(Reuters) - Humana Inc raised its full-year adjusted profit forecast on Wednesday, banking on strength in its government-backed health insurance business.
The company had in February raised its annual forecast for Medicare Advantage membership additions to 775,000, counting on gains from redirecting resources out of its employer-backed insurance business that is in the process of shutting down.
On an adjusted basis, the company now expects annual profit of at least $28.25 per share, compared with its previous forecast of at least $28 per share. Analysts estimate 2023 profit of $28.12 per share, according to Refinitiv data.
The health insurer reported an adjusted profit of $9.38 per share in the first quarter, beating estimates of $9.27.
(Reporting by Khushi Mandowara and Leroy Leo in Bengaluru; Editing by Devika Syamnath)
