Our SG&A expense ratio improved 450 basis points to a record low of 14.2%, reflecting discipline expense management, technology-driven efficiencies, and continuing operating leverage.

Aug 6, 2026 / receipt, needs a key / Mark Bertolini, CEO | earnings call 2026-08-06 | transcript e71143c8-6d99-4c36-9f78-a0ea08e86cfc | chars 3432-3615 | segment 3

On administrative expenses, we delivered another record low SG&A expense ratio. The second quarter SG&A expense ratio was 14.2%, a 450 basis point year-over-year improvement, and the lowest in the company's history. The improvement was primarily driven by disciplined expense management, including an increasing impact from technology and AI initiatives, fixed cost leverage, and lower risk adjustment as a percentage of premium.

Aug 6, 2026 / receipt, needs a key / Scott Blackley, CFO | earnings call 2026-08-06 | transcript e71143c8-6d99-4c36-9f78-a0ea08e86cfc | chars 11436-11865 | segment 12

Our SG&A ratio improved 60 basis points year-over-year to 15.2%, driven by discipline expense management, top-line growth, and the growing impact of AI across our operations and member services.

May 6, 2026 / receipt, needs a key / Mark Bertolini, CEO | earnings call 2026-05-06 | transcript 0b1397b3-9cd7-405a-bb88-47952aad0f2c | chars 3072-3266 | segment 3

We also drove greater efficiency in our business as our SG&A ratio improved more than 500 basis points year over year to 19.1% through operating leverage and disciplined expense management.

Feb 4, 2025 / receipt, needs a key / Mark Berlini, CEO | earnings call 2025-02-04 | transcript 0be75022-712a-4734-bef8-fce925068f30 | chars 3601-3790 | segment 3

The SG&A expense ratio decreased 450 basis points to 14.2% for the three months ended June 30, 2026 compared to 18.7% for the same period in 2025, primarily due to disciplined expense management and greater fixed cost leverage, as well as the impact of lower risk adjustment as a percentage of premium.

filing / Aug 7, 2026 / receipt

The SG&A expense ratio decreased 250 basis points to 14.7% for the six months ended June 30, 2026, compared to 17.2% for the same period in 2025 primarily due to greater fixed cost leverage and disciplined expense management.

filing / Aug 7, 2026 / receipt

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company_statement / Sep 16, 2026 / receipt

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company_statement / Sep 15, 2026 / receipt

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company_statement / Sep 15, 2026 / receipt

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company_statement / Sep 15, 2026 / receipt

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company_statement / Sep 15, 2026 / receipt

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company_statement / Sep 15, 2026 / receipt

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company_statement / Sep 15, 2026 / receipt

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company_statement / Sep 15, 2026 / receipt