LOUISVILLE, Ky. -- Humana Inc. says its first-quarter net income fell by 22 percent from a year ago, when the health insurer's earnings were inflated by a gain from the settlement of contract claims with the government.
Humana says its individual Medicare Advantage membership grew 16 percent to 2.3 million at the end of March.
Medicare Advantage plans are privately run versions of the government's Medicare program for the elderly and disabled people.
Overall, Humana reported $368 million in net income, or $2.35 per share, in the three months ending March 31. That's down from $473 million, or $2.95 per share, a year earlier. Revenue rose 12 percent to nearly $11.1 billion.
The Louisville, Kentucky-based company also on Wednesday reaffirmed its 2014 earnings estimate of between $7.25 and $7.75 per share.
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