Health insurer Humana posted a fourth-quarter loss of $30 million, a nearly 116 percent drop from $192 million in profit in the fourth quarter of 2012.
Humana reported total revenue of about $10.2 billion for the three months ended Dec. 31, a 6.6 percent increase from $9.6 billion in 2012. The insurer's operating expenses also went up by 10.3 percent year-over-year to $10.2 billion. Humana saw its consolidated benefit ratio rise to 85.8 percent, compared with 83.7 percent in 2012. The increase was primarily due to a $243 million charge to strengthen reserves for a block of long-term care policies the insurer no longer sells.
For the year ended Dec. 31, Humana reported $1.23 billion in net income, up 0.7 percent from $1.22 billion in 2012. The company posted $41.3 billion in total revenue in 2013, a 5.6 percent increase from $39.1 billion in 2012. Total operating expenses also rose 5.8 percent to $39.3 billion in 2013.
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