Humana rises as Q1 profit beats on Medicare strength

** Health insurer Humana's HUM shares rise 3.4% to $338.99 premarket

** Company reports Q1 profit of $7.23/shr vs est $6.12/shr - LSEG

** Q1 profit beat powered by strength in Humana's government-backed insurance business for older adults and lower-than-expected administrative costs

** Company raises 2024 individual Medicare Advantage growth target by 50,000 members

** Company saw a jump in medical benefit ratio - percentage of premiums spent on medical care - to 88.9% for the quarter from 85.5% last year

** As of last close, stock down 28.4% YTD