "our," the "Company" or "Humana," is committed to putting health first – for our teammates, our customers, and our company. Through our Humana insurance services, and our CenterWell health care services, we make it easier for the millions of people we serve to achieve their best health – delivering the care and service they need, when they need it. These efforts are leading to a better quality of life for people with Medicare, Medicaid, families, individuals, military service personnel, and communities at large. As of December 31, 2023, we had approximately 17 million members in our medical benefit plans, as well as approximately 5 million members in our specialty products. During 2023, 84% of our total premiums and services revenue were derived from contracts with the federal government, including 14% derived from our individual Medicare Advantage contracts in Florida with the Centers for Medicare and Medicaid Services, or CMS, under which we provide health insurance coverage to approximately 851,300 members as of December 31, 2023. Humana Inc. was organized as a Delaware corporation in 1964. Our principal executive offices are located at 500 West Main Street, Louisville, Kentucky 40202, the telephone number at that address is (502) 580-1000, and our website address is www.humana.com. We have made available free of charge through the Investor Relations section of our web site our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, proxy statements, and, if applicable, amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act, as soon as reasonably practicable after we electronically file such material with, or furnish it to, the Securities and Exchange Commission. This Annual Report on Form 10-K, or 2023 Form 10-K, contains both historical

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View this 10-K filing on SEC EDGAR