February 28, 2025 - 03:10
Clover Health has announced impressive financial results for 2024, showcasing a 9% increase in full-year Insurance revenue, which reached $1.3 billion. This growth is complemented by a significant turnaround in profitability, with the company reporting an Adjusted EBITDA profit of $70 million, reflecting a remarkable $112 million improvement compared to the previous year.
Key financial indicators reveal substantial advancements for the company. The GAAP Net loss from continuing operations was reduced by $164 million year-over-year, indicating effective management and operational efficiency. Additionally, the Insurance Benefit Expense Ratio (BER) improved to 81.2% for the full year 2024, down from 86.5% in 2023, highlighting enhanced cost management in delivering services.
In its fourth quarter, Clover Health continued this positive trend, with Insurance revenue also growing by 9% to $331 million. Looking ahead, the company has set ambitious guidance for 2025, forecasting an average Medicare Advantage membership of between 103,000 and 107,000, which represents a 30% growth. Furthermore, the projected Insurance revenue for the upcoming year is between $1.800 billion and $1.875 billion, reflecting a 37% increase, alongside expected Adjusted EBITDA profitability ranging from $45 million to $70 million.
