“we now expect adjusted operating income for the segment to be in a range of $5.63 billion to $5.76 billion.”

In context

“in committed to maintaining our current investment-grade ratings while preserving flexibility to deploy capital strategically. Turning now to our full year outlook for 2023. We are reaffirming our adjusted EPS of $8.50 to $8.70. This primarily reflects our performance through the third quarter and the continuation of higher Medicare Advantage medical cost trend for the remainder of 2023, offset by strength in our Pharmacy & Consumer Wellness and Health Services segments. In the Health Care Benefits segment, we now expect our 2023 medical benefit ratio to be approximately 86%, primarily driven by the previously mentioned impact of higher Medicare Advantage utilization as well as the impact of higher than expected individual exchange growth during the special enrollment period. As a result, we now expect adjusted operating income for the segment to be in a range of $5.63 billion to $5.76 billion. Our individual exchange business is expected to reduce adjusted operating earnings in 2023, largely a function of late year growth. However, this business is now poised to reach an annualized run rate of more than $6 billion of revenue, and we are well positioned to earn a positive margin in this business in 2024 based on specific actions our teams are implementing including pricing adjustments. In our Health Services segment, we are updating our adjusted operating income guidance to a range of $7.18 billion to $7.31 billion, reflecting the strong execution year-to-date in our Pharmacy Services business, and our expectation of continued strength for the remainder of the year. In our Pharmacy & Consumer Wellness segment, we now expect adjusted operating income in a range of $5.76 billion t”