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- Q1 2025 Medicare Carrier Financials Side-By-Side 🏥
Q1 2025 Medicare Carrier Financials Side-By-Side 🏥
UNH, ELV, CNC, HUM, CVS, CI, MOH Revenues, Loss Ratios, Profits -> Side-by-side
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Here is what you’ll find in this week’s newsletter!
Important links 🔗 - the best articles we found this week about the Medicare Market along with links to Jared’s recent LinkedIn posts.
Deep Dive 📚 - Q1 2025 Medicare Carrier Financials Side-By-Side 🏥
Sponsor Snapshot 🚀 - brought to you by MMI+
Compliance Chatter 📢 - Several new regulations to review!
It’s only a 5 minute read, but it will make you 10x smarter.
Here are IMPORTANT LINKS đź”— for the week:
The United States Files False Claims Act Complaint Against Three National Health Insurance Companies and Three Brokers Alleging Unlawful Kickbacks and Discrimination Against Disabled Americans - (link)
GoHealth’s Statement on Recent Allegations in the United States False Claims Act Complaint - (link)
Sanders introduces Medicare for All - (link)
US Supreme Court sides with HHS in Medicare DSH payments case - (link)
U.S. Senators Introduce Bill to Enable Medicare Reimbursement for AI-Powered Medical Devices - (link)
eHealth Introduces AI Voice Agents to Enhance Customer Experience in Health Plan Selection - (link)
Medicare Supplement Broker Incentives - 2025 Q2 Update - (link)
Average Medicare Supplement Rate Increases Continue Trending Higher in 2025 - (link)
Jared’s recent LinkedIn posts:
DEEP DIVE 📚
Q1 2025 Medicare Carrier Financials Side-By-Side 🏥
In this week’s deep dive, we are looking at publicly traded Medicare carrier Q1 2025 financials side-by-side.
The insurance carriers included in this analysis are all trying to capture a piece of the growing Medicare market (along with other insurance markets), and do so profitably. Here they are:
UnitedHealth Group ( $UNH ( â–Ľ 0.88% ) )
Elevance Health ( $ELV ( â–˛ 0.83% ) )
Centene Corp. ( $CNC ( â–˛ 5.43% ) )
Humana ( $HUM ( â–˛ 0.54% ) )
Molina ( $MOH ( â–˛ 3.42% ) )
CVS ( $CVS ( â–˛ 0.83% ) )
Cigna ( $CI ( â–˛ 0.19% ) )

Aside from Centene and Molina, these carriers have both health insurance operations and healthcare services operations (providers, PBMs, pharmacies, etc.).
Here is the split of Q1 2025 revenues between these two segments for each carrier:

Before comparing results I did want to mention a few newsworthy items from Q1:
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Income Statement & Membership Side-By-Side
To compare and contrast the Q1 2025 results for each carrier, the Income Statement is split between “Insurance Operations” and “Healthcare Service Operations”. The consolidated statement is also displayed.
One Note: Healthcare Service Operations is different for each carrier, but generally includes providers, pharmacies, PBMs, and technology.

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YoY % Change
Here is the % change in key metrics from Q1 2024 to Q1 2025.

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Current Valuation Metrics
Here are current valuation metrics for these carriers:

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Notable Observations
Membership
UNH and ELV both increase Medicare Advantage membership significantly YoY (they were the “winners” of AEP enrollment growth)
Humana and CVS Medicare Advantage membership declined YoY driven by Plan Termination, Service Area Reductions, and benefit reductions
Humana increased Medicare Supplement 30% YoY!
The impact of Cigna’s sale of their Medicare products is flowing through their membership numbers (100% reduction in MA and MS).
Centene grew their PDP membership 22% while paying no commissions
Centene and Molina both grew their Commercial membership
Insurance Operations
Combined, these carriers increased revenues (up 11%), lowered MLRs (down 0.2%), increased operating profits (up 29%), and improved profit margins by 0.7%
Notably, Humana and CVS (the two carriers the reduced MA membership the most) saw the biggest improvement in MLR
United (up 19%), Centene (up 39%), Humana (up 75%) and CVS (up 291%) saw increased profitability in their insurance segments.
Healthcare Services Operations
CVS saw a decline in profitability (down 13%)
All other Companies with Healthcare Service operations increased profitability.
Consolidated Results
Combined revenue up 11%
Elevance and Centene saw the largest increase of 15%
Combined operating profit up 18%
Combined profit margin up 0.3%
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Final Thoughts
Most carriers had a solid Q1.
Insurance ops were strong across the board—higher revenue, better margins, more profit. United and Elevance led the way in MA growth.
Humana and CVS lost members but actually saw insurance profit jump (thanks to tighter benefits and footprint).
Healthcare services were more mixed—CVS stumbled, others improved.
Overall: steady results, but lots to watch heading into the second half of the year.
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