Cigna (CI) - a Carrier with a large Medicare presence - reported Q3 2023 results recently.

1/ Medicare Advantage Members

-Grew from 541,000 to 599,000 - year-over-year
-Up 11%

2/ Medicare Supplement & Medicaid Members

-Decreased from 487,000 to 468,000 - year-over-year
-Down 4%

-Cigna reports Medicare Supplement and Medicaid together. Based on NAIC numbers, the majority of this is Medicare Supplement

3/ Total Revenues

-Grew from $45.3 billion to $49.0 billion - year-over-year
-up 8%

Note: the majority of their revenues comes from their Pharmacy Segment

4/ Total Operating Profit

-Grew from $2.14 billion to $2.24 billion - year-over-year
-up 5%

-Profit margin of 4.6% compared to 4.7% last year

5/ Healthcare Segment Revenues

-Grew from $11.1 billion to $12.7 billion - year-over-year
-Up 15%

6/ Healthcare Segment Loss Ratio

-decreased from 80.8% to 80.5% - year-over-year

(loss ratio = medical costs / premium revenue)

7/ Healthcare Segment Expenses

-decreased from 22.1% to 21.7% of revenue - year-over-year
-includes Selling, general and administrative expenses

8/ Healthcare Segment Operating Profit

-Grew from $950 million to $1.02 billion - year-over-year
-up 7%

-Profit margin of 8.0% compared to 8.4% last year

9/ Valuation Metrics

-Market Cap: $90.9 B