2024 Annual Report
Company Profile
Line of Business Profile
|
Membership by Line of Business |
Premium by Line of Business |
88%
Medicaid
5%
Marketplace
7%
Medicare
Historical Highlights
|
Premium Revenue |
Diluted GAAP Net |
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|
($ Millions) |
Income per Share |
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|
'20 |
18,299 |
'20 |
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|
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|
'21 |
26,855 |
'21 |
|
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|
'22 |
||||||||||
|
30,883 |
'22 |
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|
'23 |
'23 |
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|
32,529 |
|
|||||||||
|
'24 |
'24 |
|||||||||
|
38,627 |
|
|||||||||
79%
Medicaid
7%
Marketplace
14%
Medicare
|
Diluted Adjusted Net |
|||||
|
Income per Share |
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|
'20 |
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|
|||||
|
'21 |
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'22 |
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'23 |
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'24 |
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See the reconciliation of GAAP to Adjusted Net Income per
Annual Meeting
The annual meeting of stockholders will be held on
To Our Stockholders:
We are pleased to report that we continued to deliver strong results for all our stakeholders this year, producing pre-tax income margins within our long-term target range while effectively growing premium revenue.
Our management team and our nearly 18,500 associates worked tirelessly in our mission to improve the health and lives of the 5.5 million members we serve by delivering high quality, affordable healthcare. Their commitment is unwavering and drives successes across the enterprise, from serving our existing members, to growing business in existing states, winning new business in new states, and integrating our recently acquired health plans.
We continue to execute our strategy for sustaining profitable growth. We generated 19 percent premium revenue growth that was well balanced between organic growth and bolt-on acquisitions. Our earnings per share fell short of our 2024 guidance primarily due to higher than expected medical costs in our Medicaid and Medicare segments. Our pre-tax margin, however, was squarely within our long- term target range. During the year, we closed the acquisition of the Bright Health California Medicare business, and launched new Medicaid health plans in
“We continue to
execute our strategy for sustaining
profitable growth.”
2024 was also a highly successful year on the Medicaid and Medicare Duals procurement front. In Medicaid, we successfully reprocured contracts in
I am extremely pleased with the momentum we created through our operational and financial successes during 2024. We continue to see sustainable, profitable growth opportunities to expand our pure-play government managed care franchise into 2025 and beyond.
Thank you for your ongoing support and interest in our Company. We are most grateful for the confidence you express in our team and the Company’s mission, as demonstrated by your continued ownership.
Sincerely,
President and Chief Executive Officer
Reconciliation of GAAP to Adjusted Net Income perDiluted Share
|
2024 |
2023 |
2022 |
2021 |
2020 |
|
|
Net Income |
|
|
|
|
|
|
Adjustments: |
|||||
|
Amortization of intangible assets |
1.43 |
1.47 |
1.32 |
0.83 |
0.26 |
|
Acquisition-related expenses (1) |
1.14 |
0.12 |
0.83 |
1.59 |
0.37 |
|
Impairment (2) |
- |
- |
3.56 |
- |
- |
|
Loss (gain) of debt repayment |
- |
- |
- |
0.43 |
0.26 |
|
Marketplace risk corridor judgment |
- |
- |
- |
- |
(2.14) |
|
Other (3) |
0.28 |
1.17 |
- |
0.16 |
0.51 |
|
Subtotal, adjustments |
2.85 |
2.76 |
5.71 |
3.01 |
(0.74) |
|
Income tax effect |
(0.62) |
(0.65) |
(1.34) |
(0.72) |
0.18 |
|
Adjustments, net of tax effect |
2.23 |
2.11 |
4.37 |
2.29 |
(0.56) |
|
Adjusted net income |
|
|
|
|
|
- Reflectsnon-recurring costs associated with acquisitions, including various transaction and certain integration costs.
- Impairment attributable to the Company's plan to reduce its leased real estate footprint.
- 2024 includesnon-recurring litigation. 2023 includes a non-recurring credit loss on 2022 Marketplace risk adjustment receivables due to the insolvency of an issuer in the
Texas risk pool, non-recurring litigation costs and one-time termination benefits. 2022 includes certain non-recurring costs associated with gain on lease termination and disposal of fixed assets. 2021 includes change in premium deficiency reserve, loss on sale of property, and restructuring costs. 2020 includes charitable contribution, premium deficiency reserves, and restructuring costs.
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USD/JPY Analysis: Awaits Fed & BoJ Signals – 17 March 2025
Key Events This Week: Fed, BOJ, BOE And Economic Updates Galore
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