To Our Stockholders:
We are pleased to report that we continued to deliver strong results for all our stakeholders this year and expanding our franchise by growing premium revenue.
Our management team and our nearly 15,000 associates remained steadfast in our mission to improve the health and lives of the more than five million members we serve by delivering high quality, affordable healthcare. Their passion is unwavering and directly responsible for driving our successes across the enterprise, from serving our existing members, to growing business in existing states, winning new business in new states, and integrating our recently acquired health plans.
We continue to execute our strategy of sustaining profitable growth. We generated 15 percent premium revenue growth that was well balanced between organic growth and bolt-on acquisitions. Our earnings per share comfortably exceeded our initial 2022 guidance and our pre-tax margin was squarely in line with our long-term targets. We announced the acquisition of My Choice Wisconsin, which we expect to deliver an additional $1 billion of annual premium revenue to our market-leading LTSS franchise. During the year, we closed on the acquisitions of Cigna’s Medicaid business in Texas and AgeWell of New York, both of which we are in the process of integrating. 2022 was also a highly successful year on the Medicaid procurement front. We re-procured our Mississippi contract, doubled the size of our California contract beginning in 2024, and won new contracts in Iowa and Nebraska.
I am extremely pleased with all that we have been able to accomplish over the past five years. Our operational and financial successes give us the momentum to continue to grow and expand our pure-play government managed care franchise into 2023 and beyond.
Thank you for your ongoing support and interest in our Company. We are most grateful for the confidence you express in our team and the Company’s mission, as demonstrated by your continued ownership.
Sincerely,
Joseph M. Zubretsky
President and Chief Executive Officer
Read the original letter here.
