Clover Health Investments (CLOV) 44th Annual J.P. Morgan Healthcare Conference summary

Strategic focus and achievements

• Achieved 53% year-over-year Medicare Advantage membership growth to approximately 153,000, with high retention and minimal e-broker exposure.

• Maintained industry-leading clinical quality, ranking as the top PPO in Medicare Advantage for HEDIS quality for two consecutive years, with 97% of members in a 4 Star payment year PPO.

• Sustained Adjusted EBITDA profitability and targeting GAAP net income profitability in fiscal year 2026.

• Four-star payment year and favorable CMS rate updates provide financial tailwinds, with anticipated >$70 PMPM revenue boost in 2026.

• Growth strategy centers on technology-driven care management, early disease detection, and disciplined expansion in core markets.

Technology and clinical platform

• Core technology, Clover Assistant, leverages AI and interoperability to empower all physicians, not just select groups.

• AI-driven platform enables earlier identification and management of chronic diseases, leading to better long-term outcomes and fewer hospitalizations.

• Technology is cloud-native, ML-native, and rapidly integrates advancements in foundational AI models.

• Platform supports wide PPO networks, delivering HMO-level clinical quality and cost control.

• Integrates 100+ data sources and proprietary AI/ML models to support clinical decision-making and improve medication adherence.

Financial and operational outlook

• Returning member cohorts are increasingly profitable, with new members expected to approach break-even contribution profit.

• High retention, improved SG&A efficiency, and increased Clover Assistant coverage are key profitability drivers.

• Self-funded growth model relies on mature cohorts funding new member acquisition and compounding profitability.

• Insurance BER improved to 89.4% with 35% YoY MA membership growth as of 3Q25.

• Focused on disciplined growth in three to five core states, with technology expansion via Counterpart Health elsewhere.