Clover Health Investments, Corp. reported its financial results for the second quarter of 2025 on August 5, 2025. Total revenues increased 34.1% year-over-year to $477.6 million, driven by a 32% increase in average Medicare Advantage members.
Despite robust top-line growth, net medical claims incurred rose 52.2% to $378.0 million in Q2 2025, leading to an Insurance Benefits Expense Ratio (BER) of 88.4%, up from 76.1% in Q2 2024. The company reported a GAAP net loss of $10.6 million in Q2 2025, though it maintained Adjusted EBITDA profitability at $17.1 million.
Clover Health updated its full-year 2025 guidance, maintaining Adjusted EBITDA at $50 million to $70 million, but adjusting the Insurance BER to a range of 88.5% to 89.5%. This reflects observed trends in Part D and supplemental benefits, indicating ongoing cost pressures despite strong growth.
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