Humana recorded a net loss in the fourth quarter of 2020, according to financial documents.
Four things to know:
1. Humana said beginning in the latter half of November through the end of the year, it experienced a significant increase in COVID-19 admissions across its markets. However, most of those expenses were offset by a decline in non-COVID-19 medical care. Additional costs included ongoing COVID-19 relief efforts and investments in Humana's care delivery model, the insurer said.
2. The insurer recorded $19.1 billion in revenues in the fourth quarter of 2020, up 17 percent year over year. However, the insurer's fourth-quarter operating expenses outpaced revenues at $19.4 billion, an increase of 21.8 percent year over year.
3. Humana ended the quarter with a $274 million net loss, compared to a $512 million profit in the fourth quarter of 2019. The insurer still ended the year with a $3.4 billion profit, up 24.4 percent from 2019.
4. Humana expects to grow its Medicare Advantage membership by nearly half a million members in 2021.