Louisville, Ky.-based Humana more than doubled its net income in the second quarter of fiscal year 2017, driven by improvements in its Medicare Advantage and individual commercial businesses.
The payer recorded net income of $650 million in the three months ended June 30, compared to $311 million in the same period of fiscal year 2016.
Humana's revenue declined 3.4 percent in the second quarter of fiscal year 2017 to $13.5 billion, down from $14 billion reported in the same period a year prior. The company attributed the year-over-year decrease to lower individual commercial segment revenues.
However, the payer's operating expenses also fell in the second quarter of fiscal year 2017 to $12.4 billion, a decrease from $13.3 billion in the second quarter of fiscal year 2016. Humana pointed to the temporary suspension of the ACA's health insurance industry fee in 2017 as reason for the decline.
Humana ended the first six months of fiscal year 2017 with revenue of $1.8 billion compared to $565 million in the first six months of 2016.