Clover Health Investments, Corp. · NASDAQ:CLOV
Clover Health Investments — Investor Presentation (January 2026)
42 slides from Clover Health Investments's investor presentation, January 2026
Slide 1: Investor Presentation
Investor Presentation January 2026
Slide 2: Disclaimer
Disclaimer This presentation and the accompanying oral presentation include forward-looking statements, including, without limitation, statements regarding future events and Clover Health Investments, Corp.’s (“Clover Health,” “we,” “our,” or “us”) expectations regarding GAAP Net Income, Adjusted EB
Slide 3: Strong Path to Success in 2026
Strong Path to Success in 2026 Positioned for 2026 Market-Leading Industry-Leading GAAP Net Income Growth Clinical Quality Profitability 3
Slide 4: 2025 Accomplishments
2025 Accomplishments 2026 AEP Growth +53%, #1 PPO Plan Nationally up from +27% in 2025(1) on HEDIS Quality(3) High retention in core markets, MA ~97% of members in current 4 Star switchers, minimal e-broker exposure payment year PPO Expect FY26 GAAP Net Income Profitability Targeting Sustained Adjus
Slide 5: Our Vision
Our Vision Empower Every Physician with Technology to Identify, Manage & Treat Chronic Diseases Earlier Earlier Diagnosis Earlier Disease Higher Quality Affordable & & Treatment Management Clinical Care Accessible Care 5
Slide 6: Our Company
Our Company Leading Medicare Advantage physician enablement technology company focused on wide network PPO AI-Powered Differentiated Clover Assistant(1) Home Care Significant TAM & Strategic Market Market Runway Leading Growth 6 (1) Backed by strong IP portfolio with dozens of active / pending paten
Slide 7: Investment Highlights
Investment Highlights Empowers Any Doctor on Wide Network PPO AI Leader in Model Drives Medicare Advantage Sustainable Growth Models trained to support +53% Growth, >95% retention, improved clinical outcomes stable YoY benefits Platform built AI-first to enable Strong & improving cohort physician-le
Slide 8: Leader in AI Enabled Clinical Improvement
Leader in AI Enabled Clinical Improvement Diabetes CKD Earlier Diagnosis Earlier Diagnosis CHF COPD Fewer Hospitalizations Fewer Hospitalizations HEDIS Socioeconomically #1 PPO Nationwide(1) Disadvantaged Impact Clover is at the forefront of applying AI in practice to drive real-world clinical resul
Slide 9: Model Fundamentals Enable Profitability on Market-Leading Growth
Model Fundamentals Enable Profitability on Market-Leading Growth 9
Slide 10: Clear Line of Sight to Meaningful New Member Cohort Economic Improvement
Clear Line of Sight to Meaningful New Member Cohort Economic Improvement Medicare Advantage New Member Contribution Membership Profit (Loss) ($PMPM)(1) +53% Growth YoY +27% 4 Stars(2) & Growth YoY Rate Impact Anticipate >$70 PMPM revenue tailwind from 4 Star rating & favorable rate update, complemen
Slide 11: Drivers Reinforcing Better Cohort Economics
Drivers Reinforcing Better Cohort Economics Financial impact of 4.0 Star 2026 payment year Favorable 2026 CMS final rate update & Increased Part D direct subsidy Strong returning member retention Increasing Clover Assistant coverage Continued operating leverage as SG&A efficiency improves with scale
Slide 12: Clinical Model Increases Member Lifetime Value
Clinical Model Increases Member Lifetime Value Insurance Gross Profit ($PMPM) Clover Assistant MCR Differential by Year(1) Differential by Tenure(2) Cohorts perform increasingly better over time, establishing foundation for long-term MA success (1) Clover Health cohort information represents incurre
Slide 13: Improving Cohorts + Growing Membership = Compounding Profitability Over Time
Improving Cohorts + Growing Membership = Compounding Profitability Over Time Improving Cohort Membership Differentiated Economics Growth Layering Effect Growing Membership Layered Cohort Profitability Note: Illustrative, Not to Scale. 13
Slide 14: Counterpart Health Brings Clover's AI Technology to Every Medicare-Eligible Life
Counterpart Health Brings Clover’s AI Technology to Every Medicare-Eligible Life 14
Slide 15: Bringing Clover's Care Model to More Plans & Providers Nationwide
Bringing Clover’s Care Model to More Plans & Providers Nationwide Proven SaaS & Rapidly Extensive AI-Powered Tech-Enabled Expanding Nationwide Clinical Software Services User Base Opportunity #1 Nation PPO HEDIS(1) New revenue model CA beyond core MA markets Scaling CPH alongside (2) (3) Improves MC
Slide 16: Resonating with Customers
Resonating with Customers MA Payors Risk-Bearing Providers (Primary Path) & Aggregators Across customers, the same core challenges consistently & increasingly emerge MCRs Stars Fragmented Independent PCP Pressured Performance Data Performance 16
Slide 17: A Uniquely Proven & Repeatable Solution
A Uniquely Proven & Repeatable Solution #1 PPO Industry Reality Counterpart Health HEDIS ~1,500 MCR Differential Wide Network Proven PPO Advantage in Clover MA Plan PPO Pressure Novel clinical insights at the point-of-care Nation-Leading PPO HEDIS(1) Performance Stars Pressure Driven by Counterpart'
Slide 18: Looking Ahead
Clover Health Looking Ahead
Slide 19: Our Focus for 2026
Our Focus for 2026 Market Leading, Self-Funded Growth: Benefit from 4 Stars(1), strong retention, stable benefits & industry pullback Expect to Deliver FY26 GAAP Net Income Profitability: Expect meaningfully improved new member contribution profit, strong returning member performance, continued SG&A
Slide 20: Q&A
Clover Health Q&A
Slide 21: Appendix
Appendix
Slide 22: Well-Rounded Management Team of Technology Experts & Seasoned Managed Care Professionals
Well-Rounded Management Team of Technology Experts & Seasoned Managed Care Professionals Vivek Garipalli Andrew Toy Executive Chairman ______________________________________________________________________________________________ Chief Executive Officer ______________________________________________
Slide 23: Having Supported Clinical Decision-Making for Thousands of Practitioners
Having Supported Clinical Decision-Making for Thousands of Practitioners Captures & synthesizes Novel clinical insights data from 100+ sources at point-of-care Enhanced care coordination 100+ AI / ML models powering treatment Generating millions of recommendations clinically oriented and personalize
Slide 24: Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software
Differentiated, Tech-Centric Model Focused on Improving Clinical Care Outcomes via Software Clover’s Approach Traditional MA Approaches Clinical, physician enablement, Technology InsurTech, back-office & administrative AI-Powered technology Earlier disease identification & management Delayed / react
Slide 25: Clear Line of Sight to Sustainable Growth
Clear Line of Sight to Sustainable Growth 2025: 2026: Returned to Growth Replicated Growth Playbook Drive MA Growth & Year 2 of Above-Market Growth Increased CA Coverage Same strategy; accelerating in 2026 1 Stable Benefits Year-over-Year Reinvest in Better AI 5 2 Predictable growth; high retention
Slide 26: Exceeding Expectations with Market Leading +53% MA Membership Growth
Exceeding Expectations with Market Leading +53% MA Membership Growth(1) Medicare Advantage Membership Precise Growth Amidst Industry Retreat ~97% of members in 4 Star PPO plan for Payment Year 2026(2) +53% >95% AEP retention; improved YoY Growth YoY +27% Stable benefits YoY; technology moat Growth Y
Slide 27: Meaningful Runway for Medicare Advantage Expansion within Core New Jersey Markets
Meaningful Runway for Medicare Advantage Expansion within Core New Jersey Markets Significant New Jersey Growth Opportunity(1) Core Market Dynamics CLOV #3 total MA market share / #2 Individual Non-SNP market share Achieved NJ largest net growth in 2025 ~13% Market Share Strong & stable benefit offe
Slide 28: Unique Framework for Increasing Growth + Profitability
Unique Framework for Increasing Growth + Profitability Significantly Improved New & Strong Retention & Returning Contribution Profit Increasingly Better Strategic Growth Performing Cohorts Driving market-leading growth with anticipated improvement toward expected FY26 GAAP Net Income Profitability 2
Slide 29: A Different Approach to Empowering Accessible & Affordable Healthcare
A Different Approach to Empowering Accessible & Affordable Healthcare Technology-Centric Better Chronic Care Platform Disease Management Better care for chronic diseases. Physician enablement technology, Demonstrated by impact on CHF, COPD, CKD, powered by AI Diabetes, and Underserved Communities(1)
Slide 30: Care Platform: Clover Assistant is the Leader in Clinical AI
Care Platform: Clover Assistant is the Leader in Clinical AI Synthesis of 100+ Insights from >100 Clinical Orientation, Data Sources Proprietary Models Dynamic Actions Millions of clinical Robust IP and patent Surfacing relevant clinical documents, collected & portfolio(1) suggestions at time of rec
Slide 31: Care Platform: Differentiated Home Care at Critical Moments
Care Platform: Differentiated Home Care at Critical Moments Longitudinal, MD-led, primary care in the home for highest acuity population Clover Home Care Cohort has Readmission prevention and Significantly Improved MCR post-acute Care from 2021 to 2024(1) Assessment visits for unknown / emerging ris
Slide 32: Clover Top Rated PPO Plan in the Nation on HEDIS Measures for the Second Consecutive Year
Clover Top Rated PPO Plan in the Nation on HEDIS Measures for the Second Consecutive Year(1) Clover Health 4.72 / 5 Stars on HEDIS Measures for Star Rating Year 2026, continuing to drive exceptional clinical quality for members(1) (1) Clover Health’s Medicare Advantage PPO plans received a score of
Slide 33: Better Health Outcomes Across Chronic Conditions
Better Health Outcomes Across Chronic Conditions Clover Assistant Whitepapers and Case Studies(1) Using proprietary AI & ML models, Clover Assistant improves care coordination for doctors and is correlated with improved patient health outcomes Diabetes: Earlier diagnosis, leading to earlier treatmen
Slide 34: Clover Assistant Enables Better Care for Patients from Socioeconomically Disadvantaged Neighborhoods
Clover Assistant Enables Better Care for Patients from Socioeconomically Disadvantaged Neighborhoods Higher Diagnosis Rates(1) of diabetes (75% higher), CKD (89% higher), CHF (89% higher) and COPD (70% higher) Diagnosis at Earlier Stages: Patients from this population with CKD first diagnosed on ave
Slide 35: Kidney Function (GFR)
Clover Health Whitepaper Earlier Diagnosis Leads to Earlier Treatment CKD is diagnosed earlier and disease trajectory improves in patients seen by providers using Clover Assistant(1) Example: Chronic Kidney Disease Kidney Function (GFR) Diagnosed CKD Stage 3 CA Patients Diagnosed CKD Stage 3 ~1.5 ye
Slide 36: Diabetes Medication Fills Members Newly Diagnosed with Diabetes
Clover Health Whitepaper Earlier Diagnosis Leads to Earlier Treatment Patients started on oral diabetic medications Members Newly Diagnosed with Diabetes (1) after Clover Assistant raised potential diabetes diagnosis for physician Example: Diabetes consideration(2) Diabetes Medication Fills Days Sin
Slide 37: Hypoglycemia Event
Clover Health Whitepaper Earlier Diabetes Treatment Leads to: Oral Meds Started Blood Sugar Indicator Non-CA Patients (HbA1c) Diabetes Diagnosed & Managed ~3 Years Earlier(1) Oral Meds Started CA Patients Time (Years) Percentage Taking Non-CA Patients Insulin Lower Use of Insulin(1) CA Patients Hypo
Slide 38: Average Number in 2024 (CHF)
Clover Health Whitepaper Non-CA CHF Cohort CA CHF Cohort Clover Assistant Clover Assistant PCP relationship associated with Supports Better better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day Clinical Outcomes readmissions for members with CHF(1) (18%)
Slide 39: Average Number in 2024 (COPD)
Clover Health Whitepaper Non-CA COPD Cohort CA COPD Cohort Chronic Obstructive Clover Assistant PCP relationship associated with Pulmonary Disease better clinical outcomes, including a lower average number of all-cause hospitalizations and 30-day (“COPD”) readmissions for members with COPD(1) Averag
Slide 40: Percent with Medication Fill
Clover Health Whitepaper Clover Assistant Correlated with Medication fills increased by ~5% on the day of the Clover Assistant visit and remained ~3% higher 90 days post-visit among patients previously non-adherent to Improved Medication their medications for diabetes, high blood pressure, and high
Slide 41: Non-GAAP Financial Measures
Non-GAAP Financial Measures CLOVER HEALTH INVESTMENTS, CORP. RECONCILIATION OF NON-GAAP FINANCIAL MEASURES INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) AND NORMALIZED INSURANCE BENEFITS EXPENSE RATIO (NON-GAAP) RECONCILIATION (in thousands)(1) (unaudited) (1) The table above includes non-GAAP measure
Slide 42: About Non-GAAP Financial Measures
About Non-GAAP Financial Measures We use non-GAAP measures in this presentation, including Adjusted EBITDA, Adjusted Net income from continuing operations, Adjusted SG&A, Insurance BER, and Normalized Insurance BER. These non-GAAP financial measures are provided to enhance the reader’s understanding
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