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Health insurer Humana reports 21 percent drop in first-quarter net income
LOUISVILLE, Ky. (AP) ' Humana Inc. says its first-quarter net income fell 21 percent as the health insurer's retail and employer group segments had lower profit as it paid out more in claims than a year ago.
But Humana said Monday that its individual Medicare Advantage membership grew by 15 percent in the three-month period.
And the Louisville-based company raised its full-year earnings forecast.
For the three months ended March 31, Humana earned $248 million, or $1.49 per share. That's compared to $315 million, or $1.86 per share, in the same period last year.
Revenue rose 11 percent to $10.2 billion.
Wall Street analysts had expected earnings per share of $1.52 on revenue of $10.14 billion.
Humana's pretax profit in its retail segment fell from $217 million a year ago to $115 million.