The Louisville-based insurer's pretax income exceeded $1 billion during the quarter as well.
Humana Inc. reported quarterly GAAP revenues of more than $20.6 billion, according to the company's latest earnings report released Wednesday morning.
Humana saw significant increases in its diluted earnings per share (EPS) and adjusted EPS compared to Q1 2020. Humana finished the quarter with a diluted EPS of $6.39 and an adjusted EPS of $7.67.
The Louisville-based insurer's pretax income exceeded $1 billion during the quarter as well.
Related: Humana Posts Revenues of $19B, Pretax Loss of $458 in Q4 2020
The Retail segment continued to drive top-line growth for the company, with more than $18.6 billion in revenues compared to $16.7 billion this time last year.
The Healthcare Services segment saw revenues inch up to nearly $7.2 billion while the Group and Specialty segment saw revenues slide to $1.7 billion.
Related: Humana CEO Bruce Broussard Forecasts the Future of Healthcare
While Humana affirmed its adjusted EPS guidance range for the full year, the company revised its GAAP EPS guidance from a range of $20.82 to $21.32 down to between $19.62 to $20.12.
Related: Virtual Care Key to Humana-Mercy Value-Based Contract
Humana's earnings were released one day after the insurer announced that it signed a definitive agreement to acquire the remaining 60% interest in Kindred at Home from TPG Capital.
S&P Global Ratings released a comment Wednesday afternoon stating that the acquisition "solidifies" the insurer's "integrated care strategy."
C-suite perspective:
"Despite the pandemic, Humana has continued to accelerate on all fronts, including our short-term operating and financial performance, our ability to advance our long-term strategic objectives, and our customer centricity efforts," Broussard said in a statement. "Our response to the pandemic highlighted the value of our Medicare Advantage (MA) program, most notably its focus on supporting underserved populations and on addressing health disparities, critical areas of importance for our company, and for our country. To that end, we had strong MA membership growth in 2020 of 11 percent, including Dual Special Needs Plan (D-SNP) membership growth of 41 percent, and Medicaid footprint expansion from three states to six. We also continued to invest in our primary care and home assets to expand access to care, particularly for underserved populations."
One major development for the insurer was the announcement in late March that CFO Brian Kane would step down to pursue other career goals.
Related: Humana CFO Brian Kane to Step Down; Interim Leader Named
Just over a week ago, a federal audit conducted by the Department of Health and Human Services Office of Inspector General found that a Humana health plan overcharged Florida seniors by more than $200 million in 2015.
Related: Humana Health Plan Overcharged Medicare by Nearly $200M, Federal Audit Finds
For complete financial information, review Humana's filing with the Securities and Exchange Commission.
Editor's note: This story has been updated to include commentary from S&P Global Ratings.
Jack O'Brien is the Content Team Lead and Finance Editor at HealthLeaders, an HCPro brand.