Clover Health reported strong Q3 2024 financial results with total revenue increasing 8.2% to $331 million, driven by a 7.1% rise in premiums earned to $322.6 million. The company significantly narrowed its net loss to $9.2 million from $41.5 million in Q3 2023, while maintaining a stable medical care ratio of 78.0%.The company demonstrated improved operational efficiency with a 9.2% reduction in salaries and benefits to $55.0 million and a 14.2% decrease in general and administrative expenses to $35.2 million. Other income grew 75.2% to $8.4 million, benefiting from higher interest rates. The Insurance segment served 81,110 Medicare Advantage members across five states.Notable developments include CMS increasing Clover's PPO Medicare Advantage plans rating to 4 Stars for 2025, which will enable a 5% quality bonus increase in benchmark rates for 2026. The company also launched Counterpart Health, a new SaaS solution to extend its AI-powered care management platform to external Medicare Advantage payors and providers.

Clover Health reported strong Q3 2024 financial results with total revenue increasing 8.2% to $331 million, driven by a 7.1% rise in premiums earned to $322.6 million. The company significantly narrowed its net loss to $9.2 million from $41.5 million in Q3 2023, while maintaining a stable medical care ratio of 78.0%.The company demonstrated improved operational efficiency with a 9.2% reduction in salaries and benefits to $55.0 million and a 14.2% decrease in general and administrative expenses to $35.2 million. Other income grew 75.2% to $8.4 million, benefiting from higher interest rates. The Insurance segment served 81,110 Medicare Advantage members across five states.Notable developments include CMS increasing Clover's PPO Medicare Advantage plans rating to 4 Stars for 2025, which will enable a 5% quality bonus increase in benchmark rates for 2026. The company also launched Counterpart Health, a new SaaS solution to extend its AI-powered care management platform to external Medicare Advantage payors and providers.