Humana Inc. announced the increase of its fourth-quarter earnings by 57 percent. The increase was achieved because of the income tax rate the level of which was lower than expected. In addition, the company obtained profit from a venture capital investment. As a result, Humana raised the outlook of its profit for 2008.
Humana’s net income rose to $243.2 million, or $1.43 per share, from $155 million, or 92 cents per share, which was reported a year ago. Revenue rose 12 percent to $6.34 billion from $5.66 billion.
Humana Inc., founded in 1961 in Louisville, Kentucky, is a Fortune 500 company that markets and administers health benefit consumer services. With a customer base of over 11.5 million in the United States, the company is the largest Fortune 500 company headquartered in the Commonwealth of Kentucky, with a market cap of over $13 billion dollars and $21.4 billion in revenue. Humana employs over 25,000 "associates" nationwide. Humana markets its health benefit consumer services in all 50 states, D.C., Puerto Rico and has international business interests in Western Europe. In its March 2007 issue, Fortune Magazine named Humana one of the Top 5 Most Admired Healthcare Companies in the United States.
As the American health care system evolved in the 1980s, Humana developed an integrated health care delivery system by creating a family of flexible health care plans. In 1984, Humana began marketing health insurance.
Humana brought the pioneering artificial heart research of Dr. Robert Jarvik and Dr. William DeVries to Louisville, creating the Humana Heart Institute in 1985.