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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE
    SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 1-5975
HUMANA INC.
(Exact name of registrant as specified in its charter)
Delaware61-0647538
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)
500 West Main Street
Louisville, Kentucky 40202
(Address of principal executive offices, including zip code)
(502) 580-1000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Common stock, $0.16 2/3 par valueHUMNew York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).    Yes  ☐    No  ☒
Indicate the number of shares outstanding of each of the issuer’s classes of common stock as of the latest practicable date.
Class of Common Stock
Outstanding at September 30, 2024
$0.16 2/3 par value120,411,343 shares

Humana Inc.
FORM 10-Q
SEPTEMBER 30, 2024
INDEX
 Page
Part I: Financial Information
Item 1.Financial Statements
Condensed Consolidated Balance Sheets (Unaudited) at September 30, 2024 and December 31, 2023
Condensed Consolidated Statements of Income (Unaudited) for the three and nine months ended September 30, 2024 and 2023
Condensed Consolidated Statements of Comprehensive Income (Unaudited) for the three and nine months ended September 30, 2024 and 2023
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) for the three and nine months ended September 30, 2024 and 2023
Condensed Consolidated Statements of Cash Flows (Unaudited) for the nine months ended September 30, 2024 and 2023
Notes to Condensed Consolidated Financial Statements (Unaudited)
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures about Market Risk
Item 4.Controls and Procedures
Part II: Other Information
Item 1.Legal Proceedings
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 3.Defaults Upon Senior Securities
Item 4.Mine Safety Disclosures
Item 5.Other Information
Item 6.Exhibits
Signatures
Certifications


Humana Inc.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
September 30,
2024		December 31, 2023
(in millions, except share amounts)
ASSETS
Current assets:
Cash and cash equivalents$5,116 $4,694 
Investment securities19,033 16,626 
Receivables, net of allowances of $93 in 2024
    and $88 in 2023
2,144 2,035 
Other current assets6,633 6,631 
Total current assets32,926 29,986 
Property and equipment, net2,693 3,030 
Long-term investment securities400 382 
Equity method investments729 740 
Goodwill9,590 9,550 
Other long-term assets3,669 3,377 
Total assets$50,007 $47,065 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Benefits payable$11,125 $10,241 
Trade accounts payable and accrued expenses5,915 6,569 
Book overdraft356 353 
Unearned revenues195 266 
Short-term debt1,136 1,443 
Total current liabilities18,727 18,872 
Long-term debt11,886 10,213 
Other long-term liabilities1,770 1,662 
Total liabilities32,383 30,747 
Commitments and Contingencies (Note 13)
Stockholders’ equity:
Preferred stock, $1 par; 10,000,000 shares authorized; none issued
— — 
Common stock, $0.16 2/3 par; 300,000,000 shares authorized;
  198,718,810 shares issued at September 30, 2024 and 198,690,082 shares issued at December 31, 2023
33 33 
Capital in excess of par value3,471 3,346 
Retained earnings29,118 27,540 
Accumulated other comprehensive loss(653)(999)
Treasury stock, at cost, 78,307,467 shares at September 30, 2024 and
    76,465,862 shares at December 31, 2023
(14,404)(13,658)
Total stockholders' equity17,565 16,262 
Noncontrolling interests59 56 
Total equity17,624 16,318 
Total liabilities and equity$50,007 $47,065 

See accompanying notes to condensed consolidated financial statements.

3

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
 
Three months ended September 30,Nine months ended September 30,
 2024202320242023
 (in millions, except per share results)
Revenues:
Premiums$27,951 $25,099 $84,354 $76,144 
Services1,103 1,016 3,265 2,993 
Investment income343 308 929 775 
Total revenues29,397 26,423 88,548 79,912 
Operating expenses:
Benefits25,120 21,745 75,283 65,612 
Operating costs3,339 3,271 9,529 9,361 
Depreciation and amortization210 201 631 578 
Total operating expenses28,669 25,217 85,443 75,551 
Income from operations728 1,206 3,105 4,361 
Interest expense169 114 496 347 
Other (income) expense, net(92)(6)26 40 
Income before income taxes and equity in net losses651 1,098 2,583 3,974 
Provision for income taxes155 256 629 911 
Equity in net losses(16)(12)(57)(39)
Net income$480 $830 $1,897 $3,024 
Net loss attributable to noncontrolling interests— 2 3 6 
Net income attributable to Humana$480 $832 $1,900 $3,030 
Basic earnings per common share$3.99 $6.74 $15.76 $24.37 
Diluted earnings per common share$3.98 $6.71 $15.72 $24.26 
See accompanying notes to condensed consolidated financial statements.

4

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
Three months ended September 30,Nine months ended September 30,
 2024202320242023
 (in millions)
Net income attributable to Humana$480 $832 $1,900 $3,030 
Other comprehensive income (loss):
Change in gross unrealized investment (losses) gains619 (365)458 (314)
Effect of income taxes(142)85 (104)73 
Total change in unrealized investment (losses) gains, net of tax477 (280)354 (241)
Reclassification adjustment for net realized losses (gains)(10)3 (10)56 
Effect of income taxes2 — 2 (14)
Total reclassification adjustment, net of tax(8)3 (8)42 
Other comprehensive (loss) income, net of tax469 (277)346 (199)
Comprehensive income attributable to Humana$949 $555 $2,246 $2,831 
See accompanying notes to condensed consolidated financial statements.

5

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)
 Common StockCapital In
Excess of
Par Value		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total Stockholders' EquityNoncontrolling InterestsTotal
Equity
 Issued
Shares		Amount
(dollars in millions, share amounts in thousands)
Three months ended September 30, 2024
Balances, June 30, 2024198,719 $33 $3,420 $28,745 $(1,122)$(14,405)$16,671 $57 $16,728 
Net income480 480 — 480 
Distribution from noncontrolling interest holders, net2 2 
Other comprehensive income469 469 469 
Common stock repurchases— (1)(1)(1)
Dividends and dividend
   equivalents		— (107)(107)(107)
Stock-based compensation53 53 53 
Restricted stock unit vesting— — (2)2 — — 
Balances, September 30, 2024198,719 $33 $3,471 $29,118 $(653)$(14,404)$17,565 $59 $17,624 
Three months ended September 30, 2023
Balances, June 30, 2023198,690 $33 $3,313 $27,468 $(1,226)$(12,754)$16,834 $57 $16,891 
Net income832 832 (2)830 
Other comprehensive loss(277)(277)(277)
Common stock repurchases— (383)(383)(383)
Dividends and dividend
   equivalents		— (109)(109)(109)
Stock-based compensation53 53 53 
Restricted stock unit vesting— — (3)3 — — 
Stock option exercises— — (1)— (1)(1)
Balances, September 30, 2023198,690 $33 $3,362 $28,191 $(1,503)$(13,134)$16,949 $55 $17,004 
See accompanying notes to condensed consolidated financial statements.
















6

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY—(Continued)
(Unaudited)
 Common StockCapital In
Excess of
Par Value		Retained
Earnings		Accumulated
Other
Comprehensive
Loss		Treasury
Stock		Total Stockholders' EquityNoncontrolling InterestsTotal
Equity
 Issued
Shares		Amount
(dollars in millions, share amounts in thousands)
Nine months ended September 30, 2024
Balances, December 31, 2023198,690 $33 $3,346 $27,540 $(999)$(13,658)$16,262 $56 $16,318 
Net income1,900 1,900 (3)1,897 
Distribution from noncontrolling interest holders, net— 6 6 
Other comprehensive income346 346 346 
Common stock repurchases— (774)(774)(774)
Dividends and dividend
   equivalents		— (322)(322)(322)
Stock-based compensation153 153 153 
Restricted stock unit vesting29 — (28)28 — — 
Stock option exercises— — — — — — 
Balances, September 30, 2024198,719 $33 $3,471 $29,118 $(653)$(14,404)$17,565 $59 $17,624 
Nine months ended September 30, 2023
Balances, December 31, 2022198,667 $33 $3,246 $25,492 $(1,304)$(12,156)$15,311 $59 $15,370 
Net income3,030 3,030 (6)3,024 
Distribution from noncontrolling interest holders, net— 7 7 
Acquisition— (5)(5)
Other comprehensive loss(199)(199)(199)
Common stock repurchases— (1,011)(1,011)(1,011)
Dividends and dividend
   equivalents		— (331)(331)(331)
Stock-based compensation142 142 142 
Restricted stock unit vesting23 — (30)30 — — 
Stock option exercises— — 4 3 7 7 
Balances, September 30, 2023198,690 $33 $3,362 $28,191 $(1,503)$(13,134)$16,949 $55 $17,004 
See accompanying notes to condensed consolidated financial statements.    



7

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
 For the nine months ended September 30,
 20242023
 (in millions)
Cash flows from operating activities
Net income$1,897 $3,024 
Adjustments to reconcile net income to net cash provided by operating activities:
(Gain) loss on investment securities, net(10)49 
Equity in net losses57 39 
Stock-based compensation153 142 
Depreciation682 628 
Amortization46 51 
Impairment of property and equipment129 31 
Changes in operating assets and liabilities, net of effect of
    businesses acquired and disposed:
Receivables(109)(126)
Other assets258 (935)
Benefits payable884 870 
Other liabilities(498)39 
Unearned revenues(71)7,250 
Other76 53 
Net cash provided by operating activities3,494 11,115 
Cash flows from investing activities
Acquisitions, net of cash and cash equivalents acquired(37)(223)
Purchases of property and equipment, net(421)(721)
Purchases of investment securities(6,403)(3,366)
Proceeds from maturities of investment securities2,214 885 
Proceeds from sales of investment securities1,758 815 
Net cash used in investing activities(2,889)(2,610)
Cash flows from financing activities
(Payments) receipts from contract deposits, net(638)2,481 
Proceeds from issuance of senior notes, net2,232 1,215 
Repayments of senior notes(48)(1,719)
(Repayments) issuance of commercial paper, net(895)1,618 
Repayment of term loan— (500)
Debt issue costs(7)(4)
Change in book overdraft3 (52)
Common stock repurchases(768)(1,002)
Dividends paid(323)(320)
Other261 (135)
Net cash (used in) provided by financing activities(183)1,582 
Increase in cash and cash equivalents422 10,087 
Cash and cash equivalents at beginning of period4,694 5,061 
Cash and cash equivalents at end of period$5,116 $15,148 
See accompanying notes to condensed consolidated financial statements.





8

Humana Inc.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS—(Continued)
(Unaudited)
For the nine months ended September 30,
20242023
(in millions)
Supplemental cash flow disclosures:
Interest payments$416 $317 
Income tax payments, net$570 $957 
Details of businesses acquired in purchase transactions:
Fair value of assets acquired, net of cash and cash equivalents acquired$49 $454 
Less: Fair value of liabilities assumed(12)(236)
Less: Noncontrolling interests acquired— 5 
Cash paid for acquired businesses, net of cash and cash equivalents acquired$37 $223 
See accompanying notes to condensed consolidated financial statements.

9


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

1. BASIS OF PRESENTATION AND SIGNIFICANT EVENTS
The accompanying unaudited condensed consolidated financial statements are presented in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures normally required by accounting principles generally accepted in the United States of America, or GAAP, or those normally made in an Annual Report on Form 10-K. The year-end condensed consolidated balance sheet data was derived from audited financial statements, but does not include all disclosures required by GAAP. For further information, the reader of this Form 10-Q should refer to our Form 10-K for the year ended December 31, 2023, that was filed with the Securities and Exchange Commission, or the SEC, on February 15, 2024. We refer to this Form 10-K as the “2023 Form 10-K” in this document. References throughout this document to “we,” “us,” “our,” “Company,” and “Humana” mean Humana Inc. and its subsidiaries.
The preparation of our condensed consolidated financial statements in accordance with GAAP requires us to make estimates and assumptions that affect the amounts reported in the unaudited condensed consolidated financial statements and accompanying notes. The areas involving the most significant use of estimates are the estimation of benefits payable, the impact of risk adjustment provisions related to our Medicare contracts, the valuation and related impairment recognition of investment securities, and the valuation and related impairment recognition of long-lived assets, including goodwill and indefinite-lived intangible assets. These estimates are based on knowledge of current events and anticipated future events, and accordingly, actual results may ultimately differ materially from those estimates. For additional information regarding accounting policies considered in preparing our consolidated financial statements, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K.
The financial information has been prepared in accordance with our customary accounting practices and has not been audited. In our opinion, the information presented reflects all adjustments necessary for a fair statement of interim results. All such adjustments are of a normal and recurring nature.
Employer Group Commercial Medical Products Business Exit
In February 2023, we announced our planned exit from the Employer Group Commercial Medical Products business, which includes all fully insured, self-funded and Federal Employee Health Benefit medical plans, as well as associated wellness and rewards programs. No other Humana health plan offerings are materially affected. Following a strategic review, we determined the Employer Group Commercial Medical Products business was no longer positioned to sustainably meet the needs of commercial members over the long term or support our long-term strategic plans. We anticipate the exit of this line of business to be finalized in the first half of 2025.

Value Creation Initiatives
Beginning in 2022, in order to create capacity to fund growth and investment in our Medicare Advantage business and further expansion of our healthcare services capabilities, we committed to drive additional value for the enterprise through cost saving, productivity initiatives, and value acceleration from previous investments. As a result of these initiatives, we recorded charges, primarily in asset impairments, of $55 million and $151 million for the three and nine months ended September 30, 2024, respectively, and $52 million for the three and nine months ended September 30, 2023 within operating costs in the condensed consolidated statements of income. These charges were recorded at the corporate level and not allocated to the segments. We expect to incur additional charges through the end of 2024.




10


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Revenue Recognition
Our revenues include premiums and services revenue. Services revenue includes administrative service fees that are recorded based upon established per member per month rates and the number of members for the month and are recognized as services are provided for the month. Additionally, services revenue includes net patient services revenue that are recorded based upon established billing rates, less allowances for contractual adjustments, and are recognized as services are provided. For additional information regarding our revenues, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K. For additional information regarding disaggregation of revenue by segment and type, refer to Note 14 to the unaudited Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements" of this Form 10-Q.
At September 30, 2024, accounts receivable related to services were $428 million. For the three and nine months ended September 30, 2024, we had no material bad-debt expense and there were no material contract assets, contract liabilities or deferred contract costs recorded on the condensed consolidated balance sheet at September 30, 2024.
For the three and nine months ended September 30, 2024, services revenue recognized from performance obligations related to prior periods, such as due to changes in transaction price, was not material. Further, services revenue expected to be recognized in any future year related to remaining performance obligations was not material.

Investment Securities
We participate in a securities lending program to optimize investment income. We loan certain investment securities for short periods of time in exchange for collateral initially equal to at least 102% of the fair value of the investment securities on loan. The fair value of the loaned investment securities is monitored on a daily basis, with additional collateral obtained or refunded as the fair value of the loaned investment securities fluctuates. The collateral, which may be in the form of cash or U.S. Government securities, is deposited by the borrower with an independent lending agent. Any cash collateral, which is reinvested by the lending agent primarily in short-term, highly liquid investments, is recorded as a securities lending collateral asset within other current assets on our consolidated balance sheet at September 30, 2024. We record a corresponding liability to reflect our obligation to return the collateral within trade accounts payable and accrued expenses on our consolidated balance sheet at September 30, 2024. Collateral received in the form of securities is not recorded in our consolidated balance sheets because, absent default by the borrower, we do not have the right to sell, pledge or otherwise reinvest securities collateral. Loaned securities continue to be carried as investment securities on the consolidated balance sheet at September 30, 2024. Earnings on the invested cash collateral, net of expense, associated with the securities lending payable are recorded as investment income.
2. RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS
Accounting Pronouncements Effective in Future Periods
In December 2023, the FASB issued Accounting Standards Update No. 2023-07, Segment Reporting — Improvements to Reportable Segment Disclosures. The new guidance requires incremental disclosures related to a public entity’s reportable segments but does not change the definition of a segment, the method for determining segments, or the criteria for aggregating operating segments into reportable segments. The new guidance requires a public entity to disclose its significant segment expense categories and amounts for each reportable segment. The new guidance will be effective for us beginning with our annual 2024 year-end financial statements. We do not believe the adoption of ASU 2023-07 will have a material impact on our consolidated financial statements or disclosures.

In December 2023, the FASB issued Accounting Standards Update No. 2023-09 — Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The new guidance requires significant additional disclosures about income taxes, primarily focused on the disclosure of income taxes paid and the rate reconciliation table. The new guidance requires prospective application (with retrospective application permitted). The new guidance will be

11


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
effective for us beginning with our annual 2025 year-end financial statements, with early adoption permitted. We are currently evaluating the impact on our income tax footnote disclosures.

There are no other recently issued accounting standards that apply to us or that are expected to have a material impact on our results of operations, financial condition, or cash flows.

3. ACQUISITIONS
During 2024 and 2023, respectively, we acquired various health and wellness related businesses which, individually or in the aggregate, have not had a material impact on our results of operations, financial condition, or cash flows. The results of operations and financial condition of these businesses acquired in 2024 and 2023, respectively, have been included in our condensed consolidated statements of income and condensed consolidated balance sheets from the respective acquisition dates. Acquisition-related costs recognized in 2024 and 2023, were not material to our results of operations. For asset acquisitions, the goodwill acquired is partially amortizable as deductible expenses for tax purposes. The pro forma financial information assuming the acquisitions had occurred as of the beginning of the calendar year prior to the year of acquisition, as well as the revenues and earnings generated during the quarter of acquisition, were not material for disclosure purposes.

12


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
4. INVESTMENT SECURITIES
Investment securities classified as current and long-term were as follows at September 30, 2024 and December 31, 2023, respectively:
Amortized
Cost		Gross
Unrealized
Gains		Gross
Unrealized
Losses		Fair
Value
 (in millions)
September 30, 2024
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$3,203 $13 $(33)$3,183 
Mortgage-backed securities4,501 33 (351)4,183 
Tax-exempt municipal securities602 — (18)584 
Mortgage-backed securities:
Residential555 1 (54)502 
Commercial1,292 2 (78)1,216 
Asset-backed securities1,533 11 (20)1,524 
Corporate debt securities8,593 92 (444)8,241 
Total debt securities$20,279 $152 $(998)$19,433 
December 31, 2023
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations$2,717 $1 $(51)$2,667 
Mortgage-backed securities3,946 1 (425)3,522 
Tax-exempt municipal securities879 1 (22)858 
Mortgage-backed securities:
Residential465 1 (66)400 
Commercial1,471 — (126)1,345 
Asset-backed securities1,813 2 (44)1,771 
Corporate debt securities7,011 28 (594)6,445 
Total debt securities$18,302 $34 $(1,328)$17,008 
We own certain corporate debt securities of Gentiva Hospice. The book value and fair value are $381 million and $396 million, respectively, at September 30, 2024. The book value and fair value were $379 million and $398 million, respectively, at December 31, 2023.
We participate in a securities lending program where we loan certain investment securities for short periods of time in exchange for collateral, consisting of cash or U.S. Government securities, initially equal to at least 102% of the fair value of the investment securities on loan. Collateral with a fair value of $361 million was held at September 30, 2024. At September 30, 2024, collateral from lending our investment securities has been reinvested in short-term, highly liquid assets. In addition, we participated in non-cash securities lending with a fair value of $148 million at September 30, 2024.

13


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
Gross unrealized losses and fair values aggregated by investment category and length of time of individual debt securities that have been in a continuous unrealized loss position for which no allowances for credit loss has been recorded were as follows at September 30, 2024 and December 31, 2023, respectively:
 Less than 12 months12 months or moreTotal
 Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses		Fair
Value		Gross
Unrealized
Losses
 (in millions)
September 30, 2024
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$551 $(2)$518 $(31)$1,069 $(33)
Mortgage-backed securities330 (2)2,378 (349)2,708 (351)
Tax-exempt municipal securities77 — 417 (18)494 (18)
Mortgage-backed securities:
Residential57 (2)361 (52)418 (54)
Commercial26 (1)1,124 (77)1,150 (78)
Asset-backed securities218 (1)571 (19)789 (20)
Corporate debt securities290 (1)4,466 (443)4,756 (444)
Total debt securities$1,549 $(9)$9,835 $(989)$11,384 $(998)
December 31, 2023
U.S. Treasury and other U.S. government corporations and agencies:
U.S. Treasury and agency obligations$1,899 $(12)$431 $(39)$2,330 $(51)
Mortgage-backed securities958 (12)2,269 (413)3,227 (425)
Tax-exempt municipal securities160 (1)523 (21)683 (22)
Mortgage-backed securities:
Residential— — 373 (66)373 (66)
Commercial18 — 1,303 (126)1,321 (126)
Asset-backed securities120 (1)1,364 (43)1,484 (44)
Corporate debt securities466 (2)4,783 (592)5,249 (594)
Total debt securities$3,621 $(28)$11,046 $(1,300)$14,667 $(1,328)

Approximately 97% of our debt securities were investment-grade quality, with a weighted average credit rating of AA- by Standard & Poor's Rating Service, or S&P, at September 30, 2024. Our remaining debt securities below investment-grade were primarily rated B+, the higher end of the below investment-grade rating scale. Tax-exempt municipal securities were diversified among general obligation bonds of states and local municipalities in the United States as well as special revenue bonds issued by municipalities to finance specific public works projects such as utilities, water and sewer, transportation, or education. Our general obligation bonds are diversified across the United States with no individual state exceeding approximately 1% of our total debt securities. Our investment policy limits investments in a single issuer and requires diversification among various asset types.
Our unrealized losses from all debt securities were generated from approximately 1,300 positions out of a total of approximately 2,290 positions at September 30, 2024. All issuers of debt securities we own that were trading at an unrealized loss at September 30, 2024 remain current on all contractual payments. After taking into account these and other factors previously described, we believe these unrealized losses primarily were caused by an increase in market interest rates in the current markets since the time these debt securities were purchased. At September 30,

14


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
2024, we did not intend to sell any debt securities with an unrealized loss position in accumulated other comprehensive income, and it is not likely that we will be required to sell these debt securities before recovery of their amortized cost basis. Additionally, we did not record any material credit allowances for debt securities that were in an unrealized loss position for the three and nine months ended September 30, 2024 or 2023.
The detail of gains (losses) related to investment securities and included within investment income was as follows for the three and nine months ended September 30, 2024 and 2023:
 Three months ended September 30,Nine months ended September 30,
 2024202320242023
 (in millions)(in millions)
Gross gains on investment securities$14 $— $16 $15 
Gross losses on investment securities(4)(4)(6)(65)
Gross gains on equity securities— — — 1 
Gross losses on equity securities— — — — 
Net recognized gains (losses) on investment securities$10 $(4)$10 $(49)
The gains and losses related to equity securities for the three and nine months ended September 30, 2024 and 2023 was as follows:
Three months ended September 30,Nine Months Ended September 30,
2024202320242023
(in millions)(in millions)
Net gains recognized on equity securities during the period$— $— $— $1 
Less: Net gains recognized on equity securities sold during the period— — — — 
Unrealized gains (losses) recognized on equity securities still held at the end of the period$— $— $— $1 
The contractual maturities of debt securities available for sale at September 30, 2024, regardless of their balance sheet classification, are shown below. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
Amortized
Cost		Fair
Value
 (in millions)
Due within one year$1,082 $1,079 
Due after one year through five years5,669 5,584 
Due after five years through ten years4,407 4,261 
Due after ten years1,240 1,084 
Mortgage and asset-backed securities7,881 7,425 
Total debt securities$20,279 $19,433 

For additional information regarding our investment securities, refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2023 Form 10-K.


15


Humana Inc.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
(Unaudited)
5. FAIR VALUE
Financial Assets
The following table summarizes our fair value measurements at September 30, 2024 and December 31, 2023, respectively, for financial assets measured at fair value on a recurring basis:
 Fair Value Measurements Using
 Fair
Value		Quoted Prices
in Active
Markets
(Level 1)		Other
Observable
Inputs
(Level 2)		Unobservable
Inputs
(Level 3)
 (in millions)
September 30, 2024
Cash equivalents$4,941 $4,941 $— $— 
Debt securities:
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations3,183 — 3,183 — 
Mortgage-backed securities4,183 — 4,183 — 
Tax-exempt municipal securities584 — 584 — 
Mortgage-backed securities:
Residential502 — 500 2 
Commercial1,216 — 1,216 — 
Asset-backed securities1,524 — 1,479 45 
Corporate debt securities8,241 — 7,997 244 
Total debt securities19,433 — 19,142 291 
Securities lending invested collateral361 361 — — 
Total invested assets$24,735 $5,302 $19,142 $291 
December 31, 2023
Cash equivalents$4,582 $4,582 $— $— 
Debt securities:
U.S. Treasury and other U.S. government
    corporations and agencies:
U.S. Treasury and agency obligations2,667 — 2,667 — 
Mortgage-backed securities3,522 — 3,522 — 
Tax-exempt municipal securities858 — 858 — 
Mortgage-backed securities:
Residential400 —