LOUISVILLE, Ky. (AP) — Humana Inc. said Monday that its first-quarter profit fell 21 percent as the health insurer paid out more in claims and beefed up spending to handle expected growth in its lucrative Medicare Advantage membership.
The company, based in Louisville, nudged up its earnings expectations for the full year to a range of $7.55 to $7.75 per share, up from its prior forecast of $7.50 to $7.70 per share.
But the first-quarter results and the increased forecast were short of Wall Street expectations. Its shares fell more than 6 percent in morning trading.
Humana cited favorable claims trends from prior periods in raising its forecast.
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