Group 1 - UnitedHealth Group is accelerating its exit from the Latin American market, having received four non-binding offers for its Banmedica operations in Chile and Colombia, with a transaction value of approximately $1 billion [1] - The company has incurred over $8 billion in losses from its Latin American operations since initiating its exit plan in 2022, primarily due to ongoing losses from its Brazilian subsidiary, Amil, which led to a $7.1 billion impairment loss last year [1] - The new CEO, Steve Hemsley, faces significant pressure as the company's stock price plummeted 25.5% in May and has fallen 40% year-to-date, compounded by an ongoing criminal fraud investigation related to the previous CEO's management [1][2] Group 2 - The Banmedica asset has significantly depreciated since its acquisition, with insurance plan members decreasing from 2.1 million to 1.7 million and the hospital network shrinking from 13 to 7 facilities [2] - UnitedHealth Group acquired Banmedica at a high valuation of 12 times EBITDA in 2018, but continuous losses in Brazil forced the company to withdraw from the country entirely in 2023 [2] - The sale of Banmedica, advised by Brazilian investment bank BTG Pactual, is seen as a critical test for the new CEO's crisis management capabilities amid management turmoil and performance challenges [2]

智通财经5月15日电，联合健康跌超16%，跌至2020年4月以来的最低水平。 ...

金十数据5月15日讯，当地时间5月14日，美国司法部正在对美国联合健康集团展开刑事调查，案件可能 涉及医疗保险欺诈。美国司法部和联合健康集团均尚未就此次调查发表声明。此次调查正值该集团试图 从股市暴跌中恢复之际，此前其财务表现不佳，且集团首席执行官安德鲁·威蒂突然辞职，职位被董事 会主席斯蒂芬·赫姆斯利接任。就在几个月前，该集团旗下联合健康保险公司首席执行官汤普森在纽约 街头被路易吉·曼吉奥内枪杀。 涉医疗保险欺诈 美司法部对联合健康集团展开刑事调查 ...

智通财经5月15日电，联合健康盘后下跌4.5%。美国司法部据悉正在调查联合健康可能存在的刑事欺诈 行为。 ...

【导读】美股涨跌不一，芯片股大爆发，英伟达大涨！一巨头突然暴跌近18% 中国基金报记者 伊万 美东时间5月13日，美股三大指数涨跌不一，道指下跌，但科技股力撑纳指走高，标普500指数已收复年 内跌幅。 美股三大指数涨跌不一 特朗普政府撤销拜登任内AI芯片限制规定，芯片股大爆发！英伟达大涨近6%，已连续两日收涨超5%。 美国健康保险巨头突然暴跌近18%！ 美东时间5月13日，美股市场三大指数涨跌不一，在科技股、芯片股的带领下，纳指、标普收涨，以大 型传统经济公司为主的道指则收跌。 截至收盘，道指跌0.64%，报42140.43点；标普500指数涨0.72%，报5886.55点；纳指涨1.61%，报 19010.08点。纳指、标普500指数已收复年内跌幅。 消息面上，美国总统特朗普表示，国会即将通过历史上最大规模的减税法案。税收减免法案在国会"进 展顺利"，将成为推动美国经济飞跃的火箭。将向对美国征收关税的国家加征关税。股市将会大幅上 涨。药品和制药行业的价格将会降至前所未见的水平。 宏观方面，美国4月通胀数据好于预期。美国4月未季调CPI同比升2.3%，为2021年2月以来新低，预期 升2.4%，前值升2.4% ...

3. 截至发稿，WTI原油涨0.97%，报62.55美元/桶。布伦特原油涨0.82%，报65.49美元/桶。 | ඝ 伦敦布伦特原油 | 2025年7月 | 65.49 | 65.51 | 64.62 | +0.53 | +0.82% | | --- | --- | --- | --- | --- | --- | --- | | ■ WTI原油 | 2025年6月 | 62.55 | 62.56 | 61.65 | +0.60 | +0.97% | 市场消息 关税冲击初现端倪，美国4月CPI预期反弹。美国4月CPI将于今晚公布。市场预测共识显示，美国4月CPI预计环比上涨0.3%， 同比上涨2.4%。剔除食品和能源价格的核心通胀预计上涨0.3%，同比上涨2.8%。此前在三月，由于能源价格走低推动通胀回 落，CPI出现自2020年以来的首次月度下降。多数预测人士表示，美国劳工统计局周二发布的报告将显示上月对中国和其他国 家加征的惩罚性关税的初步影响，但影响可能有限，因为上月美国货架上的许多进口商品是在新关税生效前运抵美国的。美国 银行经济学家指出："由于关税以及相关消费者行为的影响，核心商品通胀可能加速。"美国 ...

Financial Data and Key Metrics Changes - The company reaffirmed its full-year guidance, indicating a strong start to 2025 with Q1 results ahead of plan [5][14] - Adjusted EPS guidance for the year is approximately $16.25, with an expected insurance segment benefit ratio of 90.1% to 90.5% [15][14] - G&A costs for the quarter were slightly better than expectations, attributed to the timing of costs expected in the second and third quarters [11][14] Business Line Data and Key Metrics Changes - The Medicare product and experience maintained membership guidance for 2025, with strong performance in the Open Enrollment Period (OEP) [8] - CenterWell and Medicaid businesses showed robust patient and membership growth, with 30 new centers added through acquisition and partnership [12][14] - The company reported a 30% to 50% reduction year over year in members with weight refills due to medication adherence campaigns [11] Market Data and Key Metrics Changes - The company is seeing strong year-to-date performance in markets with high concentrations of members, particularly in Florida, Illinois, and Texas [41] - Medicaid membership growth is on track, with approximately 100,000 growth year-to-date, aligning with the expected annual growth of 175,000 to 250,000 [74] Company Strategy and Development Direction - The company is focused on operational efficiencies, increasing flexibility, and operating leverage while making investments to improve member outcomes [14] - The integration between the insurance segment and CenterWell is aimed at delivering better health outcomes and improving STARS performance [58][60] - The company is committed to returning to a 3% pre-tax margin in Medicare Advantage (MA) by 2027, with ongoing focus on quality and operational excellence [48][90] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the underlying progress of the business despite external challenges, emphasizing control over medical costs and operational efficiencies [50][52] - The company is monitoring changes in consumer behavior due to the Inflation Reduction Act (IRA) and is prepared for potential impacts on future performance [6][14] - Management highlighted the importance of navigating regulatory headwinds while focusing on controllable factors [51][52] Other Important Information - The company is actively working through STARS strategy and bids, with a focus on balancing membership and margins [32][33] - Recent fulfillment agreements with multiple companies are expected to contribute positively to growth [12][63] Q&A Session Summary Question: How much of your investments moved out of Q1? - Management indicated that most of the impact of incremental investments flowed through the MLR in Q1, with expectations for higher levels in the second through fourth quarters [20] Question: Update on the path to the 3% MA margin target? - Management reiterated focus on achieving the 3% margin, with timing tied to STARS outcomes, and no significant changes from previous communications [23] Question: Update on STARS initiatives and bids? - Management expressed confidence in progress made on STARS initiatives and ongoing work on bids, emphasizing a balanced approach to membership and margins [27][32] Question: Experience in Part D relative to expectations? - Trends in the business are consistent with expectations, with mid-single-digit growth on the medical side and low double-digit growth on the pharmacy side [36] Question: Visibility on risk adjustment and Group MA? - Management reported strong membership changes and visibility into risk adjustment, with no significant behavioral changes noted in Group MA [41][43] Question: Comments on Medicaid visibility and utilization? - Medicaid is performing in line with expectations, with strong growth and positive trends in member engagement and outcomes [75][76] Question: Clarification on GAAP EPS and valuation adjustments? - Management clarified that the adjustment in GAAP EPS guidance is unrelated to structural impairment and is part of a complex calculation [93]

Core Insights - Humana (HUM) is expected to report quarterly earnings of $9.98 per share, reflecting a 38% increase year over year, with revenues projected at $32.22 billion, a 9.8% increase from the previous year [1] - The consensus EPS estimate has been revised upward by 3.4% over the past 30 days, indicating analysts' positive reassessment of the company's performance [1][2] Revenue Estimates - Analysts estimate 'Revenues- Premiums' to be $30.68 billion, representing an 8.6% year-over-year increase [4] - 'Revenues- Services' are projected to reach $1.20 billion, indicating a 12.8% increase year over year [4] - 'Revenues- Investment income (loss)' is expected to be $275.11 million, reflecting a 4.5% decrease year over year [4] - 'Revenue- Insurance' is forecasted to be $31.15 billion, showing an 8.5% increase from the year-ago quarter [5] Membership Metrics - 'Medical Membership - Medicare stand-alone PDP' is expected to reach 2.45 million, up from 2.35 million in the same quarter last year [6] - 'Medical Membership- State-based contracts and other' is projected at 1.5 million, compared to 1.26 million in the previous year [6] - 'Medical Membership - Group Medicare Advantage' is estimated at 557.22 thousand, slightly up from 551.5 thousand year over year [7] - 'Medical Membership - Medicare Supplement' is forecasted at 375.88 thousand, an increase from 323.2 thousand in the previous year [7] - 'Medical Membership - Individual Medicare Advantage' is expected to be 5.2 million, down from 5.55 million year over year [7] - Total 'Medical Membership - Medicare' is projected to reach 8.21 million, down from 8.45 million in the previous year [8] - 'Medical Membership - Military services' is expected to be 5.32 million, down from 5.96 million in the same quarter last year [8] Stock Performance - Humana shares have shown a return of -0.1% over the past month, compared to a -4.3% change in the Zacks S&P 500 composite [9] - The company holds a Zacks Rank 3 (Hold), indicating expected performance in line with the overall market [9]

Financial Data and Key Metrics Changes - In Q1 2025, GAAP diluted earnings per share was $9.61, and adjusted diluted earnings per share was $11.97, reflecting year-over-year growth of more than 10% [25] - Operating revenue for the quarter was $48.8 billion, an increase of over 15%, driven by higher premium yields in the health benefits segment and growth in Medicare Advantage and individual ACA membership [26] - The consolidated benefit expense ratio was 86.4%, an increase of 80 basis points year over year, primarily due to higher cost trends in the Medicaid business [27] Business Line Data and Key Metrics Changes - Medicaid membership is progressing with rate alignment, and the long-term care model is delivering better outcomes at lower costs [16][17] - Medicare Advantage performance was consistent with expectations, with strong retention and disciplined growth [17] - The health benefits operating gain was $2.2 billion, slightly declining due to higher Medicaid costs, while Calon's operating gain grew 34% to $1.1 billion [29] Market Data and Key Metrics Changes - Individual ACA membership grew approximately 11% sequentially, but a moderation in membership is anticipated in Q2 due to lower effectuation rates [25][56] - The company is expanding into three new states to build lifetime value through coordinated ACA and Medicaid coverage [19] Company Strategy and Development Direction - The company is focused on transforming healthcare experiences to be simpler, more affordable, and more human, with sustained investments in patient advocacy solutions and digital platforms [9][10] - Elevance Health is expanding its value-based oncology care model to Medicare Advantage, following success in the commercial sector [12] - The company aims to deepen collaboration with providers and close gaps in care through risk-based arrangements, which have driven nearly $100 in per member per month savings [14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term outlook for Medicare Advantage, emphasizing strong retention and targeted growth [17] - The operating environment remains elevated, but the company is managing costs effectively and expects to see stabilization in Medicaid margins later in the year [117] - Management reiterated guidance for adjusted diluted earnings per share to be in the range of $34.15 to $34.85 [33] Other Important Information - Elevance Health was recognized as one of Fortune's 100 Best Companies to Work For and included in the Just 100 by Just Capital, reflecting its commitment to values and impact [22] - The company repurchased 2.2 million shares of common stock for approximately $880 million, demonstrating confidence in its intrinsic value [33] Q&A Session Summary Question: Concerns regarding Medicare Advantage trends - Management indicated that Medicare costs remain elevated but manageable, with no material changes in expectations [39][41] Question: Growth in Carillon Services - Carillon Services experienced over 60% growth, with strong internal and external expansion [47] Question: Effectuation rates and membership attrition - Membership attrition is projected in the mid-single digit percent range in early Q2, with expectations for stabilization thereafter [57] Question: Medicaid MLR margin trends - Medicaid trends remain elevated but decelerated as expected, with improvements anticipated in the latter half of the year [117] Question: Part D and IRA impact - Changes from the Inflation Reduction Act are expected to shift the seasonality pattern for Part D, resulting in stronger financial performance in earlier quarters [68][70] Question: New member engagement strategy - The company is focused on early engagement with new members to ensure timely care and accurate health assessments [93] Question: Group MA trends - Utilization patterns for Group MA do not indicate any meaningful acceleration in cost trends compared to expectations [133]