Operating Segments

3 Months Ended

Mar. 31, 2024

Segment Reporting [Abstract]

Operating Segments

Operating Segments

Starting in 2024, the Company manages its operations based on one reportable operating segment: Insurance. Through the Insurance segment, the Company provides PPO and HMO plans to Medicare Advantage members in several states. These segment groupings are consistent with information used by the Chief Executive Officer, the Company's CODM, to assess performance and allocate resources.

The operations of the Company are organized into the following one segment:

•Insurance Segment includes operations related to the Company's MA plans, which generally provide access to a wide network of primary care providers, specialists, and hospitals.

Corporate/Other includes other clinical services not included in Medicare Advantage and all other corporate overhead. Clinical services is comprised of Clover Home Care and other clinical services that are offered to eligible beneficiaries.

The table below summarizes the Company's results by operating segment:

	Insurance		Corporate/Other		Eliminations		Consolidated Total
Three months ended March 31, 2024	(in thousands)
Premiums earned, net (net of ceded premiums of $101)	$	341,722	$	—	$	—	$	341,722
Other income	3,727		15,681		(14,208)		5,200
Intersegment revenues	—		48,465		(48,465)		—
Net medical claims incurred	266,076		4,938		(5,852)		265,162
Gross profit (loss)	$	79,373	$	59,208	$	(56,821)	$	81,760
Total assets	$	498,360	$	838,045	$	(664,635)	$	671,770

	Insurance		Corporate/Other		Eliminations		Consolidated Total
Three months ended March 31, 2023	(in thousands)
Premiums earned, net (net of ceded premiums of $122)	$	317,086	$	—	$	—	$	317,086
Other income	1,839		17,738		(14,671)		4,906
Intersegment revenues	—		23,231		(23,231)		—
Net medical claims incurred	274,504		3,448		(3,163)		274,789
Gross profit (loss)	$	44,421	$	37,521	$	(34,739)	$	47,203
Total assets	$	467,392	$	936,903	$	(666,810)	$	737,485

A reconciliation of the reportable segments' gross profit to the Net loss from continuing operations included in the Condensed Consolidated Statements of Operations and Comprehensive Loss is as follows:

Three Months Ended March 31,	2024		2023
	(in thousands)
Gross profit	$	81,760	$	47,203
Salaries and benefits	59,223		68,981
General and administrative expenses	44,569		57,644
Premium deficiency reserve benefit	—		(1,810)
Depreciation and amortization	318		279
Restructuring costs	353		1,807
Loss (gain) on investment	467		—
Net loss from continuing operations	$	(23,170)	$	(79,698)