Humana Inc (HUM) 2025 Q4 法說會逐字稿

Good day and thank you for standing by. Welcome to the Humana fourth-quarter 2025 earnings conference call. (Operator Instructions)

您好，感謝您的耐心等待。歡迎參加 Humana 2025 年第四季財報電話會議。（操作說明）

Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Lisa Stoner, Vice President of Investor Relations. Please go ahead.

請注意，今天的會議正在錄影。現在我謹將會議交給今天的主講人，投資者關係副總裁麗莎·斯托納。請繼續。

Thank you and good morning. I hope everyone had a chance to review our press release and prepared remarks, which are available on our website. We will begin this morning with brief remarks from Jim Rechtin, Humana's President and Chief Executive Officer; and Chief Financial Officer, Celeste Mellet.

謝謝，早安。希望大家都有機會查看我們的新聞稿和準備好的發言稿，這些內容都可以在我們的網站上找到。今天上午，我們將首先聽取 Humana 總裁兼執行長 Jim Rechtin 和財務長 Celeste Mellet 的簡短演講。

Before we begin our discussion, I need to advise call participants of our cautionary statement. Certain of the matters discussed in this conference call are forward-looking and involve a number of risks and uncertainties. Actual results could differ materially. Investors are advised to read the detailed risk factors discussed in our latest Form 10-K, our other filings with the Securities and Exchange Commission, and our fourth-quarter 2025 earnings press release as they relate to forward-looking statements, along with other risks discussed in our SEC filings.

在我們開始討論之前，我需要提醒各位通話參與者註意我們的警示聲明。本次電話會議討論的某些事項具有前瞻性，涉及許多風險和不確定性。實際結果可能與此有重大差異。建議投資者閱讀我們最新的 10-K 表格、我們向美國證券交易委員會提交的其他文件以及我們 2025 年第四季度收益新聞稿中討論的詳細風險因素，因為這些風險因素與前瞻性陳述有關，以及我們在提交給美國證券交易委員會的文件中討論的其他風險。

We undertake no obligation to publicly address or update any forward-looking statements and future filings or communications regarding our business or results. Today's press release, our historical financial news releases and our filings with the SEC are also available on our Investor Relations site.

我們不承擔公開回應或更新任何有關我們業務或業績的前瞻性聲明、未來文件或通訊的義務。今天的新聞稿、我們以往的財務新聞稿以及我們向美國證券交易委員會提交的文件也可以在我們的投資者關係網站上找到。

All participants should note that today's discussion includes financial measures that are not in accordance with Generally Accepted Accounting Principles or GAAP. Management's explanation for the use of these non-GAAP measures and reconciliations of GAAP to non-GAAP financial measures are included in today's press release. Any references to earnings per share or EPS made during this conference call refer to diluted earnings per common share.

所有參與者請注意，今天的討論包含不符合公認會計原則（GAAP）的財務指標。管理層對這些非GAAP指標的使用解釋以及GAAP與非GAAP財務指標的調節表已包含在今天的新聞稿中。本次電話會議中提及的每股盈餘或 EPS 均指稀釋後每股普通股盈餘。

Finally, the call is being recorded for replay purposes. The replay will be available on the Investor Relations page of Humana's website, humana.com, later today. With that, I will turn the call over to Jim.

最後，通話將會被錄音以備回放之用。今天晚些時候，可以在Humana公司網站humana.com的投資者關係頁面上觀看回放。接下來，我將把電話交給吉姆。

Thank you, Lisa. Good morning, everyone. Thank you for joining us. Let me hit the headlines. We are pleased with our solid 2025 performance. We continue to feel good about our membership growth. We remain committed to a consumer-centric strategy that is responsive to what our patients and members want to need. And we also recognize that to do that, we must deliver a stable and compelling margin. That requires regularly adapting to our funding environment. We will continue to do this to adapt to a funding environment to ensure that we stay on track with unlocking the earnings potential of the business by 2028 as we laid out at our 2025 Investor Day.

謝謝你，麗莎。各位早安。感謝您的參與。讓我來談談頭條新聞。我們對2025年的穩健業績感到滿意。我們對會員人數的成長感到持續滿意。我們始終致力於以消費者為中心的策略，積極回應患者和會員的需求。我們也意識到，要做到這一點，我們必須提供穩定且有吸引力的利潤率。這就要求我們不斷適應資金環境的改變。我們將繼續這樣做，以適應融資環境，確保我們能夠按照我們在 2025 年投資者日上製定的目標，在 2028 年釋放業務的盈利潛力。

Now, I will briefly describe the progress we are making operationally. And as usual, I will frame my comments today around the four drivers of our business. That is, first, product and experience, which drive customer retention and growth; second, clinical excellence, which delivers clinical outcomes and medical margins; third, highly efficient operations; and fourth, our capital allocation and growth in both CenterWell and Medicaid. I will wrap up with additional commentary on the advanced rate notice. Most of my time today will be spent on Medicare product and experience and given the continued concerns that have been expressed by the market.

現在，我將簡要介紹我們在營運方面取得的進展。和往常一樣，我今天的演講將圍繞著我們業務的四個驅動因素。也就是說，首先是產品和體驗，這推動了客戶留存和成長；其次是臨床卓越性，這帶來了臨床結果和醫療利潤；第三是高效的營運；第四是我們在 CenterWell 和 Medicaid 方面的資本配置和成長。最後，我將對提前通知費率再補充一些評論。今天我大部分時間將用於討論醫療保險產品和體驗，以及市場持續表達的擔憂。

So let me start there. First, let me clarify what I believe are the real questions related to growth. Is this quality membership with attractive economics? Can we operationally absorb the growth and are we sufficiently positioned to fund the growth?

那就讓我從這裡開始吧。首先，讓我闡明我認為與成長相關的真正問題。這是提供優質會員資格且經濟實惠的嗎？我們能否在營運上消化成長帶來的壓力，我們是否有足夠的資金來支持成長？

Second, let me take a moment to remind everyone how we think about growth. Our focus is on maximizing customer lifetime value and customer NPV. To maximize life to value and NPV, two things must be true: we must be priced appropriately to a sustainable and compelling margin and we must retain our membership year over year.

其次，請容許我花一點時間提醒大家我們是如何看待成長的。我們的目標是最大化客戶終身價值和客戶淨現值。為了最大限度地提高生命週期價值和淨現值，必須滿足兩個條件：一是定價要合理，以獲得可持續且具有吸引力的利潤；二是要逐年保持會員的忠誠度。

The way that we do that is by investing in an exceptional experience that fuels improved health outcomes and member retention. We also have moved away from past strategies built around loss leader plans. We design all of our plans to be priced to a sustainable margin adjusting for Stars.

我們實現這一目標的方式是投資於卓越的體驗，從而促進健康結果的改善和會員留存率的提高。我們也摒棄了過去以虧本銷售計畫為核心的策略。我們所有的方案都經過精心設計，以確保在星級調整後仍能保持可持續的利潤率。

Third, let me provide an overview of our growth and why we like the growth. We grew by approximately 1 million members or 20% in AEP. Our retention rate improved over 500 basis points year over year, and I keep emphasizing that that is good growth.

第三，讓我概述一下我們的發展以及我們喜歡這種發展的原因。AEP會員人數增加了約100萬，增幅達20%。我們的客戶留存率年增了 500 多個百分點，我一直強調這是一個好的成長。

Over 70% of our new sales were switchers from competitor plans. On average, switchers had better economics. Now, I recognize that there are concerns about switchers from plan exits that our competitors have done. We did not have a high percentage of members impacted by competitor plan exits. We absorbed approximately 12% of these members. That is notably less than our market share.

我們超過 70% 的新客戶都是從競爭對手的套餐轉過來的。平均而言，轉換供應商的使用者經濟狀況較好。現在，我意識到，人們擔心像我們的競爭對手一樣退出現有計畫的用戶會轉投其他計畫。受競爭對手計畫退出影響的會員比例並不高。我們吸收了其中約 12% 的成員。這明顯低於我們的市佔率。

70% of new sales were in contracts with 4 Stars or better and nearly 30% of our new sales were bounce-back members. So these are members that we have seen before in previous years. We recognize them, and we are pleased with the mix. Over 75% of our new sales were from higher lifetime value channels, so they're from better sales channels. This is nearly a 10 percentage point improvement year over year. And again, we view this as a very positive development.

70% 的新銷售額來自與 4 星級或更高級別酒店簽訂的合同，近 30% 的新銷售額來自回頭客。這些都是我們往年已經見過的成員。我們認可這些因素，並且對這種組合感到滿意。超過 75% 的新銷售額來自客戶終身價值更高的管道，因此它們來自更好的銷售管道。這比去年同期提高了近10個百分點。我們再次認為這是一個非常積極的進展。

When we look at full-year 2026, we do anticipate individual MA membership growth of approximately 25%. And I will continue to remind everybody that as we collect new information and as the market evolves, we are continuing to manage our go-to-market strategy dynamically. We have levers to pull if and when needed, and we are constantly evaluating that.

展望 2026 年全年，我們預期個人 MA 會員人數將成長約 25%。我將繼續提醒大家，隨著我們收集新資訊以及市場的發展，我們將繼續動態地管理我們的市場進入策略。如有需要，我們可以採取一些措施，我們也一直在評估這些措施的效果。

Now, fourth, let me briefly touch on the economics of our growth. We expect our new members to be accretive to the enterprise in 2026. We also continue to expect that when normalizing for Stars, our 2026 pricing results in a doubling of individual MA margin year over year.

第四，讓我簡單談談我們成長的經濟因素。我們預計新成員將在 2026 年為企業帶來成長。我們也繼續預期，在對星級進行標準化處理後，我們 2026 年的定價將使單一 MA 利潤率年增一倍。

My final point on growth is that we feel good about our operational capacity to absorb the growth. As we previously stated, this is a focus area for us. We are committed to not outgrow our operational capacity and to ensure a quality experience and quality care for our members.

關於成長，我的最後一點是，我們對自身的營運能力有信心吸收成長。正如我們之前所說，這是我們的重點領域。我們致力於不超越自身的營運能力，並確保為我們的會員提供優質的體驗和優質的照護。

We have been very much managing this proactively. The early signs on our ability to onboard are positive. In January, during the height of onboarding, I'll touch on just a few examples, we reduced our complaints to Medicare year over year. We improved our transactional Net Promoter Score, so this is a measure of customer service when members interact with our service center or contact center. And we increased our completion rate for health risk assessments. And I'd also just point out that complaint to Medicare CTMs and health risk assessments, HRAs, these are both Star metrics, where we are ahead of where we were a year ago in both of these areas.

我們一直在積極主動地應對此事。我們順利完成入職流程的初步跡像是正面的。一月份，正值新進員工入職高峰期，我舉幾個例子來說，我們減少了對 Medicare 的投訴，而且比前一年減少了。我們提高了交易淨推薦值，這是衡量會員與我們的服務中心或聯絡中心互動時客戶服務的指標。我們提高了健康風險評估的完成率。我還要指出，針對 Medicare CTM 和健康風險評估 (HRA) 的投訴，這些都是星級指標，我們在這兩個領域都比一年前有所進步。

So let me close with this: we expect our growth to be accretive in year, but more importantly, it further fuels our ability to unlock our earnings potential by 2028 as we laid out at Investor Day. In recognition of the high level of interest in our overall growth strategy, President of Enterprise Growth, David Dintenfass, will join Celeste, George, and me again today for Q&A.

最後我想說的是：我們預計今年的成長將帶來收益，但更重要的是，這將進一步增強我們實現到 2028 年釋放獲利潛力的能力，正如我們在投資者日上所闡述的那樣。鑑於大家對我們整體成長策略的高度關注，企業成長總裁大衛·丁滕法斯今天將再次與賽萊斯特、喬治和我一起進行問答環節。

So now, let me briefly turn to clinical excellence and touch on our Stars performance. Efforts to strengthen our Stars program continued to progress as anticipated. Our outlook remains the same as previously communicated.

現在，讓我簡要談談臨床卓越性，並談談我們明星團隊的表現。加強「明星計畫」的各項工作如預期持續推進。我們的觀點與先前所傳達的保持一致。

We feel good about our operational progress so far. We continue to be confident that we are on the right track to return to top quartile Stars BY '28. Once the hybrid season is complete next quarter, we will provide some additional visibility into our final operating results. However, we will not speculate on thresholds.

我們對目前的營運進展感到滿意。我們仍然有信心，我們正走在正確的道路上，到 2028 年重返星級前四分之一行列。混合季結束後，我們將於下個季度公佈最終的經營業績，屆時我們將提供更多相關資訊。但是，我們不會對閾值進行推測。

Turning to highly efficient operations, we are making meaningful progress, which is evident in our 2026 admin expense ratio. Celeste will provide more color on the drivers of this improvement. And regarding capital allocation, we continue to grow our Medicaid and CenterWell footprint. Medicaid now spans 13 states, including Georgia and Texas, which are anticipated to launch next year.

在提高營運效率方面，我們取得了顯著進展，這從我們 2026 年的管理費用率中可見一斑。Celeste將對這項改進的驅動因素進行更詳細的介紹。在資本配置方面，我們將繼續擴大我們在 Medicaid 和 CenterWell 的業務範圍。目前，醫療補助計劃已涵蓋 13 個州，包括預計明年啟動的喬治亞州和德克薩斯州。

We also hope to soon announce a strategic acquisition in the primary care space. Celeste will also provide color on our capital efficiency efforts that ensure that we have the capacity to fund both our member growth and some continued M&A while protecting our credit rating, which is a priority.

我們也希望盡快宣佈在基層醫療領域的一項策略性收購。Celeste 也將詳細介紹我們在提高資本效率方面所做的努力，以確保我們有能力為會員成長和一些持續的併購提供資金，同時保護我們的信用評級，這是我們的首要任務。

Before concluding today, I also want to touch on the advanced rate notice. I understand, I recognize that there is concern around the rate notice. As I have said in the past, Medicare Advantage sits at the intersection of US fiscal pressures and a program that is incredibly popular with seniors.

在今天結束之前，我還想談談提前通知費率的問題。我理解，我也意識到大家對費率通知有擔憂。正如我過去所說，聯邦醫療保險優勢計劃處於美國財政壓力和一項深受老年人歡迎的計劃的交匯點。

Every administration wrestles without these two forces. We are committed to always protecting our consumers the best we can, and we are very aware that we must do that within the constraints of the annual funding environment. If that funding environment cannot fully support our benefit structure, then we will adapt as we have in the past. But right now, we must wait and see where the final rate notice comes in.

每一屆政府都會在這兩種力量的夾縫中掙扎。我們始終致力於盡最大努力保護消費者，我們非常清楚，我們必須在年度資金環境的限制下做到這一點。如果目前的資金環境無法完全支持我們的福利結構，那麼我們將像過去一樣做出調整。但現在，我們只能等待最終的費率通知。

So in conclusion, we expect to keep moving forward with margin progression in 2026 adjusted for Stars. We continue to feel good about the way our member growth is setting us up for this year in subsequent years. We are making progress on Stars. We will adapt to the rate notice once it's final.

綜上所述，我們預計在 2026 年，經 Stars 調整後，利潤率將持續穩定提升。我們對會員成長的勢頭感到樂觀，這為我們今年的發展以及未來幾年奠定了良好的基礎。我們在《星際爭霸戰》計畫上取得了進展。費率通知最終確定後，我們將依照通知內容進行調整。

Before turning it over to Celeste, I am pleased to share that Aaron Martin joined the company in January as President of Medicare Advantage and a member of the Enterprise leadership team. Aaron joined Humana with vast experience in healthcare, including a focus on making healthcare more convenient, engaging, and valuable to customers. He will be working closely with George and the team over the coming months and will elevate to the President of Insurance role upon George's retirement. We're excited to have Aaron on the team and expect that you have the opportunity to hear from him later this year.

在將發言權交給 Celeste 之前，我很高興地宣布 Aaron Martin 於 1 月加入公司，擔任 Medicare Advantage 總裁兼企業領導團隊成員。Aaron 加入 Humana 之前在醫療保健領域擁有豐富的經驗，尤其專注於讓醫療保健對客戶來說更加便利、更具吸引力和更有價值。在接下來的幾個月裡，他將與喬治和團隊密切合作，並在喬治退休後升任保險總裁。我們很高興 Aaron 加入團隊，並期待您今年稍後有機會與他聯繫。

With that, I will turn it over to Celeste for a few remarks before we go to Q&A.

接下來，我將把發言權交給 Celeste，請她簡單說幾句，然後再進入問答環節。

Thank you, Jim. I will begin by echoing a few key messages. First, we delivered on our commitments in 2025. We reported adjusted EPS of $17.14 in line with expectations and above our initial guidance of approximately $16.25 while electing to make higher than initially planned investments to accelerate our transformation and position us well for the future.

謝謝你，吉姆。首先，我想重申幾個關鍵訊息。首先，我們實現了 2025 年的承諾。我們公佈的調整後每股收益為 17.14 美元，符合預期，高於我們最初約 16.25 美元的指導值。同時，我們選擇進行比最初計劃更高的投資，以加速轉型，並為未來做好充分準備。

Second, we remain confident in our customer-led strategy and 2026 membership outlook. We expect new members to be enterprise accretive in 2026 on average. More importantly, we expect the membership to drive significant lifetime value further fueling our ability to unlock the earnings potential of the business by 2028 as laid out at our Investor Day.

其次，我們對以客戶為中心的策略和 2026 年會員發展前景依然充滿信心。我們預計到 2026 年，新成員平均而言將為企業帶來增值。更重要的是，我們預期會員將帶來顯著的終身價值，進一步增強我們實現到 2028 年釋放業務獲利潛力的能力，正如我們在投資者日上所闡述的那樣。

Third, we always take an appropriately conservative approach to final guidance. For 2026, the level of conservatism in our initial guide is higher than typical to account for the dynamic environment. Fourth, we are confident in our ability to fund the 2026 membership growth and are comfortable with our capital and our debt to cap levels.

第三，我們在最終指導意見的發展上始終採取適當保守的態度。考慮到動態環境，我們最初指南中 2026 年的保守程度高於典型水準。第四，我們有信心為 2026 年會員成長提供資金，並且對我們的資本和債務上限水準感到滿意。

Finally, we are committed to delivering a stable and compelling MA margin and unlocking the earnings potential of the business by 2028. Our MA benefit strategy must and will contemplate the funding environment each year. We must drive sustainable earnings and appropriate returns to be able to provide excellent health outcomes and service for our members and our patients.

最後，我們致力於實現穩定且具吸引力的 MA 利潤率，並在 2028 年前釋放業務的獲利潛力。我們的醫療保險優勢計劃必須並且將會考慮每年的資金環境。我們必須實現可持續的盈利和適當的回報，才能為我們的會員和患者提供卓越的健康結果和服務。

Turning to brief comments on 2025, our results for the year were underpinned by solid performance across the Insurance and CenterWell segment. The full-year Insurance segment benefit ratio of 90.4% came in slightly better than our guidance. The full-year ratio includes a benefit set aside for a potential doc fix in 2025, which was then invested in areas such as network management and increased administrative costs to support things such as technology and other areas that position us well for the future.

展望 2025 年，我們全年的業績得益於保險和 CenterWell 業務部門的穩健表現。全年保險業務福利比率為 90.4%，略優於我們的預期。全年比率包括為 2025 年可能出現的文件問題預留的收益，然後將其投資於網路管理等領域，並增加管理成本以支援技術和其他領域，使我們為未來做好準備。

I will now pivot to further details on 2026. We expect full-year adjusted EPS of at least $9 with the anticipated year-over-year decline driven by the previously communicated bonus year 2026 Stars headwind net of mitigation. We remain confident in the overall assumptions used in our 2026 pricing.

接下來我將轉而詳細介紹2026年的情況。我們預計全年調整後每股收益至少為 9 美元，預計年減的原因是先前公佈的 2026 年獎金年度 Stars 的不利因素（扣除緩解措施後）。我們對 2026 年定價中使用的整體假設仍然充滿信心。

As a result, we continue to anticipate doubling individual MA pretax margin in 2026, normalizing for Stars. Meaning, if 95% of our members were in 4-plus Star plans consistent with 2025, we would hit doubling of individual MA margin in 2026. The expected underlying margin expansion is aided by clinical excellence and operating efficiency efforts, which are progressing as anticipated.

因此，我們繼續預計，在 2026 年，個人 MA 稅前利潤率將翻一番，Stars 的利潤率將正常化。也就是說，如果我們 95% 的會員都參加了與 2025 年一致的 4 星及以上計劃，那麼到 2026 年，我們的個人 MA 利潤將翻一番。預期中的潛在利潤率擴張得益於臨床卓越性和營運效率的提升，而這些提升正如預期推進。

Further, early indicators such as risk scores, pharmacy claims, and hospital admits per 1,000 or APTs are in line with expectations. All in, after accounting for the '26 Stars headwind, our initial guidance assumes individual MA margins are slightly below breakeven.

此外，風險評分、藥房索賠和每千人住院人數或 APT 等早期指標均符合預期。綜合考慮「26 Stars」帶來的不利因素，我們最初的預期是，單一 MA 利潤率略低於損益平衡點。

Let me touch briefly on the Stars headwind. The net Stars headwind for 2026, including individual and group MA, is approximately $3.5 billion. This is net of both contract diversification and provider offsets, which as a reminder, are lower than typical due to our Star support for providers.

讓我簡單談談《星際逆風》這部電影。2026 年 Stars 面臨的淨不利因素（包括個人和團體 MA）約為 35 億美元。這是扣除合約多元化和供應商抵消後的淨額，需要提醒的是，由於我們為供應商提供的星級支持，這些抵消額低於通常水平。

When calculating the headwind for '26, it is important to keep the membership and revenue growth in mind, which is why the number is larger than what we have previously discussed with you. While we now have 45% of members in 4-plus Star plans for '26, our expected membership base will also be 25% higher due to the '26 member growth, which includes strong retention. Higher retention means that we kept more members on the 3.5 Star contracts than we previously expected. In addition, approximately 30% of new sales were on contracts rated below 4 Star to BY '26.

在計算 2026 年的不利因素時，必須考慮到會員人數和收入的增長，因此這個數字比我們之前與您討論的數字要大。雖然目前 2026 年我們有 45% 的會員選擇了 4 星以上套餐，但由於 2026 年會員數量增長（包括強勁的會員留存率），我們預計會員數量也將增長 25%。更高的會員留存率意味著我們保留了比預期更多的 3.5 星級合約會員。此外，到 2026 年，約有 30% 的新銷售額來自評級低於 4 星的合約。

Turning to our ongoing efficiency efforts, we expect significant improvement in our consolidated operating cost ratio for 2026. The decrease is primarily driven by operating leverage from membership and revenue growth along with tactical cost-cutting and transformation efforts, partially offset by the impact of the Star rating headwind.

展望我們持續的效率提升工作，我們預計到 2026 年，我們的綜合營運成本率將顯著改善。下降的主要原因是會員人數和收入成長帶來的營運槓桿效應，以及戰術性的成本削減和轉型措施，但部分被星級評定不利因素所抵銷。

As outlined at last year's Investor Day, we have made meaningful progress on tactical efficiency improvements, including consolidating our supplier base and the early retirement program we discussed with you last year. These actions have contributed year-over-year operating expense ratio improvement.

正如去年投資者日上所概述的那樣，我們在戰術效率改進方面取得了實質進展，包括整合我們的供應商基礎以及我們去年與您討論過的提前退休計劃。這些措施促成了營運費用率的逐年改善。

Looking ahead, we expect our broader transformation efforts to increasingly impact results beginning this year. This includes expanding outsourcing capabilities, simplifying and standardizing processes, and leveraging technology and automation.

展望未來，我們預計從今年開始，我們更廣泛的轉型措施將對業績產生越來越大的影響。這包括擴大外包能力、簡化和標準化流程，以及利用技術和自動化。

For example, our work with partners to outsource components of some corporate functions is progressing as planned and delivering improved capabilities and cost efficiencies. These items are just a sample of our multiyear transformation that is driving efficiency and changing how we operate.

例如，我們與合作夥伴進行的將部分公司職能外包的工作正在按計劃進行，並帶來了能力提升和成本效益提高。這些只是我們多年轉型計劃的一小部分，該計劃旨在提高效率並改變我們的營運方式。

I will now stick to the balance sheet and our plans for funding the '26 membership growth. As I discussed throughout 2025, we have been focused on efforts to increase the efficiency of our balance sheet and fortify our foundation. These initiatives include optimizing legal entity structures, refining, reinsurance and risk transfer arrangements, selling non-core assets, and managing the timing and structure of capital deployment.

現在我將重點放在資產負債表以及我們為 2026 年會員成長提供的資金計劃。正如我在 2025 年所討論的那樣，我們一直致力於提高資產負債表的效率並鞏固我們的基礎。這些措施包括優化法律實體結構、改善再保險和風險轉移安排、出售非核心資產以及管理資本部署的時間和結構。

Of note, the capital optimization progress made to date significantly reduces the required funding for expected membership growth in 2026. Despite expected premium growth of 40% from '24 to '26, our statutory capital requirements will increase by less than 20%. These improvements in capital efficiency will offset over $3 billion of growth in our capital requirements from the end of '24 through '26, representing the overwhelming majority of the capital needed to fund 2026 membership growth while maintaining capital with a prudent buffer above regulatory requirements and rating agency expectations.

值得注意的是，迄今為止取得的資本優化進展顯著降低了 2026 年預期會員成長所需的資金。儘管預計 2024 年至 2026 年保費將成長 40%，但我們的法定資本要求將成長不到 20%。資本效率的這些提高將抵消 2024 年底至 2026 年期間超過 30 億美元的資本需求增長，這佔 2026 年會員增長所需資本的絕大部分，同時還能保持高於監管要求和評級機構預期的審慎資本緩衝。

Finally, after contemplating capital required to fund '26 membership growth and select small to mid-sized strategic M&A opportunities, which we expect to fund with the sale of non-core assets, we remain comfortable with our debt to cap levels, which are expected to remain largely flat year over year. We remain committed to prudent debt to capital management and are focused on maintaining our credit ratings.

最後，在考慮了為 2026 年會員成長和部分中小型策略併購機會提供資金所需的資金（我們預計將透過出售非核心資產來提供資金）之後，我們仍然對目前的債務資本比感到滿意，預計該比率將與上一年基本持平。我們將繼續秉持審慎的債務資本管理原則，並致力於維持我們的信用評等。

In summary, we are pleased with our solid performance in 2025 and believe '26 represents an important step forward on our journey of unlocking the earnings potential of the business by '28, including delivering a stable and compelling MA margin. I will turn the call back to Lisa to start the Q&A.

總而言之，我們對 2025 年的穩健業績感到滿意，並相信 2026 年是我們朝著 2028 年釋放業務盈利潛力的目標邁出的重要一步，其中包括實現穩定且令人信服的 MA 利潤率。我將把電話轉回給麗莎，讓她開始問答環節。

Great. Thank you, Celeste. (Event Instructions)

偉大的。謝謝你，塞萊斯特。（活動須知）

(Operator Instructions) Stephen Baxter, Wells Fargo.

（操作員說明）史蒂芬‧巴克斯特，富國銀行。

We hear you on the membership growth being enterprise accretive. I mean, I guess, potentially, could you expand a little bit on the level of earnings that you can drive purely outside of the MA underwriting?

我們理解會員增長對企業發展有益的觀點。我的意思是，您能否稍微詳細地談談，除了 MA 承保之外，您能獲得多少收益？

And then as we look at the MA underwriting margins in isolation, being slightly below breakeven. How would we contrast that against your retained growth versus the new growth that you expect to take on here?

然後，當我們單獨來看 MA 承保利潤率時，發現它略低於損益平衡點。我們該如何將此與您保留的成長和您預期在此實現的新增成長進行對比？

Thank you for your question. So when we talk about enterprise accretive, we are including the earnings associated with CenterWell. So if you recall, last year, we had a headwind in CenterWell Pharmacy because of the decline in membership. This year, we have a significant tailwind in CenterWell Pharmacy associated with the new membership.

謝謝你的提問。所以，當我們談到企業增值時，我們把與 CenterWell 相關的收益也算在內。所以，如果你還記得的話，去年由於會員人數下降，CenterWell Pharmacy 遇到了逆風。今年，CenterWell Pharmacy 的發展得益於新會員的加入，迎來了強勁的順風。

We also will have greater patients and at CenterWell PCO and expect to see an increase in home health volumes also related to the membership growth. And all of that growth across CenterWell is very positive from a margin perspective.

隨著會員人數的成長，CenterWell PCO 的病患數量也會增加，預計家庭醫療保健業務量也會隨之成長。從利潤率的角度來看，CenterWell 的所有這些成長都是非常正面的。

As it relates to individual MA margins, as I mentioned, we expect them to be just below breakeven in total in '26. While we don't provide cohort level margin information for competitive reasons, I'm going to give you a little more detail this year given the unique dynamics. So when you take the Stars headwind into account, the margins look largely similar for new and continuing members due to the following:

至於各個 MA 利潤率，正如我之前提到的，我們預計它們在 2026 年的總利潤率將略低於盈虧平衡點。雖然出於競爭原因，我們不提供群體層面的利潤率信息，但鑑於今年的特殊情況，我將提供更多細節。因此，考慮到明星賽帶來的不利因素，新會員和老會員的利潤率看起來大致相似，原因如下：

First, on continuing members, they're disproportionately impacted by the Stars headwind with the majority on contracts with less than 4 Stars. Absent the Stars headwind, as we've talked about extensively, the margin would be significantly better. New members are less impacted by the Stars headwind. So 70% are on 4-plus Star plans, but 30% are on plans with less than 4 Stars. They have a similar margin to the existing cohort for a couple of reasons.

首先，對於續約會員而言，他們受到星級不利因素的影響尤其嚴重，因為大多數續約會員的合約星級都低於 4 星。如果沒有星隊的逆風（我們已經深入討論過），優勢會明顯更大。新成員受「星隊逆風」的影響較小。因此，70% 的用戶使用的是 4 星及以上的套餐，但 30% 的用戶使用的是 4 星以下的套餐。由於以下幾個原因，他們的利潤率與現有群體相似。

One, the cost of acquisition, which is a little bit lower this year due to the actions we've taken, but still significant; and two, a higher MLR associated with the new members driven by: one, lower MRA if conditions have not been previously captured and, in some cases, potentially higher med costs if they have not been managed before joining Humana, so net-net, the overall margin for the existing and the new cohorts are fairly consistent but for very different reasons.

第一，由於我們採取的措施，今年的獲客成本略有下降，但仍然很高；第二，新會員的醫療損失率 (MLR) 較高，原因有二：一是如果之前未記錄病情，則醫療風險評估 (MRA) 較低；二是如果在加入 Humana 之前未進行管理，則在某些較高情況下，醫療成本可能。因此，整體而言，現有會員和新會員的整體利潤率相當穩定，但原因卻截然不同。

Justin Lake, Wolfe Research.

賈斯汀·萊克，沃爾夫研究公司。

I wanted to focus on kind of the trajectory forward. To Steve's question, you're losing -- you have slightly below breakeven margins in the Insurance business in the new members. Can you talk a little bit about how I'm estimating you got about 2.5 million new members here to Humana. It's a huge cohort. How is the typical progress we think about removing Stars in the equation. What's the typical progress in margins over a three- to five-year period? How should we think about that cohort becoming accretive?

我想重點關注未來的發展軌跡。對於史蒂夫提出的問題，你們正在虧損——在新會員方面，你們的保險業務利潤率略低於損益兩平點。您能否談談我估計 Humana 新增了約 250 萬會員的情況？這是一個龐大的群體。我們通常認為，從方程式中移除「星」這個因素，其進展會如何？三到五年內，利潤率通常會有什麼樣的變化？我們該如何看待這群人逐漸成長的過程？

And then Jim, your comments on getting back to 75%, or should I say, the top quartile on Stars. What would be the net benefit in 2027 from that approximately compared to the $3.5 billion headwind you had this year on a net basis.

吉姆，你對重回 75%（或者應該說是重返 Stars 的前四分之一）有什麼看法？與今年淨損失 35 億美元相比，到 2027 年，這將帶來約多少淨收益？

Justin, I'll take the first part of your question. George may add to it, and then Jim will. So in terms of the margin progression. If you think about like from year one to year two, you have a pretty substantial pickup as you have a more normalized marketing load. So your marketing load takes around five years to fully run out.

賈斯汀，我來回答你問題的第一部分。喬治可能會補充一些內容，然後吉姆也會。所以就利潤成長而言。如果你考慮一下從第一年到第二年的情況，你會發現由於行銷工作量更加正常化，業績會有相當大的提升。所以你的行銷預算大約需要五年才能完全消耗完畢。

But it typically will be cut in half between the first and the second year, the first and second year, though slightly less because of some of the actions we took this year, some of the levers that we pulled.

但通常情況下，第一年到第二年之間會減半，儘管由於我們今年採取的一些行動和我們動用的一些手段，減半的幅度會略小一些。

Second, you have an improvement in your medical benefit ratio throughout the period. So you'll have an improvement in the second year than the third year than the fourth and even in the fifth is probably where it normalizes. So you should have a fairly substantial increase in the first year with the combination of the marketing load being lower and then that improvement in the MLR and then slow improvement on the cohort in the years after that. George, anything you might add to that?

其次，在此期間，您的醫療福利比率有所提高。所以第二年會比第三年有所進步，第三年比第四年有所進步，而到了第五年可能就趨於正常水準了。因此，第一年由於行銷負擔較輕，加上行銷負荷的改善，你應該會有相當大的成長，然後在之後的幾年裡，群體會緩慢改善。喬治，你還有什麼要補充的嗎？

Yes, Celeste. Thanks. The other things that I'd just think about as you onboard members move them through their experience with us, just three other things to think about that helps improve the margin as well. First, of course, is MRA, which as we continue to work, coding, getting members appropriately coding the follow-up care that they need as a result of the assessments that we do. We find an improvement in both the coding and in their medical management.

是的，塞萊斯特。謝謝。在您引導新會員體驗我們服務的過程中，還有三件事需要考慮，這些事情也有助於提高利潤率。首先當然是 MRA，隨著我們繼續努力，編碼，讓成員們能夠正確地對他們因我們所做的評估而需要的後續護理進行編碼。我們發現他們的編碼和醫療管理方面都有改進。

And that the second part of that micromanagement also is able to kick in. We have many programs, many value-based programs as well as our care management programs that will take effect and that helps in the ongoing years. And third, if you think about how the membership comes in, they come in and typically there's a lower share of them that are paneled to value-based partners, our well-performing value-based partners.

而微觀管理的第二部分也能夠發揮作用。我們有很多項目，很多以價值為導向的項目，以及我們的護理管理項目，這些項目將在未來幾年發揮作用並有所幫助。第三，如果你想想會員是如何加入的，他們加入後，通常只有較低比例的會員會選擇價值型合作夥伴，也就是我們表現良好的價值型合作夥伴。

So as they progress through they become more and more paneled to those well-performing value-based partners, which also helps improve the margin over time. So there really are 3 major impacts that happen as those numbers come in and as we get them into our programs and provide better outcomes for them.

因此，隨著他們的發展，他們會越來越多地加入那些業績良好的價值型合作夥伴的行列，這也有助於隨著時間的推移提高利潤率。因此，隨著這些數字的出現，以及我們將他們納入我們的計劃並為他們提供更好的結果，實際上會產生 3 個主要影響。

Yes. Let me jump into the Stars question. I presume the nature of the question is you're trying to understand the difference between 95% of membership in a 4-star plan and our metric of 75th percentile, that -- what is that delta.

是的。讓我來回答關於星星的問題。我猜想這個問題的本質是，你想了解 4 星級計劃中 95% 的會員人數與我們 75% 分位數的指標之間的區別，也就是——這個差值是多少。

The -- let me remind everybody that we have chosen to anchor on 75th percentile for two reasons. One is, as changes in policy change the nature of Stars performance across the entire industry, it is better for us to index to the industry than to a specific number.

——讓我提醒大家，我們選擇以第 75 百分位為基準有兩個原因。一方面，由於政策的變化會改變整個行業明星球員的表現性質，因此我們最好以行業為基準，而不是以某個具體數字為基準。

Obviously, anything that changes across the industry, you would expect to be incorporated into pricing benefits over time. And so it wouldn't have a net impact on margin or overall profitability, but it could have an impact on the revenue.

顯然，任何產業內的變化，都會隨著時間的推移而反映在價格優勢上。因此，它不會對利潤率或整體獲利能力產生淨影響，但可能會對收入產生影響。

And the second reason that we anchored on 75th percentile is that from a planning perspective, we felt it was prudent to anchor on a place that gave us some planning flexibility over time. And so that was the rationale for 75th percentile.

我們選擇第 75 百分位作為基準的第二個原因是，從規劃的角度來看，我們認為選擇一個能讓我們在規劃上有一定的彈性的位置是明智的。這就是第 75 個百分位數的由來。

The challenge that we have in giving you a specific number is that this does at the end of the day, tied back to where is the industry performing and what are the policy changes impacting Stars. So we don't have a specific number that we can give you around that. But what I would again emphasize and I know I just said this, but whatever that number is, if we're at the 75th percentile, we feel comfortable that we can accommodate that in our pricing and our benefits in a way that will not have an impact that we should be able to achieve our margin expectations over time.

我們面臨的挑戰是，很難給出一個具體的數字，因為這最終取決於行業的整體表現以及影響明星球員的政策變化。所以，我們無法提供一個具體的數字。但我還是要再次強調，我知道我剛才也說過，無論這個數字是多少，如果我們處於第 75 個百分位，我們相信我們可以在定價和福利方面做出相應的調整，這樣就不會對我們實現預期利潤率產生影響。

And if I can just add, Justin, in the numbers we laid out for you at the Investor Day, we -- that 2028 number reflects -- or the math, as I told you guys to do reflects Stars at the 75th percentile. So that is the headwind of not being at the 95% is reflected in what we've laid out for you.

賈斯汀，如果我可以補充一點，在我們投資者日上向你展示的數字中，我們——2028 年的數字反映——或者說，正如我告訴你們的那樣，數學計算反映的是 75% 分位數的明星球員。所以，未能達到 95% 的目標所帶來的不利影響，已經反映在我們為您設定的方案中。

Ann Hynes, Mizuho Securities.

安海恩斯，瑞穗證券。

How did your expectations for 2026 change versus your thoughts on Investor Day? I know you didn't give guidance, but you did say 2026 would take a step back. I think the step back is probably a little steeper than what we thought. Can you just provide what the big deltas were from then to now?

與投資者日上的想法相比，您對 2026 年的預期發生了哪些變化？我知道你沒有給出具體指導，但你確實說過 2026 年將會倒退。我認為這次倒退的幅度可能比我們想像的還要大。能否提供一下從那時到現在的主要變化幅度是多少？

Also, you said in your prepared remarks that the guidance is more conservative this year than normal years. Can you just go through what product guidance do you think is the most conservative, that would be great.

此外，您在事先準備好的演講稿中提到，今年的指導方針比往年更加保守。您能否簡要說明一下您認為最保守的產品指導原則是什麼？那就太好了。

Ann, I think the biggest difference between where we were at Investor Day and where our guidance played out is really the embedded conservatism in our numbers. So within the assumption themselves, we tend to always have conservatism in MA, given that we don't have a full picture until later in the year. Based on what we have today, we feel very good about where we are.

安，我認為我們在投資者日上提出的觀點和我們最終的業績指引之間的最大區別，實際上是我們數字中固有的保守性。因此，就這些假設本身而言，考慮到我們直到今年晚些時候才能掌握全貌，我們在馬薩諸塞州往往總是傾向於保守主義。就我們目前所擁有的條件而言，我們對現狀感到非常滿意。

In terms of our trends, I'll share with you what's embedded in the guidance, but what we did in the end is basically haircut where we landed just given our known headwinds and tailwinds. So while some of the assumptions have conservatism embedded, there's just a broader haircut. So what's embedded from a trend perspective is cost trends that look a lot like 2025, but slightly higher for a reason a layout.

就我們的發展趨勢而言，我會與你們分享指導意見中的內容，但我們最終所做的基本上是，考慮到我們已知的不利因素和有利因素，對最終結果進行了調整。所以，雖然有些假設帶有保守主義色彩，但整體而言，情況有所不同。因此，從趨勢的角度來看，其中蘊含的成本趨勢與 2025 年非常相似，但由於佈局的原因略高一些。

So as a reminder, we assume the higher end of mid-single-digit medical costs for 2025 and low double-digit Rx trends. That is about where we landed. So '26 would be similar, though higher because of the lack of doc fix in 2025 and the inclusion of doc fix in 2026.

因此，再次提醒大家，我們假設 2025 年醫療成本將處於個位數中段的較高水平，而處方藥價格將處於兩位數低段的趨勢。我們最終的著陸點大致就在那裡。因此，2026 年的情況類似，但會更高，因為 2025 年沒有進行文件修復，而 2026 年進行了文件修復。

Ben Hendrix, RBC Capital Markets.

Ben Hendrix，加拿大皇家銀行資本市場。

I wanted to zero in quickly on the 140,000 new D-SNP members, 18% growth there. Just if you could kind of frame how that compared to your expectations both in the absolute number and then also on the profile, where they bounce back members? Did they come from exited communities from your competitors? And the degree to which they're handled to your value-based partners?

我想快速聚焦於新增的 14 萬名 D-SNP 會員，他們的成長率為 18%。您能否簡要說明一下，這個數字與您的預期相比如何，包括絕對數量以及會員流失率等因素？他們是否來自你競爭對手已退出的社群？以及您在多大程度上將他們視為您基於價值的合作夥伴？

Ben, thanks. This is George. So on the D-SNP, the absolute number is higher than expectations because our overall growth is higher than our initial expectations. But as a percentage, it's slightly lower.

本，謝謝。這是喬治。因此，D-SNP 的絕對值高於預期，因為我們的整體成長高於我們最初的預期。但以百分比計算，略低一些。

So that's the way to think about the D-SNP membership. Now to your other questions, as Jim said in his opening remarks, we did not gain our market share, if you will, of those planned exits from our competitors, and so that holds true across the business.

這就是理解 D-SNP 成員資格的方式。現在回答你的其他問題，正如吉姆在開場白中所說，我們並沒有從競爭對手的計劃退出中獲得市場份額，這種情況在整個業務中都適用。

And to your last question about value-based partners, as I said, the membership comes in oftentimes not paneled at the same level as our ongoing block of business. And we would effect as we do every year that the amount of paneling to increase year-over-year.

至於你最後一個關於基於價值的合作夥伴的問題，正如我所說，會員資格的引入通常與我們正在進行的業務的級別不同。我們將像往年一樣，增加鑲板的數量。

Now having said that, our duals because most of them are on HMO products do tend to come in panel. So when you think about the dual membership versus our core membership, the dual membership would be a greater share panel compared to the overall block of business.

話雖如此，我們的雙人保險產品大多屬於 HMO 產品，因此往往會以組合形式提供。所以，當你考慮到雙重會員資格與我們的核心會員資格時，你會發現，與整體業務板塊相比，雙重會員資格將是一個更大的份額小組。

Joshua Raskin, Nephron Research.

Joshua Raskin，腎單位研究。

I apologize sort of redundancy and where I think I'm going. But as you mentioned, the individual margins that are slightly negative in 2026. So going back to the Investor Day from June, is there anything you've seen that changes your view of the ultimate margin profile of this now larger book of business?

我為我的重複表達以及我接下來要說的意思道歉。但正如您所提到的，2026 年個別利潤率略微為負。回顧六月的投資人日，您是否看到任何改變您對目前規模更大的業務最終利潤率狀況看法的因素？

And as you look out to 2028, and specifically interested in any updated views around obtaining that top quartile Stars rating as well as perhaps the impact of the 2027 rate notice?

展望 2028 年，您是否特別想了解有關獲得最高四分之一星評級的最新觀點，以及 2027 年費率通知的影響？

Josh, I'm going to take a crack at your question and then Jim will jump in. So as you think about 2028, I want to remind you of our scale. So with the growth this year, it gives us quite a jump on achieving the 2028 target.

喬希，我先試著回答你的問題，然後吉姆再補充。所以，在你們思考 2028 年的時候，我想提醒你們我們的規模。因此，憑藉今年的成長，我們離實現 2028 年的目標又更近了一步。

So if you look at the operating cost ratio, the improvement is fairly significant, even accounting for the Stars headwind, and that's really driven by the operating leverage from membership and revenue. The cost cutting that we've talked about is consistent with what we talked -- spoke with you about at the Investor Day, we're on track for that.

因此，如果你看一下營運成本比率，即使考慮到星隊的不利因素，改善也是相當顯著的，這實際上是由會員和收入帶來的營運槓桿作用所驅動的。我們討論過的削減成本的措施與我們在投資者日上和你們討論的內容一致，我們正朝著這個目標穩步前進。

And then the operating leverage does reflect the investments we made in onboarding and ensuring that we have the right capabilities in place with the expanded medical base -- with the expanded member base. So we are ensuring we spend the money to do it right, but still have the significant pickup. So I think about the step forward in terms of operating leverage.

然後，營運槓桿確實反映了我們在新員工入職和確保我們擁有與擴大的醫療基礎（與擴大的會員基礎）相匹配的適當能力方面所做的投資。所以我們要確保把錢花在刀刃上，同時也能獲得顯著的提升。所以我認為，從經營槓桿的角度來看，這是一個進步。

And as I mentioned in my opening remarks and Jim mentioned as well, we are going to -- we'll adapt to the funding environment. So we expect to continue to make good progress on 2028 and feel good about our trajectory so far.

正如我在開場白中提到的，吉姆也提到過，我們將——我們將適應當前的資金環境。因此，我們預計在 2028 年將繼續取得良好進展，並且對我們目前的發展軌跡感到滿意。

Yes. So let me hit Stars, and I'll touch on the rate notice as well. On Stars. Again, what I'm going to emphasize just philosophically is the single biggest thing that we were adjusting to as we went through AEP and as we considered OEP and , is our ability to onboard a big portion of that is what can we absorb from a Stars standpoint.

是的。那麼，讓我來談談星級評價，我也會順便提一下評分通知。在星星上。再次強調，從哲學角度來看，我們在經歷 AEP 和考慮 OEP 時所調整的最重要的一點是，我們能夠接納其中很大一部分內容，這取決於我們作為 Stars 成員能夠吸收多少。

Again, there's always so much that you have clear visibility into early in the year. We tried to give a couple of examples there with both CTMs and with the RAs, where we do have some early look at progress and progress is actually quite positive. And to be clear, that's not on an absolute basis. That's on a per member basis. That is adjusted for the cohort who is onboarding.

同樣，年初的時候總是有很多事情你能清楚地看到。我們嘗試舉幾個例子，包括 CTM 和 RA，從中我們可以初步了解一些進展，而進展實際​​上相當積極。需要明確的是，這並非絕對的。這是依照會員人數計算的。這是根據新入職用戶群體進行調整的。

The other thing I would point out on Stars, there's a couple of things that we are doing differently versus two years ago that also better positions us to manage a large new member cohort. One is we are simply starting our programs earlier in the year. So if you went back two years ago, we would really start most of our proactive programs in the second half of the year and sometimes as late as the fourth quarter of the year.

關於 Stars，我還想指出一點，與兩年前相比，我們做了一些不同的事情，這也使我們能夠更好地管理龐大的新會員群體。一是我們只是提前啟動了今年的計畫。所以，如果回到兩年前，我們的大部分積極主動的專案實際上都是在下半年啟動的，有時甚至要到第四季才會啟動。

Most of those are starting late first quarter, early second quarter when we get our initial data on those members' health status. The second thing that I would point out is we have gotten much better at using that data to do appropriate targeting to understand who very early in the year has already cleared a whole bunch of Stars metrics. And therefore, where do we devote our resources to close gaps for those who have open gaps. So both of those things just put us operationally at a much better place to handle Stars.

其中大部分是從第一季末到第二季初開始的，那時我們會獲得這些成員健康狀況的初步數據。第二點我想指出的是，我們已經更好地利用這些數據進行適當的定位，以了解哪些球員在年初就已經達到了一系列明星指標。因此，我們應該把資源投入哪些方面，才能幫助那些有差距的人彌補差距？因此，這兩件事都使我們在營運上處於更有利的地位，能夠更好地處理星級賽事。

Now look, I'm also just going to state the obvious. This is Stars. It is a relative score. There is always risk in this. Can we say that there's no risk?

現在，我還要說一些顯而易見的事。這是星星。這是一個相對分數。這樣做總是有風險的。我們能說沒有風險嗎？

Of course, we cannot, but can we say that we feel good about our ability to mitigate that risk? Yes, this has been very much top of mind. So let me flip to rate notice here for a second. I don't know that I have a lot to add over my initial comments. I think everybody is well aware that the advanced rate notice is -- came in below medical cost trend, like that's not new at this point.

當然，我們不能這樣做，但我們能否自信地說，我們對降低這種風險的能力感到滿意？是的，這件事我一直非常關注。讓我先切換到評分通知環節。我覺得除了我最初的評論之外，沒有什麼要補充的了。我認為大家都很清楚，提前通知的費用低於醫療成本趨勢，目前已經不是什麼新鮮事了。

We recognize the pressures that are constantly being balanced here. We are doing what we can to advocate for our members and our patients to make sure that we get to an appropriate funding level that protects their interests. And at the end of the day, this is a difficult dynamic, but we will adjust to wherever the final rate notice lands. Like that is the bottom line. Wherever we end up, at the end of the day, we will adjust to that. And between now and then, we're going to do everything we can to advocate for our members.

我們意識到這裡一直存在著各種需要權衡的壓力。我們正在盡一切努力為我們的成員和患者爭取權益，以確保我們獲得適當的資金水平，從而保護他們的利益。歸根結底，這是一個棘手的問題，但我們會根據最終的費率通知做出調整。這就是問題的關鍵。無論最終結果如何，我們最終都會適應的。從現在到那時，我們將竭盡所能為我們的成員爭取權益。

Scott Fidel, Goldman Sachs.

Scott Fidel，高盛集團。

Can you give us some detail into -- relative to the 25% overall MA growth, how that breaks down in terms of PPO versus HMO in terms of the relative growth rates that you're seeing across there? And then also in terms of relative to the metric had around the percentage of new members that you gained from competitor exits, maybe holding on the PPO specifically, what percentage you estimate for the PPO product?

能否詳細說明一下－相對於整體 25% 的 MA 成長，PPO 與 HMO 的相對成長率是如何細分的？此外，相對於從競爭對手退出中獲得的新會員百分比這一指標而言，特別是對於 PPO 產品而言，您估計 PPO 產品的百分比是多少？

Scott, this is David. We won't be able to disclose all those details. But what I would say is this is that between HMO, PPO and frankly, across our plants, we've tried to have a reasonable margin across all of them. That's part of the new strategy is not to have higher margin and lower margin plans, going to be worried about outgrowth and the lower margin plans. So we can't disclose the exact growth rates, but the ability for both of those to be accretive much more balanced than it has been in the past.

斯科特，這是大衛。我們無法透露所有細節。但我想說的是，無論是 HMO、PPO，還是坦白說，在我們所有的工廠裡，我們都努力在所有這些方面保持合理的利潤率。新策略的一部分是不再製定高利潤率和低利潤率的計劃，而是專注於成長速度和低利潤率的計劃。因此我們無法透露確切的成長率，但這兩項成長的能力比過去更加平衡。

AJ Rice, UBS.

AJ Rice，瑞銀集團。

I appreciate all the comments about different aspects of operating leverage and so forth. But just to make sure I got the right perspective on it. I think at the Investor Day, you talked about the transformation initiative broadly, having an improvement from '25 to 2028 of $1.6 billion to $2 billion in pretax earnings.

感謝大家對經營槓桿等各方面的評論。但只是為了確保我對這件事的看法是正確的。我認為在投資者日上，您廣泛談到了轉型計劃，預計從 2025 年到 2028 年，稅前利潤將提高 16 億美元至 20 億美元。

I know there's a lot of things going on this year, but in your '26 outlook, how much of that will you have realized this year, if any? And how much sort of progressively do you expect to get over the next few years to get to that level. I don't know if there's upfront cost. So maybe it's not having any impact to positive this year, but just some flavor for how we can sort of track how you're progressing given that's a big part of the -- getting to the earnings power of the company for '28?

我知道今年有很多事情發生，但在你對 2026 年的展望中，你認為今年能實現多少目標（如果有的話）？那麼，在接下來的幾年裡，你預計會逐步取得多大的進步才能達到那個水準？我不知道是否有前期費用。所以也許今年不會產生任何正面影響，但這可以讓我們大致了解你的進展情況，因為這是預測公司 2028 年獲利能力的重要組成部分？

Yes. Thanks, AJ. So there -- as I said before, there are two components of the operating leverage. There's the revenue growth, which is driven by member growth and then growth in CenterWell and then cost savings. So in terms of member growth and the pickup at least from a member volume perspective and CenterWell, we have -- we are close to where we would have expected to be in 2028.

是的。謝謝你，AJ。所以，正如我之前所說，經營槓桿有兩個組成部分。營收成長主要來自會員成長，其次是 CenterWell 的成長，最後是成本節約。因此，就會員成長和會員數量成長而言，至少從 CenterWell 的角度來看，我們已經接近了我們預期在 2028 年達到的水平。

In terms of the cost cutting, we are only just beginning, so we expect a significant pickup in '27 and then 28. So we still have quite a bit to go the same sort of trajectory as we talked about at the Investor Day. We've been very deliberate about how we do the cost cutting. We want to ensure that we do it in a way that makes sense and is sustainable and doesn't put the business risk -- business at risk as we do it.

就削減成本而言，我們才剛開始，所以我們預計 2027 年和 2028 年會有顯著成長。因此，我們距離實現我們在投資者日上所討論的那種發展軌跡還有很長的路要走。我們在削減成本方面一直非常謹慎。我們希望確保我們以合理、可持續的方式進行，並且不會為企業帶來風險——在進行過程中不會為企業帶來風險。

So still quite a bit to go there. So we continue -- we expect to continue to see upside there. Let me also remind you that we expect continued growth in terms of our clinics in CenterWell as well as progress in some of the strategic initiatives on the pharmacy side that we've talked to you about.

所以還有很長的路要走。因此我們繼續——我們預計這方面還會繼續上漲。我還要提醒各位，我們預計 CenterWell 旗下的診所將繼續成長，同時我們在藥局方面的一些策略性舉措也將取得進展，這些我們之前已經和你們討論過。

And we also expect to continue to see improvement in the margin in group MA. We did have, before the Stars headwind this year, a 500 basis point pickup due to recontracting efforts. There's still several hundred basis points to go. We still have upside in Medicaid as we continue to move through the J-curve and then moving through the J-curve also on the CenterWell PCO clinics. So all in, we still think there is upside through both the overall work we're doing on margin improvement as well as the cost cutting.

我們也預計MA集團的利潤率將持續提高。在今年遭遇星隊逆風之前，由於續約努力，我們確實獲得了 500 個基點的收益。還有幾百個基點要走。隨著我們繼續推進 Medicaid 業務的 J 型曲線，以及 CenterWell PCO 診所業務的 J 型曲線，我們仍然有上漲空間。綜上所述，我們仍然認為，透過我們正在進行的提高利潤率和削減成本的整體工作，仍有上升空間。

Jason Cassorla, Guggenheim Partners.

Jason Cassorla，古根漢合夥公司。

Great. Maybe just looking back to 2025, your investment spend that you spiked out appears to be peers have totaled well over $550 million, which seemingly indicates that your individual MA business outperformed pretty well this year, kind of netting against those investments.

偉大的。或許回顧 2025 年，你大幅增加的投資支出似乎已經超過了同行的 5.5 億美元，這似乎表明你個人的 MA 業務今年表現相當不錯，某種程度上抵消了這些投資。

Can you remind us how much of that investment spend is run rating into 2026? And I guess, relative to how you're thinking about guidance and our conservative posturing, are you taking a similar approach in terms of spending away any outperformance this year, or can you frame how you're thinking about further investment spend?

能否提醒我們一下，這些投資支出中有多少是用來維持評等到 2026 年的？我想，相對於您對業績指引和我們保守立場的看法，您是否也採取了類似的策略來應對今年任何超額收益？或者能否闡述一下您對進一步投資支出的看法？

Yes. So let me hit the first part. So we -- your estimate is close to about right in terms of the incremental investments. We did -- we do have a lot that we want to do to transform the company, and we did invest there. As it relates to this year, we are not currently contemplating any incremental investments.

是的。那麼，讓我先來談談第一部分。所以，就增量投資而言，您的估計基本上正確。我們確實有很多想做的事情來改造公司，我們也確實在這方面進行了投資。就今年而言，我們目前沒有考慮任何新增投資。

We are continuing to just generally invest in the company. We are not cutting back on tech investments. In fact, that's a little bit higher. So we're not starving the business as we move forward. We're trying to balance the short term and the long term, but we are being very mindful of our spending.

我們將繼續對該公司進行常規投資。我們不會削減科技投資。實際上，這個數字還要略高一些。所以，我們不會因為向前發展而讓企業陷入困境。我們努力平衡短期和長期利益，但我們對支出非常謹慎。

And then in terms -- and as it relates to Stars, we talked about last year being a transition year. So the overall Stars investments on a PMPM basis are down that's driven by sort of scaling back in some of our old programs and scaling up some of -- a lot of the new programs, including the work we're doing about member onboarding and some of the other things that Jim spoke to you about.

然後，就星隊而言——我們談到去年是過渡年。因此，以每人每月投資金額計算，Stars 的整體投資有所下降，這是由於我們縮減了一些舊項目，並擴大了一些新項目，包括我們正在進行的會員入會工作以及 Jim 和你談到的其他一些事情。

We've also found much more efficient ways to improve Stars. So overall, actually, our Star spend is fairly consistent with last year on an absolute dollar basis, but on a PMPM basis, it's down significantly, and that's driven by the 25% membership growth. And I forgot the second part of the question.

我們也找到了更多提高星級評價的更有效方法。所以總體而言，實際上，以絕對美元計算，我們的 Star 支出與去年相當一致，但按每人每月支出計算，則大幅下降，這是由於會員增長了 25% 所致。我忘了問題的第二部分。

Just if you were going to some incremental investments for --

如果你打算進行一些增量投資的話--

Sorry. We -- if we decide to do that, which we may, we will be very transparent with you if we decide to make incremental investments throughout the year. We will share that with you, so you understand the operating performance versus where we might be offsetting it with investments.

對不起。如果我們決定這樣做（我們可能會這樣做），如果我們決定在一年內進行逐步投資，我們將非常透明地向您說明情況。我們會與您分享這些訊息，以便您了解營運表現以及我們可能透過投資來抵銷業績下滑的情況。

Ryan Langston, TD Securities.

Ryan Langston，TD Securities。

On the higher level of bounce back membership recapture, is there a way to generally think about how long those members have been away from Humana. And then v28, I think you previously said it's about a 160 basis point impact just given the sort of level of new growth. Is that still in the ballpark? Or is there anything to add there?

從更高層次的會員恢復角度來看，是否有一種方法可以大致考慮這些會員離開 Humana 的時間？至於 v28，我想你之前說過，考慮到新增成長的幅度，它的影響大約是 160 個基點。這個價格還在合理範圍內嗎？還有什麼要補充的嗎？

On the bounce back, we'll be able to disclose specific details. We look back over several years to say where have the members in bouncing back. And obviously, the more recent membership is a bigger percentage of the overall, but we look back several years to say which members we actually have previously experienced with, and that's the close to 30% number. I missed the second part of the question --

等情況好轉後，我們將能夠公佈具體細節。我們回顧過去幾年，看看成員們在復甦方面取得了哪些進展。顯然，新加入的會員在總會員中所佔比例更大，但我們回顧幾年前的會員狀況，就會發現我們之前確實接觸過這些會員，這個數字接近 30%。我錯過了問題的第二部分。--

Yeah, v28, yes, your number is correct. Nothing has changed there. Yes.

是的，v28，沒錯，你的數字是正確的。那裡什麼都沒變。是的。

Elizabeth Anderson, Evercore ISI.

Elizabeth Anderson，Evercore ISI。

I was wondering if you could talk in a little bit more detail about the change in EPS seasonality this year. It's a little bit different than prior skews. So I just wanted to better understand if that's all IRA related or if there's anything else involved in there? And then any early comments that you guys can share on OEP in terms of what you're seeing in terms of additional retention or anything else there?

我想請您更詳細地談談今年每股盈餘季節性變化的情況。這和之前的偏差略有不同。所以我想更清楚地了解一下，這是否都與個人退休帳戶（IRA）有關，還是還涉及其他方面？那麼，你們能否分享一下關於 OEP 的初步看法，例如在提高用戶留存率或其他方面觀察到的情況？

Yes. So the seasonality is a bit different than last year. The underlying factors are the same. So the IRA is driving steeper curve, a steep curve, but it's, I guess, aggravated, if you will, by the Stars headwind. So as you have the loss of operating leverage from Stars, and that sort of aggravates the second half of the year versus 2025. But otherwise, outside of Stars, the trajectory would be very similar.

是的。所以今年的季節性與去年略有不同。根本原因相同。所以 IRA 正在推動更陡峭的曲線，一條陡峭的曲線，但我想，如果你願意的話，它受到了 Stars 逆風的加劇。因此，由於 Stars 的營運槓桿作用減弱，這在某種程度上加劇了今年下半年與 2025 年相比的情況。但除此之外，除了 Stars 之外，軌跡將非常相似。

And Elizabeth, you asked about AEP. It's a little early to know. Again, we quoted a 500 basis point improvement in AEP. I think for OEP, it's too early to know, but we do think there's upside to that. I mean we like the momentum. As Jim said, we're liking the transactional NPS. There's a lot of indications that our member liking the benefit stability. And so we do think there's upside, but it's just early to have a number.

伊莉莎白，你問到了AEP。現在知道還為時過早。我們再次預測 AEP 將提高 500 個基點。我認為對於 OEP 來說，現在下結論還為時過早，但我們確實認為它有積極的一面。我的意思是，我們喜歡這種勢頭。正如吉姆所說，我們喜歡交易型 NPS。種種跡象表明，我們的會員喜歡這種穩定的福利待遇。所以我們認為有上漲空間，但現在下具體數字還為時過早。

Kevin Fischbeck, Bank of America.

凱文‧菲施貝克，美國銀行。

Great. I wanted to ask about 2027 thoughts. Obviously, you're not concerned about how things are going to play out from a cost perspective in '26, but the market is. I want to understand how you guys believe your visibility is going to play out over the next several months? Is there anything you're doing extra to make sure that if there is an issue, it is in fact captured before you have to submit bids for 2027?

偉大的。我想問大家對2027年的看法。顯然，你並不關心 2026 年的成本狀況會如何發展，但市場卻很在意。我想了解你們認為未來幾個月你們的曝光度會如何改變？為了確保在提交 2027 年投標書之前，如果出現問題能夠及時發現並解決，你們是否採取了額外的措施？

And then it's not clear to me what you mean when you say you're going to factor in the rate environment for 2027. We've seen a bunch of companies more recently just say we're focusing on margin wherever membership lands, it lands. And the market seems to like that. But your LTV commentary seems to leave some wiggle room to kind of say, no, I need to retain members. So like what does it mean like to adjust to the rate, are you going to immediately go back to the margin trajectory you were on, or are you going to have to balance margin and membership growth when you think about LTV?

那麼，你說要將 2027 年的利率環境考慮在內，我不太明白你的意思。最近我們看到很多公司都表示，無論會員人數在哪裡，利潤率都會提高。市場似乎很喜歡這種做法。但你的 LTV 評論似乎留下了一些迴旋餘地，可以說，不，我需要留住會員。那麼，調整到當前利率水準意味著什麼呢？你是要立即恢復到先前的利潤率成長軌跡，還是在考慮 LTV 時需要在利潤率和會員成長之間取得平衡？

Yes. Thanks for the question. On the first half of that, we have a good look at member performance by around April, and then we have a better look in May. And both of those views are early enough that if we need to make adjustments in the bid, we can make adjustments in the bid. So we should have a solid enough understanding of what the current cohort looks like at the time of bid and be able to incorporate that in, so we feel good about that. And by the way, that is no different than other years. So we feel good there.

是的。謝謝你的提問。在前半部分，我們可以很好地了解4月份左右的會員表現，然後在5月份我們會有更深入的了解。而且這兩種觀點都出現得比較早，如果我們需要對投標進行調整，我們就可以對投標進行調整。因此，我們應該對投標時的當前群體情況有足夠的了解，並能夠將其納入其中，所以我們對此感到滿意。順便說一句，這和往年沒什麼不同。所以我們在那裡感覺很好。

On the second half of the question, yes, look, let me be clear. We made a set of commitments to ourselves and to investors at Investor Day last year, and we are standing by those commitments. And so our focus is on retaining membership to be sure, but it is on getting the first goal is to get to the margin trajectory that this business needs to be on over the long term, right?

關於問題的後半部分，是的，聽著，讓我說清楚。去年投資者日，我們向自己和投資者做出了一系列承諾，我們將繼續履行這些承諾。因此，我們的重點當然是留住會員，但首要目標是讓這項業務在長期內達到所需的利潤成長軌跡，對吧？

Like we are focused on getting to the right long-term, sustainable, durable, attractive margin. And -- and yes, we're going to retain as many members as we can along the way. Are we focused on new member growth? No. Like new member growth is not the focus. It is great experience, it is retention and it's getting to the right margin profile.

我們致力於獲得合適的、長期的、可持續的、持久的、有吸引力的利潤率。而且——是的，我們會盡一切努力留住盡可能多的成員。我們是否專注於發展新會員？不。似乎增加新會員不是重點。這是一次很棒的經歷，有助於顧客留存，並能達到適當的利潤率。

Erin Wright, Morgan Stanley.

艾琳·賴特，摩根士丹利。

A two-part question here and going back to the rate notice, but is there anything specifically on the rate notice that you would have outsized exposure to relative to the industry from a coding perspective? Or can you talk about some of those components of the rate notice and how you're thinking about that?

這裡有兩個問題，回到費率通知上，從編碼的角度來看，費率通知中是否有任何內容會讓你面臨相對於行業而言過大的風險？或者您能否談談費率通知書的某些組成部分以及您對此的看法？

And then just from a statutory capital perspective, the requirements there, the more favorable positioning. Was that associated with the emphasis of certain states or jurisdictions? And is there more to do on that plan and -- or more to accomplish there? And then just your capital deployment thereon.

然後，僅從法定資本的角度來看，那裡的要求，以及更有利的地位。這是否與某些州或地區的重視程度有關？該計劃是否還有其他工作要做，或者說還有哪些目標需要實現？然後就是你在這方面的資金部署。

We're now focused on the second question. Remind me what the first question is?

我們現在集中精力討論第二個問題。請提醒我第一個問題是什麼？

The rate notice.

費率通知單。

The rate notice, yes. So on the rate notice, the -- first of all, we're still working through some of the detailed analysis. But the high-level message is that changes that have occurred from a policy standpoint this year do not have the same type of variance that v28 had. In general, most of the industry should be impacted around a pretty narrow band around the and so even as we're working through some of the details, we feel pretty confident everybody is going to be a margin of error around the industry mean.

是的，是費率通知單。所以關於費率通知，首先，我們仍在進行一些詳細的分析。但總體而言，今年政策方面的變化與 v28 版本相比，差異程度有所不同。總的來說，大部分行業應該會受到相當窄的範圍內的影響，因此，即使我們仍在處理一些細節，我們也相當有信心，每個人受到的影響都會在行業平均值的誤差範圍內。

Yes. In terms of the capital efficiency activities, we have done most of the work that we think makes sense in terms of redomestication which is really focusing on moving around the legal entities. There is more work that we can do that there is more opportunity for us on some of the other areas, including reinsurance.

是的。就資本效率活動而言，我們已經完成了大部分我們認為在重新註冊方面有意義的工作，這實際上側重於調整法律實體。在其他一些領域，例如再保險，我們還有更多的工作要做，也有更多的機會。

So we'll -- we still have those in our pocket as we think about going into 2027, et cetera. But overall, we're very happy with the progress we made and expect to continue to really focus on ensuring that we have the right amount of capital in place but not too much, which becomes a drag in terms of our overall efficiency and our ability to invest in other areas.

所以，當我們考慮進入 2027 年等等時，我們仍然保留著這些想法。但總的來說，我們對所取得的進展非常滿意，並希望繼續真正專注於確保我們擁有適量的資金，但又不會過多，因為過多的資金會拖累我們的整體效率和在其他領域的投資能力。

Matthew Gillmor, KeyBanc.

Matthew Gillmor，KeyBanc。

I wanted to ask about value-based contracting. Can you just remind us the proportion of MA members that are capitated versus the risk models. And is there any comment in terms of how that's changed as you think about 2026 in future periods?

我想諮詢一下基於價值的合約。能否提醒我們一下，按人頭付費的醫療保險會員與採用風險模式的會員分別佔多少比例？那麼，在您展望2026年及未來時期時，您對此有何看法？

Thank you for the question. I appreciate that, Matthew. So the percent of membership is relatively the same, about a third in risk, a third in value-based, other types of value-based, and then the third that are in either nonvalue based or just some basic pay for performance. One of the things that I mentioned before is that when you have an influx of members, generally, that number comes down a little bit at the start of the year and as the year progresses when members are choosing primary care doctors and/or we have claims-based attribution of members into panels.

謝謝你的提問。謝謝你，馬修。因此，會員比例相對相同，約三分之一是風險型會員，三分之一是價值型會員，其他類型的價值型會員，還有三分之一是非價值型會員或只是按績效支付基本薪酬的會員。我之前提到的一點是，當會員數量激增時，通常情況下，年初會員數量會略有下降，但隨著時間的推移，會員會選擇初級保健醫生，或者我們會根據索賠情況將會員分配到不同的小組中，會員數量也會隨之下降。

That number builds back up. So that's the typical thing we see. We work with many highly performing value-based partners and do not have really a significant percent of our membership with any particular provider. And we continue to see value-based partners, wanting to grow with us. We have many value-based partners that we've been speaking to as recently as in the last month or so that want to expand significantly with us.

這個數字會重新上升。這就是我們通常看到的情況。我們與許多業績卓越的、以價值為導向的合作夥伴合作，我們的會員中並沒有很大比例的人屬於任何特定的供應商。我們不斷看到以價值觀為導向的合作夥伴，他們希望與我們一起成長。在過去一個月左右的時間裡，我們一直在與許多以價值為導向的合作夥伴進行洽談，他們希望與我們一起大幅擴張。

So we feel good about where we are with the value-based partners. And very much appreciate all the good things they do for our members to contribute to better health outcomes and higher quality care.

因此，我們對與這些以價值為導向的合作夥伴的合作現狀感到滿意。我們非常感謝他們為我們的會員所做的一切好事，這些事有助於改善健康結果和提高醫療品質。

Lance Wilkes, Bernstein.

蘭斯威爾克斯，伯恩斯坦。

Yes. I wanted to follow up on the value base a little bit. Just to ask, for '26, what's the impact to MLR, if any, of any changes to value-based care financial terms or carve-outs of thing, or is that fairly stable? And related to value-based care, what's the -- your sense of the capacity to absorb the magnitude of risk that you're talking about? And then just a quick cleanup question, in the incremental investments that you made in '25, what portion of that, if any, was in -- would have been in the medical costs or attributed to medical costs?

是的。我想稍微補充一下價值基礎方面的內容。請問，對於 2026 年，基於價值的醫療保健財務條款或某些事項的任何變化，對醫療損失率 (MLR) 有何影響（如果有的話），或者它是否相當穩定？至於以價值為基礎的醫療服務，您認為自身有能力承受您所說的巨大風險嗎？最後還有一個簡單的澄清問題，在你們 2025 年進行的增量投資中，如果有的話，有多少部分是——會用於醫療成本或歸因於醫療成本？

Nothing really has changed with regard to the financial performance of the value-based providers as far as proportionately how they contribute to our margins. So what we've shared before in Investor Days and what we shared before, still holds true. I won't go into many details there because obviously, those contracts between us and our value-based providers are proprietary, but we do a lot of work with them to help support them to help them be successful in caring for our members and improving the health of those members, so nothing really has changed there from a value-based standpoint, except for I will say a couple of things we've talked about before.

就價值型供應商對我們利潤的貢獻比例而言，他們的財務表現實際上並沒有任何變化。所以，我們之前在投資人日上分享的內容，以及我們之前分享的內容，仍然有效。我不會詳細討論這些細節，因為很顯然，我們與基於價值的醫療服務提供者之間的合約是專有的，但我們會與他們進行大量工作，幫助他們成功地照顧我們的會員並改善會員的健康，所以從基於價值的角度來看，除了我之前討論過的幾件事之外，沒有什麼真正的變化。

The first is that we did provide significant support to them in 2025 by taking back the Part D risk, which given the volatility that, that can have at a relatively smaller number of membership for our value-based partners. We didn't think it actuarially made sense for them to take on that risk. So we took that back now significant assistance to them in '25, and we continue that into '26. That's why as we've said before, we also have done a lot of work to help mitigate the Stars impacts of '26. So we continue to work with our partners in a very collaborative way and appreciate the work they do for us.

首先，我們在 2025 年透過承擔 D 部分風險為他們提供了重要的支持，考慮到波動性，這可能會使我們基於價值的合作夥伴的成員數量相對較少。我們認為，從精算角度來看，讓他們承擔這種風險並不合理。因此，我們在 2025 年向他們提供了重要的援助，並將這種援助延續到了 2026 年。因此，正如我們之前所說，我們也做了很多工作來幫助減輕 26 年「星光」事件的影響。因此，我們繼續與合作夥伴以高度協作的方式開展工作，並感謝他們為我們所做的工作。

And as it relates to the incremental investments, I'd say, 90% were in medical costs.

至於新增投資，我認為其中 90% 都用於了醫療費用。

Whit Mayo, Leerink Partners.

Whit Mayo，Leerink Partners。

Jim, any meaningful changes to your provider contracting strategy this year? I feel like I've heard provider contracting a couple of times on the call. So just wondering if something's changed to minimize that friction. And I guess I mean this through the lens of the Stars question around member satisfaction.

吉姆，今年你們的供應商合約策略有任何重大變化嗎？我感覺在通話中聽到供應商合約好幾次了。所以我想知道是否有一些改變來減少這種摩擦。我想說的是，我指的是透過「星級」問題來探討會員滿意度。

Yes. There have been a number of things we've done. I just mentioned two with what we did with Part D and what we've done with supporting and mitigating the Stars headwinds. But we also continue to do many things across the provider landscape. We have a whole team that is looking at how we improve our contractual relationships with our providers in a number of ways, including, as you mentioned, reducing the friction.

是的。我們做了很多事。我剛才提到了兩點，分別是我們對 D 部分所做的工作，以及我們為支持和減輕 Stars 的不利因素所做的工作。但我們也繼續在服務提供者領域進行許多工作。我們有一個團隊正在研究如何從多個方面改善我們與供應商的合約關係，包括正如您所提到的，減少摩擦。

We did make a large announcement last year about how we're improving the prioritization process to decrease the number of things that take prior authorization and to increase the automation of how we do prior authorizations as well. One of the things that we have continued to do and that we have historically been very good at, for example, is for both our rural and nonrural providers. We essentially pay on average those claims in under 15 days.

去年我們曾發布過一項重要公告，宣布我們將改善優先排序流程，以減少需要事先授權的事項數量，並提高事先授權的自動化程度。例如，我們一直以來都非常擅長的一件事，就是為我們的農村和非農村醫療服務提供者提供服務。我們基本上會在15天內支付這些索賠。

So we think that we also appropriately help our providers with their payment rates. So there are a number of things that we do to move and we have teams that are very much focused on improving those provider relationships and reducing the abrasion. They are oftentimes the face of Humana to our members, and we want to make sure that we maintain great relationships with them.

所以我們認為，我們也恰當地幫助了供應商降低支付費率。因此，我們採取了許多措施來推動變革，我們有專門的團隊致力於改善與供應商的關係並減少摩擦。他們通常是 Humana 在我們會員面前的形象代表，我們希望確保與他們保持良好的關係。

With that, I'm going to turn to the close. And as we close out, I'm going to start -- I'm going to end where we started with the key messages that we want to make sure everybody understands. Again, we're pleased with our 2025 performance. We continue to feel good about the membership growth. We remain committed to a consumer-centric strategy that is responsive to what our patients and members want to need.

接下來，我要進入結尾部分了。最後，我要回到我們開始的地方，重申一些我們希望確保每個人都能理解的關鍵訊息。再次重申，我們對2025年的業績感到滿意。我們對會員人數的成長感到持續滿意。我們始終致力於以消費者為中心的策略，積極回應患者和會員的需求。

And we recognize that to do that, we must deliver a stable and compelling margin. So I'm just going to say that again. We must deliver a stable and compelling margin. And that requires that adapt to our funding environment. We will continue to do that to ensure that we stay on track with unlocking the earnings potential of the business by 2028 as we laid out at our 2025 Investor Day.

我們認識到，要做到這一點，就必須提供穩定且有吸引力的利潤率。所以我再說一次。我們必須實現穩定且可觀的利潤率。這就要求我們適應我們的資金環境。我們將繼續這樣做，以確保我們能夠按照我們在 2025 年投資者日上設定的目標，在 2028 年釋放業務的獲利潛力。

With that, I would thank you for joining us this morning and for interest in Humana, and I want to say thanks to our 65,000 associates who serve our members and our patients every day. We appreciate your support and we hope you have a great day.

在此，我要感謝各位今天上午蒞臨現場，感謝大家對 Humana 的關注。同時，我也要感謝我們 65,000 名員工，他們每天都在為我們的會員和患者提供服務。感謝您的支持，祝您今天過得愉快。

This concludes today's conference. Thank you for your participation. You may now disconnect.

今天的會議到此結束。感謝您的參與。您現在可以斷開連線了。