Business
Clover Health Reports Fourth Quarter and Full Year 2022 Financial Results
Q4 2022 Insurance MCR of 92.4% and FY 2022 Insurance MCR of 91.8% 2023 guidance Insurance MCR range of 89% - 91%, and Non-Insurance MCR range of 98% to 100%
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Q4 2022 Insurance MCR of 92.4% and FY 2022 Insurance MCR of 91.8% 2023 guidance Insurance MCR range of 89% - 91%, and Non-Insurance MCR range of 98% to 100% Strong liquidity expected to meet 2023 operating requirements FRANKLIN, Tenn., Feb. 28, 2023 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (\"Clover,\" \"Clover Health\" or the \"Company\"), a physician enablement company committed to bringing access to great healthcare to everyone on Medicare, today reported financial results for the fourth quarter and full year 2022. Management will host a conference call today at 8:30 a.m. ET to discuss its operating results and other business highlights. \"Our achievements in 2022, including a material improvement in our full year Insurance MCR by over 1,400 basis points, are reflective of the continued maturation of our business and further demonstrate Clover Assistant's ability to enable and manage a wide network of physicians to participate in value-based Medicare,\" said Clover Health CEO Andrew Toy. \"In 2023, accelerating our path to profitability is our top priority, and I am excited by Clover Assistant's role in helping physicians identify and manage chronic diseases earlier, which improves care for Medicare beneficiaries.\" \"Fourth quarter and full year 2022 financial highlights include significantly improved Insurance MCR, strong Insurance revenue growth, and continued moderation of growth in SG&A,\" said Clover Health CFO Scott Leffler. \"Full year Insurance MCR significantly improved year-over-year to 91.8%, and fourth quarter Insurance MCR improved to 92.4%. The improved MCR compared to the prior year period was driven by continued favorability in underlying operational trends. Non-Insurance MCR for the full year and fourth quarter was 103.4% and 103.6%, respectively. We also finished the year with restricted and unrestricted cash, cash equivalents, and investments of $555.3 million on a consolidated basis and $331.7 million at the parent entity and unregulated subsidiary level, both of which we expect to be sufficient for our 2023 operating needs.\" Key Company highlights are as follows: Dollars in Millions Q4'22 Q4'21 FY'22 FY'21Total revenue $898.8 $432.0 $3,476.7 $1,472.0 Insurance MCR 92.4% 102.8% 91.8% 106.0%Non-Insurance MCR 103.6 103.0 103.4 105.7 Salaries and benefits plus General and administ...