“Shifting now to our health services segment, we expect revenue of approximately $185 billion primarily driven by growth at Caremark as we continue to deliver value to our clients.”

In context

“benefit ratio is projected improvement in our government businesses, particularly in Medicare Advantage. We also project year-over-year improvements in our combined commercial line business driven by margin recovery in individual exchange offset by pressures in group commercial from membership declines and elevated levels of medical cost trend. We also expect the contribution from net investment income will decline. Overall, we expect healthcare benefits to deliver adjusted operating income of at least $1.5 billion. This projection reflects a respectful view of trends in light of continued elevated medical cost trends that we experienced in the fourth quarter. As a reminder, every point of trend is worth approximately $800 million in healthcare benefits adjusted operating income results. Shifting now to our health services segment, we expect revenue of approximately $185 billion primarily driven by growth at Caremark as we continue to deliver value to our clients. Adjusted operating income for this segment is expected to grow approximately 4% to $7.54 billion. While our 2025 guidance reflects continued core pharmacy services growth, the overall health services segment growth rate is diluted by headwinds in our healthcare delivery business. As you know, results in our healthcare delivery business are highly correlated to Medicare Advantage medical cost trends and regulations, and at this stage, we have taken a prudent outlook on how these will develop throughout 2025. This initial guidance is consistent with the preview we presented last quarter, where we noted that our initial outlook for this segment would be below our long term growth framework, but we prudently reflect opportunities for upside over the course of the year. We expect healthcare de”