Summary by Moomoo AI
Clover Health Investments, Corp. reported total revenues of $1.37 billion for fiscal year 2024, representing an 8.8% increase from 2023, driven by a 9% growth in premiums earned. The company significantly narrowed its net loss to $46.3 million from $210.1 million in the previous year, demonstrating improved operational efficiency and cost management.The company's Medicare Advantage membership grew to 82,664 members by year-end, with over 95% enrolled in PPO plans. Medical Care Ratio improved to 75.1% from 81.2% in 2023, reflecting enhanced care management through the Clover Assistant platform. The company also launched Counterpart Health, a new SaaS offering to extend its technology platform to external healthcare providers.CMS increased Clover's PPO Medicare Advantage plans rating to 4.0 Stars for 2025, which will positively impact 2026 payment year. The company maintained a strong financial position with $437.6 million in total cash and investments at year-end. Looking ahead, Clover Health remains focused on expanding its Medicare Advantage membership while leveraging its technology platform to improve healthcare delivery and cost management.
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