Summary by Futu AI
Clover Health reported strong financial results for Q2 2024, with total revenue increasing 11.3% year-over-year to $356.3 million, driven by an 11.3% rise in premiums earned to $349.9 million. The company achieved net income of $7.4 million, a significant improvement from a $28.8 million loss in Q2 2023, while maintaining a medical care ratio of 74.5%.Operating expenses remained stable at $349.1 million as reduced salaries and benefits costs offset higher medical claims. The company's Insurance segment served 80,261 Medicare Advantage members across five states, with gross profit increasing to $104.5 million. Cash and investments strengthened to $482.8 million at quarter-end, up from $417.3 million at year-end 2023.During the quarter, Clover Health launched Counterpart Health, a new SaaS solution to extend its AI-powered care management platform to external Medicare Advantage payors and providers. The company also received an upgraded CMS Star rating of 3.5 for its PPO Medicare Advantage plans for the 2025 payment year, reflecting improved performance metrics.
