Clover Health Investments : 1Q26 Supplemental Q&A

About this update from Clover Health Investments, Corp.

In advance of our first quarter 2026 earnings call, we once again invited shareholders to submit questions regarding Clover Health and our outlook for the business. We appreciate the continued engagement and thoughtful input from those who participated. For this Q&A, we have compiled a selection of questions that we believe help further address key topics, including our first quarter 2026 performance, and our expectations for the remainder of 2026, and the longer-term direction of the business. These reflect both submissions received through our shareholder portal and common themes we have heard in recent discussions with investors and at industry events. Thank you to everyone who contributed. We view this Q&A as an important extension of our commitment to transparency and open communication with our shareholders, and we encourage you to continue engaging with our Investor Relations team with any additional questions. - Andrew Toy, Chief Executive Officer, Clover Health Use of Non-GAAP Measures These responses use non-GAAP ("Generally Accepted Accounting Principles") financial metrics, which should not be considered as a substitute for financial measures computed in accordance with GAAP. Please see our first quarter 2026 earnings results here, which includes our full results as well as reconciliations to comparable GAAP financial metrics, and which is available at investors.cloverhealth.com. First Quarter 2026 Supplemental Q&A ‌How is Clover Assistant impacting medical cost trends across different member cohorts, and how does this translate into margin expansion as cohorts mature? Clover Assistant is central to how our model improves medical cost trends over time, particularly as cohorts mature on our care platform. When we look at our data, members who receive care from physicians using Clover Assistant show an improvement in MCR of ~8% after the first year, expanding to a ~20% MCR differential by year four. This is a reflection of earlier diagnosis, better care management, and more consistent clinical engagement. The earlier we drive Clover Assistant adoption, the faster we see improvement in underlying cohort performance. As we retain our members and cohorts mature, Clover Assistant engagement deepens, and the resulting improvement in MCR translates directly into margin expansion. That dynamic is a core driver of the compounding economics i...

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