Business
Clover Health Reports Third Quarter 2022 Financial Results
Third quarter Insurance MCR of 86.3% and year-to-date Insurance MCR of 91.7% demonstrate positive momentum The Company updates 2022 full year guidance to
About this update from Clover Health Investments, Corp.
[{"type":"text","content":"Third quarter Insurance MCR of 86.3% and year-to-date Insurance MCR of 91.7% demonstrate positive momentum The Company updates 2022 full year guidance to include improved 2022 Insurance MCR range of 93% to 94% Clover intends to continue to grow Insurance business at above-market rates in 2023 but will moderate growth to prioritize profitability Company outlines strategic reduction in number of ACO REACH participating physicians in 2023; targeting Non-Insurance MCR below 100% The Company reports strong liquidity, delaying any requirement for additional capital at least through 2023 and potentially beyond FRANKLIN, Tenn., Nov. 07, 2022 (GLOBE NEWSWIRE) -- Clover Health Investments, Corp. (NASDAQ: CLOV) (\"Clover,\" \"Clover Health\" or the \"Company\"), a physician enablement company committed to improving health equity for seniors, today reported financial results for the third quarter of 2022. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights. \"Strong third quarter results, led by significantly improved Insurance Medical Care Ratio (\"MCR\"), highlight our ability so far this year to drive more and more value via Clover Assistant,\" said Clover Health CEO Vivek Garipalli. \"We believe we have proven that our wide-network high-choice plans, powered by Clover Assistant, are fundamental differentiators, with our flagship PPO plan recently maintaining a 3.5 stars rating.\" Andrew Toy, President of Clover Health, added, \"We continue to grow the reach and capabilities of Clover Assistant and believe that our overall growth firmly advances our mission to improve every life. We do that by supporting physicians in catching and treating conditions earlier to increase the health and well-being of their patients. I'm pleased that this growth has been accompanied by positive momentum towards profitability. That momentum is reflected in our Q3 results as well as our updated 2022 guidance, which includes an improved 2022 Insurance MCR range of 93% to 94%.\" Mr. Toy continued, \"In addition, we believe that strong tailwinds exist for our business as we look to 2023 and beyond. We intend to continue to grow our Insurance line of business at above-market rates but are also firmly prioritizing profitability for both the Insurance and Non-Insurance lines of business. We wil...