The payer saw revenues dip 3 percent to $13.3 billion in the third quarter ended Sept. 30, compared to $13.7 billion in the third quarter of 2016. Humana’s premium revenue fell 3 percent year over year during this time.
However, the payer’s expenses decreased to $12.4 billion in the third quarter of 2017, down 2.5 percent from $12.7 billion recorded in the same period a year prior. This week, Humana announced it will lay off 1,300 employees as part of the insurer’s growth strategy following its unsuccessful bid to merge with Aetna. Another 1,150 employees accepted voluntary buyouts, which Humana expects to pay out during the next year.
Humana ended the third quarter of this year with net income of $499 million, up nearly 11 percent from $450 million reported in the same period a year prior. Humana attributed the strong performance, in part, to its individual Medicare Advantage business.
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