Fri, Jul 26, 12:21 PM (43 days ago)
TriNet Group, Inc. reported its Q2 2024 financial results, revealing a 1% increase in total revenues to $1.2 billion, driven by higher average worksite employees (WSEs) and rate increases, offset by lower health plan enrollment. Operating income decreased by 18% to $80 million, primarily due to higher insurance costs from increased health benefits utilization and inflation. Net income dropped by 28% to $60 million, with diluted EPS at $1.20, down 13%. The insurance cost ratio rose to 88%, reflecting higher medical and pharmacy costs. For the first half of 2024, total revenues were $2.5 billion, with net income at $152 million, down 29%. The company repurchased 1.25 million shares and paid dividends of $0.25 per share. Future performance may be impacted by continued insurance cost inflation and client retention strategies.