Intersegment sales and expenses are recorded at fair value and eliminated in consolidation. Members served by our segments often use the same provider networks, enabling us in some instances to obtain more favorable contract terms with providers. Our segments also share indirect costs and assets. As a result, the profitability of each segment is interdependent. We allocate most operating expenses to our segments. Assets and certain corporate income and expenses are not allocated to the segments, including the portion of investment income not supporting segment operations, interest expense on corporate debt, and certain other corporate expenses. These items are managed at a corporate level. These corporate amounts are reported separately from our reportable segments and are included with intersegment eliminations in the tables presenting segment results below.

Our segment results were as follows for the three and three months ended March 31, 2017 and 2016:




	Retail		Group and Specialty		Healthcare Services		Individual Commercial		Other Businesses			Eliminations/ Corporate			Consolidated
	(in millions)
Three months ended March 31, 2017
Revenues - external customers
Premiums:
Individual Medicare Advantage	$	8,376	$	—	$	—	$	—	$	—		$	—		$	8,376
Group Medicare Advantage	1,318		—		—		—		—			—			1,318
Medicare stand-alone PDP	941		—		—		—		—			—			941
Total Medicare	10,635		—		—		—		—			—			10,635
Fully-insured	118		1,378		—		283		—			—			1,779
Specialty	—		322		—		—		—			—			322
Medicaid and other	653		—		—		—		9			—			662
Total premiums	11,406		1,700		—		283		9			—			13,398
Services revenue:
Provider	—		—		70		—		—			—			70
ASO and other	2		161		—		—		2			—			165
Pharmacy	—		—		18		—		—			—			18
Total services revenue	2		161		88		—		2			—			253
Total revenues - external customers	11,408		1,861		88		283		11			—			13,651
Intersegment revenues
Services	—		5		4,310		—		—			(4,315		)	—
Products	—		—		1,552		—		—			(1,552		)	—
Total intersegment revenues	—		5		5,862		—		—			(5,867		)	—
Investment income	25		11		8		1		21			45			111
Total revenues	11,433		1,877		5,958		284		32			(5,822		)	13,762
Operating expenses:
Benefits	10,051		1,286		—		156		29			(196		)	11,326
Operating costs	954		399		5,680		62		4			(5,546		)	1,553
Merger termination fee and related costs, net	—		—		—		—		—			(947		)	(947		)
Depreciation and amortization	58		21		34		3		—			(24		)	92
Total operating expenses	11,063		1,706		5,714		221		33			(6,713		)	12,024
Income (loss) from operations	370		171		244		63		(1		)	891			1,738
Interest expense	—		—		—		—		—			49			49
Income (loss) before income taxes	$	370	$	171	$	244	$	63	$	(1	)	$	842		$	1,689



	Retail		Group and Specialty		Healthcare Services		Individual Commercial			Other Businesses			Eliminations/ Corporate			Consolidated
	(in millions)
Three months ended March 31, 2016
Revenues - external customers
Premiums:
Individual Medicare Advantage	$	8,027	$	—	$	—	$	—		$	—		$	—		$	8,027
Group Medicare Advantage	1,077		—		—		—			—			—			1,077
Medicare stand-alone PDP	1,039		—		—		—			—			—			1,039
Total Medicare	10,143		—		—		—			—			—			10,143
Fully-insured	104		1,337		—		893			—			—			2,334
Specialty	—		318		—		—			—			—			318
Medicaid and other	630		5		—		—			10			—			645
Total premiums	10,877		1,660		—		893			10			—			13,440
Services revenue:
Provider	—		—		71		—			—			—			71
ASO and other	1		177		1		—			3			—			182
Pharmacy	—		—		7		—			—			—			7
Total services revenue	1		177		79		—			3			—			260
Total revenues - external customers	10,878		1,837		79		893			13			—			13,700
Intersegment revenues
Services	—		6		4,784		—			—			(4,790		)	—
Products	—		—		1,360		—			—			(1,360		)	—
Total intersegment revenues	—		6		6,144		—			—			(6,150		)	—
Investment income	24		6		7		2			15			46			100
Total revenues	10,902		1,849		6,230		895			28			(6,104		)	13,800
Operating expenses:
Benefits	9,633		1,222		—		729			25			(212		)	11,397
Operating costs	1,082		434		5,942		169			4			(5,897		)	1,734
Merger termination fee and related costs, net	—		—		—		—			—			34			34
Depreciation and amortization	46		21		36		9			—			(24		)	88
Total operating expenses	10,761		1,677		5,978		907			29			(6,099		)	13,253
Income (loss) from operations	141		172		252		(12		)	(1		)	(5		)	547
Interest expense	—		—		—		—			—			47			47
Income (loss) before income taxes	$	141	$	172	$	252	$	(12	)	$	(1	)	$	(52	)	$	500