HUM
Humana Inc.
Is HUM Halal?
Conventional insurance remains a business-screen failure under the retained mainstream analysis, with current investment liquidity also above the examined limits.
What You Should Know
Humana's March 31, 2026 filing reports 25.31% interest-bearing debt/assets, 40.87% identifiable investment liquidity/assets, 18.40% receivables-plus-cash/assets and 0.66% investment-income/revenue. Premiums were 37,709 million, or 95.11% of quarterly revenue; conventional insurance, investment securities and any necessity-based exception require qualified scholarly review.
⚠️ Concerns
- •Conventional insurance business model raises gharar and risk-transfer concerns
- •Investment liquidity/assets is 40.87%, above the examined limits
- •Premiums are 37,709 million for the quarter
- •Investment securities total 17,640 million
- •Investment income was 262 million
Current quantitative Sharia screen
Based on 10-Q figures for the period ended 2026-03-31; calculated 2026-07-14.
13,993 / 55,280
22,591 / 55,280
10,169 / 55,280
262 / 39,648
- Financial
- Fails
- Overall
- Fails
Debt/assets is 25.31%, liquidity/assets is 40.87% above the examined 33.333% limit, receivables plus cash/assets is 18.40% and investment income is 0.66% of revenue; identifiable liquidity and conventional insurance independently fail the retained screen.
- Financial
- Fails
- Overall
- Fails
Debt/assets is 25.31% and receivables plus cash/assets is 18.40%, but identifiable investment liquidity is 40.87%, above the examined MSCI total-assets limit; conventional insurance independently fails the business screen. This is not an index-membership claim.
- Financial
- Fails
- Overall
- Fails
Identifiable liquidity/assets is 40.87%, above the examined Malaysia SAC 33% financial limit; conventional insurance independently fails the business screen. This is a calculation against SAC ratios, not an official classification.
- Financial
- Not calculated
- Overall
- Fails
Historical market-cap ratios are not calculated, and a different denominator cannot cure the independently failed conventional-insurance business-activity screen.
Business-activity disclosure
Humana operates conventional Medicare, Medicaid and commercial health-insurance plans, pharmacy-benefit and health-services businesses. Under the retained mainstream qualitative analysis, conventional risk-transfer insurance raises gharar and maysir concerns, while its investment portfolio creates a separate riba concern.
Limitation: The filing reports premiums, services and investment income but does not label each contract or investment return by school-specific Sharia treatment; the premium proxy documents the core insurance activity rather than a universal haram-revenue rule.
Purification
Humana fails at the issuer's core conventional-insurance business-activity level. Investment income is a conservative upper bound for screening, not a percentage that can make continued ownership compliant.
Inputs, assumptions and primary sources
- Amounts are USD millions from Humana's March 31, 2026 Form 10-Q.
- Interest-bearing debt includes short-term debt of 1,719 and long-term debt of 12,274; operating liabilities are excluded.
- Cash is 4,951; investment securities of 17,014 current plus 626 long-term are included conservatively as interest-bearing securities.
- Receivables are 5,218 and total revenue is 39,648.
- Premium revenue of 37,709 is used as a disclosed proxy for the core conventional-insurance business screen, not as a universal prohibited-revenue rule for every school or necessity exception.
- Investment income of 262 is a conservative upper bound because the filing does not isolate a pure interest-only numerator.
This is a reproducible financial screen, not a fatwa. A failed total-assets screen can coexist with a pass under a market-cap methodology. ZakatInvest keeps the qualitative assessment separate so numerical thresholds do not erase material context.
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