Danske Bank A/S
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Financials : Banks | Mid Cap Value
Based in Denmark
Company profile

Danske Bank A/S is engaged in providing payment services, trading in securities and other instruments, depositing of surplus liquidity and provision of short- and long-term financing. Its segments include Personal Banking, Business Banking, Corporates & Institutions, Wealth Management, Northern Ireland, Non-core and Other Activities. The Personal Banking segment provides personal advice that addresses its customers' individual needs. The Business Banking segment offers solutions within financing, investing, cash management and risk management. The Corporates & Institutions segment provides strategic advice, financial solutions and products. The Wealth Management segment offers a range of products and services within pension savings and wealth and asset management. The Northern Ireland segment serves personal and business customers. The Non-core segment consists of loans to customers in Ireland. The Bank's Other Activities include its treasury and support functions.

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1,706

Humana Reports First Quarter 2020 Financial Results Including Proactive Actions Taken During Pandemic

6:30 am ET April 29, 2020 (BusinessWire) Print

Humana Inc. (NYSE: HUM) moved quickly during the first quarter of 2020 to ease some of the burden associated with the outbreak of the novel coronavirus, COVID-19, including assisting its employees to transition to work at home, alleviating financial and healthcare concerns for members, and supporting providers. The company has taken several proactive steps to be a part of the solution, including waiving costs associated with the diagnostic testing and treatment of COVID-19, expanding access to telehealth services, and simplifying and expediting claims processing for providers to promote the speed of reimbursement payments. In addition, the company contributed $50 million to the Humana Foundation to advance COVID-19 relief efforts.

The net financial impact of COVID-19 was not material to Humana's results of operations during the first quarter of 2020. With the emergence of stay-at-home and physical distancing orders and other restrictions on movement and economic activity intended to reduce the spread of COVID-19 during the second half of March 2020, the company experienced lower hospital admissions and utilization as members and providers began to defer non-essential procedures. The deferral of non-essential procedures was offset by an increase in pharmacy costs as a result of the company's decision to permit early prescription refills to allow members to prepare for extended supply needs and the impact of other COVID-19 specific administrative costs, including the contribution to the Humana Foundation.

Humana has seen the trend of lower utilization persist into the second quarter of 2020 and it expects that deferred non-essential procedures will return in the coming weeks and months, although a number of significant variables make the timing and impact of this recovery uncertain. As the progression of the COVID-19 pandemic continues, Humana will continue to monitor the impact on the company and all of its stakeholders and adjust its response accordingly, proactively leveraging its integrated care delivery model to best serve its members, partnering with federal and state governments to develop comprehensive and actionable plans for recovery and re-entry, minimizing the impact on its provider partners, and advancing the long-term sustainability of the company and the healthcare system.

"From the outset of the COVID-19 crisis, we've been proactive in assisting our employees, members, and providers by improving access to healthcare and easing burdens associated with finances and daily living needs," said Bruce D. Broussard, Humana's President and Chief Executive Office. "As we begin the re-entry phase, we will remain focused on serving our vulnerable populations, including over eight million Medicare beneficiaries, and recognize that safety, and particularly consumer confidence in the ability to once again safely begin using the healthcare system, are top of mind with everyone, and we play a pivotal role in ensuring both. We will continue to expand our relief efforts, like the proactive outreach we started last month to our most vulnerable members that, to date, have included fulfilling orders for over half a million meals and closing approximately 630,000 gaps in care. Humana stands ready to be a strong and willing partner to federal, state and local governments, and community nonprofits, building on what we learned during the crisis to reshape the healthcare system so it's ready and able to provide broader access to care, and to proactively manage more comprehensive health and lifestyle needs."

Summary of Quarterly Results

Humana today reported consolidated pretax income and diluted earnings per common share (EPS) for the quarter ended March 31, 2020 (1Q20) versus the quarter ended March 31, 2019 (1Q19) as follows.

Consolidated income before income taxes and equity in earnings (pretax income) In millions                           1Q20 (a)                        1Q19 (b)
-------------------------------------------------------------------------------------------------------- ------------------------------  ------------------------------
Generally Accepted Accounting Principles (GAAP)                                                                $717         $746  
-------------------------------------------------------------------------------------------------------- ---------- -------------------- ---------- --------------------
Amortization associated with identifiable intangibles                                                            21           18  
-------------------------------------------------------------------------------------------------------- ---------- -------------------- ---------- --------------------
Put/call valuation adjustments associated with company's non-consolidating minority interest investments        297           39  
-------------------------------------------------------------------------------------------------------- ---------- -------------------- ---------- --------------------
Adjusted (non-GAAP)                                                                                          $1,035         $803  
-------------------------------------------------------------------------------------------------------- ---------- -------------------- ---------- --------------------
                                                                                                    
                                                                                                    
Diluted earnings per common share (EPS)                                                                              1Q20 (a)                        1Q19 (b)
-------------------------------------------------------------------------------------------------------- ------------------------------  ------------------------------
GAAP                                                                                                          $3.56        $4.16  
-------------------------------------------------------------------------------------------------------- ---------- -------------------- ---------- --------------------
Amortization associated with identifiable intangibles                                                          0.12         0.10  
-------------------------------------------------------------------------------------------------------- ---------- -------------------- ---------- --------------------
Put/call valuation adjustments associated with company's non-consolidating minority interest investments       1.72         0.22  
-------------------------------------------------------------------------------------------------------- ---------- -------------------- ---------- --------------------
The company has included financial measures throughout this earnings release that are not in accordance with GAAP. Management believes that these measures, when presented in conjunction with the comparable GAAP measures, are useful to both management and its investors in analyzing the company's ongoing business and operating performance. Consequently, management uses these non-GAAP (Adjusted) financial measures as indicators of the company's business performance, as well as for operational planning and decision making purposes. Non-GAAP (Adjusted) financial measures should be considered in addition to, but not as a substitute for, or superior to, financial measures prepared in accordance with GAAP. All financial measures in this press release are in accordance with GAAP unless otherwise indicated. Please refer to the footnotes for a detailed description of each item adjusted out of GAAP financial measures to arrive at a non-GAAP (Adjusted) financial measure.

GAAP and Adjusted pretax income and EPS results for 1Q20 exceeded management's expectations driven by solid results across each of the company's segments, led by strong Medicare Advantage earnings. As noted above, the net financial impact of COVID-19 was not material to Humana's results of operations during 1Q20.

Please refer to the tables above, as well as the consolidated and segment highlight sections in the detailed earnings release for additional discussion of the factors impacting the year-over-comparisons.

In addition, below is a summary of key consolidated and segment statistics comparing 1Q20 to 1Q19.

Humana Inc. Summary of Quarterly Results              1Q20 (a)             1Q19 (b)
(dollars in millions, except per share amounts)
----------------------------------------------- -------------------  -------------------
Consolidated results:                              
----------------------------------------------- -------------------  -------------------
Revenues - GAAP                                              $18,935              $16,107
----------------------------------------------- -------------------  -------------------
Pretax income - GAAP                                            $717                 $746
----------------------------------------------- -------------------  -------------------
Pretax income - Adjusted                                      $1,035                 $803
----------------------------------------------- -------------------  -------------------
EPS - GAAP                                                     $3.56                $4.16
----------------------------------------------- -------------------  -------------------
EPS - Adjusted                                                 $5.40                $4.48
----------------------------------------------- -------------------  -------------------
Benefits expense ratio - GAAP                                  85.1%                86.2%
----------------------------------------------- -------------------  -------------------
Operating cost ratio - GAAP                                    11.3%                10.4%
----------------------------------------------- -------------------  -------------------
Operating cash flows - GAAP                                     $474                 $896
----------------------------------------------- -------------------  -------------------
Parent company cash and short term investments                $2,353                 $721
----------------------------------------------- -------------------  -------------------
Debt-to-total capitalization                                   39.2%                36.0%
----------------------------------------------- -------------------  -------------------
Retail segment results:                            
----------------------------------------------- -------------------  -------------------
Revenues - GAAP                                              $16,762              $14,013
----------------------------------------------- -------------------  -------------------
Benefits expense ratio - GAAP                                  86.6%                88.3%
----------------------------------------------- -------------------  -------------------
Operating cost ratio - GAAP                                     9.2%                 8.2%
----------------------------------------------- -------------------  -------------------
Segment earnings - GAAP                                         $685                 $465
----------------------------------------------- -------------------  -------------------
Segment earnings - Adjusted                                     $689                 $469
----------------------------------------------- -------------------  -------------------
Group and Specialty segment results:               
----------------------------------------------- -------------------  -------------------
Revenues - GAAP                                               $1,865               $1,887
----------------------------------------------- -------------------  -------------------
Benefits expense ratio - GAAP                                  79.1%                76.4%
----------------------------------------------- -------------------  -------------------
Operating cost ratio - GAAP                                    23.1%                21.9%
----------------------------------------------- -------------------  -------------------
Segment earnings - GAAP                                         $105                 $165
----------------------------------------------- -------------------  -------------------
Segment earnings - Adjusted                                     $106                 $166
----------------------------------------------- -------------------  -------------------
Healthcare Services segment results:               
----------------------------------------------- -------------------  -------------------
Revenues - GAAP                                               $7,085               $6,098
----------------------------------------------- -------------------  -------------------
Operating cost ratio - GAAP                                    96.0%                96.6%
----------------------------------------------- -------------------  -------------------
Segment earnings - GAAP                                         $250                 $175
----------------------------------------------- -------------------  -------------------

2020 Earnings Guidance

Humana is revising its GAAP EPS guidance range for the year ending December 31, 2020 (FY 2020) to $16.04 to $16.54 from the previous range of $17.76 to $18.26, reflecting the 1Q20 impact of the company's non-consolidating minority interest put/call valuation adjustments. While acknowledging the inherent uncertainty surrounding the ongoing crisis, Humana is maintaining its FY 2020 Adjusted EPS range of $18.25 to $18.75. For comparison, FY 2020 GAAP and Adjusted EPS guidance is detailed below along with GAAP and Adjusted results for the year ended December 31, 2019 (FY 2019).

The company is revising its net membership growth estimate for its individual Medicare Advantage products now expecting growth in a range of 300,000 to 350,000 members for FY 2020 compared to the previous guidance growth range of 270,000 to 330,000 members. This anticipated increase in 2020 represents year-over-year growth of approximately 9 percent at the midpoint of the guidance range.

The company is also reiterating its expectations for group Medicare Advantage net membership gains for FY 2020, projecting an increase of approximately 90,000 members year over year.

For its stand-alone PDP business, Humana continues to estimate a net membership decline of approximately 550,000 members for FY 2020.

Given the likelihood of significant variability of results by financial statement line item (and related ratios), Humana is withdrawing its additional detailed guidance that was initially provided as part of the company's fourth quarter 2019 earnings release dated February 5, 2020.

                                    Diluted earnings per common share                                         FY 2020              FY 2019 (e)
                                                                                                           Guidance (d)
-------------------------------------------------------------------------------------------------------- ---------------- --------------------------
GAAP                                                                                                     $16.04 to $16.54 $20.10  
-------------------------------------------------------------------------------------------------------- ---------------- ------ --------------------
Amortization of identifiable intangibles                                                                             0.49   0.40  
-------------------------------------------------------------------------------------------------------- ---------------- ------ --------------------
Put/call valuation adjustments associated with company's non-consolidating minority interest investments             1.72  (2.89 )
-------------------------------------------------------------------------------------------------------- ---------------- ------ --------------------
Charges associated with workforce optimization                                                                          -   0.26  
-------------------------------------------------------------------------------------------------------- ---------------- ------ --------------------

2021 Rate Notice

On April 6, 2020, CMS published its Announcement of Calendar Year 2021 Medicare Advantage Capitation Rates and Part C and Part D Payment Policies (the Final Rate Notice). The company expects the Final Rate Notice to result in a 1.20 percent(f) rate increase for non end stage renal disease (ESRD) Medicare Advantage business, excluding the impact of Employer Group Waiver Plan (EGWP) funding changes. The company's 1.20 percent rate increase compares to CMS' estimate for the sector of 1.66 percent on a comparable basis, with the variance primarily driven by county rebasing and the company's geographic footprint. CMS also establishes separate rates of payment for ESRD beneficiaries enrolled in Medicare Advantage plans. The company expects the Final Rate Notice to result in a 3.7 percent rate increase in 2021 for ESRD beneficiaries. The company's estimate of 3.7 percent is slightly higher than CMS' 3.6 percent which is also impacted by the company's geographic footprint.

Detailed Press Release

Humana's full earnings press release including the statistical pages has been posted to the company's Investor Relations site and may be accessed at https://humana.gcs-web.com/ or via a current report on Form 8-K filed by the company with the Securities and Exchange Commission this morning (available at www.sec.gov or on the company's website).

Conference Call

Humana will host a conference call at 10:00 a.m. Eastern time today to discuss its financial results for the quarter and the company's expectations for future earnings.

All parties interested in the company's 1Q20 earnings conference call are invited to dial 888-625-7430. No password is required. The audio-only webcast of the 1Q20 earnings call may be accessed via Humana's Investor Relations page at humana.com. The company suggests participants for both the conference call and those listening via the web dial in or sign on at least 15 minutes in advance of the call.

For those unable to participate in the live event, the archive will be available in the Historical Webcasts and Presentations section of the Investor Relations page at humana.com, approximately two hours following the live webcast. Telephone replays will also be available from approximately 1:15 p.m. Eastern time on April 29, 2020 until 10:59 p.m. Eastern time on June 29, 2020 and can be accessed by dialing 855-859-2056 and providing the conference ID #7592196.

Footnotes

(a) 1Q20 Adjusted results exclude the following:

Amortization expense for identifiable intangibles of approximately $21 million pretax income, or $0.12 per diluted common share; GAAP measures affected in this release include consolidated pretax, EPS, and segment earnings (for respective amortization expense for the Retail and Group and Specialty segments). Put/call valuation adjustments of approximately $297 million, or $1.72 per diluted common share, associated with Humana's non-consolidating minority interest investments. GAAP measures affected in this release include consolidated pretax and EPS.

(b) 1Q19 Adjusted results exclude the following:

Amortization expense for identifiable intangibles of approximately $18 million pretax, or $0.10 per diluted common share; GAAP measures affected in this release include consolidated pretax, EPS, and segment earnings (for respective amortization expense for the Retail and Group and Specialty segments). Put/call valuation adjustments of approximately $39 million, or $0.22 per diluted common share, associated with Humana's non-consolidating minority interest investments. GAAP measures affected in this release include consolidated pretax and EPS.

(c) The Healthcare Services segment Adjusted EBITDA includes GAAP segment earnings with adjustments to add back depreciation and amortization expense, interest expense, and income taxes. The Adjusted EBITDA includes results from all lines of business within the segment. The Adjusted EBITDA also includes the impact of Humana's 40% minority interest in Kindred at Home and the strategic partnership with Welsh, Carson, Anderson & Stowe (WCAS) to develop and operate senior-focused, payor-agnostic, primary care centers.

(d) FY 2020 Adjusted EPS projections exclude the following:

Amortization expense for identifiable intangibles of approximately $0.49 per diluted common share. Put/call valuation adjustments of $1.72 per diluted common share related to Humana's non-consolidating minority interest investments. FY20 GAAP EPS guidance excludes the impact of future value changes of put/call options related to Humana's non-consolidating minority interest investments. The future value change of these put/call options cannot be estimated.

(e) FY 2019 Adjusted results exclude the following:

Amortization expense for identifiable intangibles of approximately $70 million pretax income, or $0.40 per diluted common share. Put/call valuation adjustments of approximately $506 million, or $2.89 per diluted common share, associated with Humana's non-consolidating minority interest investments. Expense associated with involuntary workforce reduction of approximately $47 million pretax, or $0.26 per diluted common share.

(f) Excludes estimates of changes in revenues associated with increased accuracy of risk coding.

Cautionary Statement

This news release includes forward-looking statements regarding Humana within the meaning of the Private Securities Litigation Reform Act of 1995. When used in investor presentations, press releases, Securities and Exchange Commission (SEC) filings, and in oral statements made by or with the approval of one of Humana's executive officers, the words or phrases like "expects," "believes," "anticipates," "intends," "likely will result," "estimates," "projects" or variations of such words and similar expressions are intended to identify such forward-looking statements.

These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, and assumptions, including, among other things, information set forth in the "Risk Factors" section of the company's SEC filings, a summary of which includes but is not limited to the following:

If Humana does not design and price its products properly and competitively, if the premiums Humana receives are insufficient to cover the cost of healthcare services delivered to its members, if the company is unable to implement clinical initiatives to provide a better healthcare experience for its members, lower costs and appropriately document the risk profile of its members, or if its estimates of benefits expense are inadequate, Humana's profitability could be materially adversely affected. Humana estimates the costs of its benefit expense payments, and designs and prices its products accordingly, using actuarial methods and assumptions based upon, among other relevant factors, claim payment patterns, medical cost inflation, and historical developments such as claim inventory levels and claim receipt patterns. The company continually reviews estimates of future payments relating to benefit expenses for services incurred in the current and prior periods and makes necessary adjustments to its reserves, including premium deficiency reserves, where appropriate. These estimates, however, involve extensive judgment, and have considerable inherent variability because they are extremely sensitive to changes in claim payment patterns and medical cost trends, so any reserves the company may establish, including premium deficiency reserves, may be insufficient. If Humana fails to effectively implement its operational and strategic initiatives, particularly its Medicare initiatives and state-based contract strategy, the company's business may be materially adversely affected, which is of particular importance given the concentration of the company's revenues in these products. In addition, there can be no assurances that the company will be successful in maintaining or improving its Star ratings in future years. If Humana fails to properly maintain the integrity of its data, to strategically implement new information systems, to protect Humana's proprietary rights to its systems, or to defend against cyber-security attacks or prevent other privacy or data security incidents that result in security breaches that disrupt our operations or in the unintended dissemination of sensitive personal information or proprietary or confidential information, the company's business may be materially adversely affected. Humana is involved in various legal actions, or disputes that could lead to legal actions (such as, among other things, provider contract disputes and qui tam litigation brought by individuals on behalf of the government), governmental and internal investigations, and routine internal review of business processes any of which, if resolved unfavorably to the company, could result in substantial monetary damages or changes in its business practices. Increased litigation and negative publicity could also increase the company's cost of doing business. As a government contractor, Humana is exposed to risks that may materially adversely affect its business or its willingness or ability to participate in government healthcare programs including, among other things, loss of material government contracts, governmental audits and investigations, potential inadequacy of government determined payment rates, potential restrictions on profitability, including by comparison of profitability of the company's Medicare Advantage business to non-Medicare Advantage business, or other changes in the governmental programs in which Humana participates. Changes to the risk-adjustment model utilized by CMS to adjust premiums paid to Medicare Advantage, or MA, plans according to the health status of covered members, including proposed changes to the methodology used by CMS for risk adjustment data validation audits that fail to address adequately the statutory requirement of actuarial equivalence, if implemented, could have a material adverse effect on our operating results, financial position and cash flows. Humana's business activities are subject to substantial government regulation. New laws or regulations, or legislative, judicial, or regulatory changes in existing laws or regulations or their manner of application could increase the company's cost of doing business and have a material adverse effect on Humana's results of operations (including restricting revenue, enrollment and premium growth in certain products and market segments, restricting the company's ability to expand into new markets, increasing the company's medical and operating costs by, among other things, requiring a minimum benefit ratio on insured products, lowering the company's Medicare payment rates and increasing the company's expenses associated with a non-deductible health insurance industry fee and other assessments); the company's financial position (including the company's ability to maintain the value of its goodwill); and the company's cash flows. Humana's failure to manage acquisitions, divestitures and other significant transactions successfully may have a material adverse effect on the company's results of operations, financial position, and cash flows. If Humana fails to develop and maintain satisfactory relationships with the providers of care to its members, the company's business may be adversely affected. Humana's pharmacy business is highly competitive and subjects it to regulations in addition to those the company faces with its core health benefits businesses. Changes in the prescription drug industry pricing benchmarks may adversely affect Humana's financial performance. If Humana does not continue to earn and retain purchase discounts and volume rebates from pharmaceutical manufacturers at current levels, Humana's gross margins may decline. Humana's ability to obtain funds from certain of its licensed subsidiaries is restricted by state insurance regulations. Downgrades in Humana's debt ratings, should they occur, may adversely affect its business, results of operations, and financial condition. The securities and credit markets may experience volatility and disruption, which may adversely affect Humana's business. The spread of, and response to, the novel coronavirus, or COVID-19, underscores certain risks Humana faces, including those discussed above, and the rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact to Humana of COVID-19. In December 2019, a novel strain of coronavirus (COVID-19) was reported to have surfaced in Wuhan, China. COVID-19 has since spread to over 200 countries, including every state in the United States. On March 11, 2020 the World Health Organization declared COVID-19 a pandemic, and on March 13, 2020 the United States declared a national emergency with respect to COVID-19. Governmental and non-governmental organizations may not effectively combat the spread and severity of COVID-19, increasing the potential for harm for Humana's members. If the spread of COVID-19 is not contained, the premiums the company charges may prove to be insufficient to cover the cost of health care services delivered to its members, which may increase significantly as a result of higher utilization rates of medical facilities and services and other increases in associated hospital and pharmaceutical costs. Over time, Humana may also experience increased costs or decreased revenues if, as a result of the company's members being unable to see their providers due to actions taken to mitigate the spread of COVID-19, Humana is unable to implement clinical initiatives to manage health care costs and chronic conditions of its members, and appropriately document their risk profiles. In addition, Humana is offering its members expanded benefit coverage, such as providing full coverage for COVID-19 diagnostic testing and treatment, certain additional coverages have been mandated by governmental action, and Humana is taking actions designed to help provide financial and administrative relief for the health care provider community. Such measures and any further steps taken by Humana, or governmental action, to expand or otherwise modify the services delivered to its members, provide relief for the health care provider community, or in connection with the relaxation of stay-at-home and physical distancing orders and other restrictions on movement and economic activity intended to reduce the spread of COVID-19, including the potential for widespread testing as a component of lifting these measures, could adversely impact the company's profitability. The spread of COVID-19, or actions taken to mitigate this spread, could have material and adverse effects on Humana's ability to operate effectively, including as a result of the complete or partial closure of facilities or labor shortages. Disruptions in public and private infrastructure, including communications, financial services and supply chains, could materially and adversely disrupt the company's normal business operations. Humana has transitioned a significant subset of its employee population to a remote work environment in an effort to mitigate the spread of COVID-19, as have a number of the company's third-party service providers, which may exacerbate certain risks to Humana's business, including an increased demand for information technology resources, increased risk of phishing and other cybersecurity attacks, and increased risk of unauthorized dissemination of sensitive personal information or proprietary or confidential information about the company or its members or other third-parties. The outbreak of COVID-19 has severely impacted global economic activity, including the businesses of some of Humana's commercial customers, and caused significant volatility and negative pressure in the financial markets. In addition to disrupting Humana's operations, these developments may adversely affect the timing of commercial customer premium collections and corresponding claim payments as well as the value of the company's investment portfolio. The rapid development and fluidity of this situation precludes any prediction as to the ultimate adverse impact to Humana of COVID-19. Humana is continuing to monitor the spread of COVID-19, changes to the company's benefit coverages, the ongoing costs and business impacts of dealing with COVID-19, including the potential costs associated with lifting restrictions on movement and economic activity and ultimately a vaccine, and related risks. The magnitude and duration of the pandemic and its impact on Humana's business, results of operations, financial position, and cash flows is uncertain as this continues to evolve globally, but such impacts could be material to the company's business, results of operations, financial position and cash flows.

In making forward-looking statements, Humana is not undertaking to address or update them in future filings or communications regarding its business or results. In light of these risks, uncertainties, and assumptions, the forward-looking events discussed herein may or may not occur. There also may be other risks that the company is unable to predict at this time. Any of these risks and uncertainties may cause actual results to differ materially from the results discussed in the forward-looking statements.

Humana advises investors to read the following documents as filed by the company with the SEC for further discussion both of the risks it faces and its historical performance:

Form 10-K for the year ended December 31, 2019; and Form 8-Ks filed during 2020.

About Humana

Humana Inc. (NYSE: HUM) is committed to helping our millions of medical and specialty members achieve their best health. Our successful history in care delivery and health plan administration is helping us create a new kind of integrated care with the power to improve health and well-being and lower costs. Our efforts are leading to a better quality of life for people with Medicare, families, individuals, military service personnel, and communities at large.

To accomplish that, we support physicians and other health care professionals as they work to deliver the right care in the right place for their patients, our members. Our range of clinical capabilities, resources and tools - such as in-home care, behavioral health, pharmacy services, data analytics and wellness solutions - combine to produce a simplified experience that makes health care easier to navigate and more effective.

More information regarding Humana is available to investors via the Investor Relations page of the company's website at humana.com, including copies of:

Annual reports to stockholders Securities and Exchange Commission filings Most recent investor conference presentations Quarterly earnings news releases and conference calls Calendar of events Corporate Governance information

View source version on businesswire.com: https://www.businesswire.com/news/home/20200429005220/en/

SOURCE: Humana Inc.

Amy Smith
Humana Investor Relations
(502) 580-2811
e-mail: Amysmith@humana.com 

Kelley Murphy
Humana Corporate Communications
(502) 224-1755
e-mail: Kmurphy26@humana.com

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