April 24 (Reuters) - Humana beat first-quarter profit expectations on Wednesday, helped by strength in its government-backed insurance business for older adults and boost from certain valuation adjustments in some strategic partnerships.
The health insurer also raised its 2024 individual Medicare Advantage growth target by 50,000 members.
Shares of the company rose 3.7% in premarket trading.
Humana generated revenue of $29.61 billion in the first quarter, above estimates of $28.47 billion, according to LSEG data.
On an adjusted basis, Humana reported a profit of $7.23 per share, higher than the average analyst estimate of $6.12 per share, according to LSEG data.
The company also recorded a $1.08 per share adjustment in valuation for certain strategic partnerships, which boosted its adjusted profit.
