Louisville, Ky.-based health insurer Humana's consolidated revenues increased in the third quarter of this year, while its profit fell 21.2 percent.
The health insurer posted consolidated revenues of $12.24 billion for the third quarter of 2014, an 18.6 percent increase from the $10.32 billion it reported for the third quarter of last year.
Higher medical membership in Humana's retail segment was one the primary drivers of the increase in revenue. The health insurer's individual commercial medical membership increased to 1.09 million in the third quarter of this year, a 120.3 percent increase from membership of 492,800 in the third quarter of last year. In addition, premiums and services revenue for Humana's retail segment was $8.61 billion for the third quarter of this year, up from $6.72 billion in the same period last year.
Although Humana's revenues increased in the third quarter its expenses grew as well. The health insurer's operating expenses for the third quarter of 2014 were $11.65 billion, up from $9.7 billion for the third quarter of last year.
Humana's third-quarter profit was $290 million, down 21.2 percent, or $78 million, from the same period last year.
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