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SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
Our two reportable segments, Insurance and CenterWell, are based on a combination of the type of health plan customer and adjacent businesses centered on well-being solutions for our health plans and other customers, as described below. Our Chief Executive Officer, the Chief Operating Decision Maker, utilizes these segment groupings and results of each segment, measured by income (loss) from operations, to assess performance and allocate resources primarily during our annual budget process and periodic forecast updates.
The Insurance segment consists of Medicare benefits, marketed to individuals or directly via group Medicare accounts, as well as our contract with CMS to administer the Limited Income Newly Eligible Transition, or LI-NET, prescription drug plan program and contracts with various states to provide Medicaid, dual eligible demonstration, and Long-Term Support Services benefits, which we refer to collectively as our state-based contracts. This segment also includes products consisting of specialty health insurance benefits marketed to individuals and employer groups, including dental, vision, and other supplemental health benefits. In addition, our Insurance segment includes our Military services business, primarily our T-5 East Region contract, as well as the operations of our PBM business.
The CenterWell segment includes our pharmacy, primary care, and home solutions operations. Services offered by this segment are designed to enhance the overall healthcare experience. These services may lead to lower utilization associated with improved member health and/or lower drug costs.
Our CenterWell intersegment revenues includes the operations of CenterWell Pharmacy (our mail-order pharmacy business), CenterWell Specialty Pharmacy, and retail pharmacies jointly located within CenterWell Senior primary care clinics. In addition, our CenterWell intersegment revenues include revenues earned by certain owned providers and our home solutions business, including fee-for-service and certain value-based arrangements with our health plans.
We present our condensed consolidated results of operations from the perspective of the health plans. As a result, the cost of providing benefits to our members, whether provided via a third party provider or internally through a stand-alone subsidiary, is classified as benefits expense and excludes the portion of the cost for which the health plans do not bear responsibility, including member co-share amounts and government subsidies of $3.7 billion and $5.6 billion for the three months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025 and 2024 these amounts were $10.2 billion and $14.1 billion, respectively. In addition, depreciation and amortization expense associated with certain businesses delivering benefits to our members, primarily associated with our primary care and pharmacy operations, are included with benefits expense. The amount of this expense was $30 million and $32 million for the three months ended September 30, 2025 and 2024, respectively, and $95 million and $96 million for the nine months ended September 30, 2025 and 2024, respectively.
Other than those described previously, the accounting policies of each segment are the same. For additional information regarding our accounting policies refer to Note 2 to the audited Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" in our 2024 Form 10-K. Transactions between reportable segments primarily consist of sales of products and services rendered by our CenterWell segment, primarily pharmacy, primary care, and home solutions, to our Insurance segment customers. Intersegment sales and expenses are recorded primarily 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 nine months ended September 30, 2025 and 2024:
InsuranceCenterWellEliminations/
Corporate		Consolidated
Three months ended September 30, 2025(in millions)
External revenues
Premiums revenue$30,711 $— $— $30,711 
Services revenue267 1,333 — 1,600 
Total external revenues 30,978 1,333 — 32,311 
Intersegment revenues1 4,546 (4,547)— 
Investment income210 — 128 338 
Total revenues31,189 5,879 (4,419)32,649 
Operating expenses:
Benefits27,982 — 9 27,991 
Operating costs2,808 5,521 (4,244)4,085 
Depreciation and amortization148 53 (28)173 
Total operating expenses30,938 5,574 (4,263)32,249 
Income (loss) from operations$251 $305 $(156)$400 
InsuranceCenterWellEliminations/
Corporate		Consolidated
Three months ended September 30, 2024(in millions)
External revenues
Premiums revenue$27,951 $— $— $27,951 
Services revenue226 877 — 1,103 
Total external revenues 28,177 877 — 29,054 
Intersegment revenues1 4,164 (4,165)— 
Investment income 192 — 151 343 
Total revenues28,370 5,041 (4,014)29,397 
Operating expenses:
Benefits25,319 — (199)25,120 
Operating costs2,595 4,602 (3,858)3,339 
Depreciation and amortization182 57 (29)210 
Total operating expenses28,096 4,659 (4,086)28,669 
Income from operations$274 $382 $72 $728 
InsuranceCenterWellEliminations/
Corporate		Consolidated
Nine months ended September 30, 2025(in millions)
External revenues
Premiums revenue$91,941 $— $— $91,941 
Services revenue725 3,609 — 4,334 
Total external revenues 92,666 3,609 — 96,275 
Intersegment revenues3 12,902 (12,905)— 
Investment income551 — 323 874 
Total revenues93,220 16,511 (12,582)97,149 
Operating expenses:
Benefits82,278 — (187)82,091 
Operating costs7,900 15,298 (12,186)11,012 
Depreciation and amortization451 172 (89)534 
Total operating expenses90,629 15,470 (12,462)93,637 
Income (loss) from operations$2,591 $1,041 $(120)$3,512 
InsuranceCenterWellEliminations/
Corporate		Consolidated
Nine months ended September 30, 2024(in millions)
External Revenues
Premiums revenue$84,354 $— $— $84,354 
Services revenue715 2,550 — 3,265 
Total external revenues 85,069 2,550 — 87,619 
Intersegment revenues3 12,256 (12,259)— 
Investment income522 — 407 929 
Total revenues85,594 14,806 (11,852)88,548 
Operating expenses:
Benefits75,752 — (469)75,283 
Operating costs7,354 13,638 (11,463)9,529 
Depreciation and amortization553 166 (88)631 
Total operating expenses83,659 13,804 (12,020)85,443 
Income from operations$1,935 $1,002 $168 $3,105