Investing.com -- Humana Inc. (NYSE: HUM) reported first-quarter earnings before the open on Wednesday, topping earnings expectations, although shares fell 5.1% following the results.

Adjusted earnings per share came in at $10.31, beating analyst estimates of $10.20. The health insurer's first quarter adjusted EPS came in at the high end of the company's guidance of approximately 110% to 115% of full year 2026 adjusted EPS.

The company reaffirmed its full year 2026 adjusted EPS guidance of at least $9.00, which exceeds the analyst consensus of $8.71. The midpoint of this guidance represents a year-over-year decline due to Star Ratings headwinds for Bonus Year 2026. The company revised its GAAP EPS guidance to at least $8.36 from a previous estimate of at least $8.89.

Humana's Insurance segment GAAP benefit ratio of 89.4% came in slightly favorable to management's guidance of just under 90%. The company affirmed its full year 2026 Insurance segment benefit ratio guidance of 92.75%, plus or minus 25 basis points. The company also reaffirmed individual Medicare Advantage membership growth of approximately 25% over 2025, driven by new sales and improved retention.

"We've had a solid start to the year and feel good about how our operating execution and transformation initiatives are setting us up for the future," said CEO Jim Rechtin. "We continue to make progress where it counts for customers - quality experience and outstanding care."

The company reported sequential growth of 110,500 patients, or over 22%, in CenterWell Senior Primary Care, including approximately 59,000 patients and 54 centers from the recently completed MaxHealth acquisition. State-based contracts membership grew by approximately 50,000 in the first quarter, driven by new programs in Michigan, Illinois, and South Carolina.

Humana confirmed that George Renaudin, Insurance Segment President, will retire effective June 29, 2026, with Aaron Martin assuming the role of Insurance Segment President.