NYSE Shariah screener · October 2026

Is Humana Inc. (HUM) Halal?

FAIL

Humana Inc. · NYSE: HUM · Healthcare

The short answer

No -- Humana Inc. (HUM) fails this Shariah stock screen at the business-activity gate. Per its own FY2025 10-K, Humana's core business is underwriting conventional health insurance through its Insurance and CenterWell segments, serving about 15 million medical benefit plan members, with roughly 83% of 2025 premiums and services revenue from federal government contracts -- conventional insurance is a non-compliant business activity under the AAOIFI-style business screen (the same basis as the Aflac, Progressive, and Chubb fails in October 2026). Its financial screens pass: interest-bearing debt of $12,369M is about 26.88% of its ~$46.02B market cap ($381.57 latest close retrieved October 2, 2026), under the ~33% ceiling, and disclosed investment income of $1,006M is about 0.78% of $129,664M in FY2025 total revenue, under the 5% ceiling -- but a Gate 1 fail is decisive. Third-party screeners agree: Zoya flags HUM not Shariah-compliant and Musaffa rates it not halal (October 2026); no ShariaPortfolio coverage was found -- honestly reported, not invented.

Gate 1 — Business activity: FAIL

Humana Inc. (NYSE: HUM), headquartered in Louisville, Kentucky, describes its business in its FY2025 10-K as operating through two reportable segments: Insurance and CenterWell. As of December 31, 2025 it had approximately 15 million members in its medical benefit plans and about 4.7 million members in its specialty products; during 2025, about 83% of its total premiums and services revenue were derived from contracts with the federal government, mainly Medicare and Medicaid. It exited its employer group commercial medical products business to concentrate on government-funded health plan offerings. Business screen (factual, from the filing): Humana's core business is underwriting conventional health insurance -- per the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity, the same basis on which Aflac, Progressive, and Chubb failed Gate 1 in earlier October 2026 screens. Gate 1 fails. Facts only.

Gate 2 — Debt and cash: PASS

Per Humana's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $12,369M -- long-term debt of $12,369M, with short-term debt at $0. Benefits payable ($9,967M), unearned revenues, and other policyholder-related liabilities are insurance operating liabilities and are not counted as debt. Against a market cap of about $46.02B ($381.57 latest close retrieved October 2, 2026; 120,595,967 shares outstanding as of January 31, 2026 per the 10-K cover), debt divided by market cap is about 26.88%, below the ~33% ceiling. Cash and cash equivalents of $4,200M are about 9.13% of market cap. Gate 2 passes. Facts only.

Gate 3 — Non-compliant income: PASS

Humana's FY2025 10-K income statement reports investment income of $1,006M against total revenues of $129,664M (premiums $122,825M plus services $5,833M) -- about 0.78% of revenue, comfortably below the 5% non-compliant income ceiling. Investment income is the separately disclosed interest-type income line in the filing. Gate 3 passes. Facts only.

Key figures used

Business: Humana Inc. (Louisville, Kentucky); conventional health insurer with two reportable segments -- Insurance and CenterWell; ~15 million medical benefit plan members at Dec 31, 2025; ~83% of 2025 premiums and services revenue from federal government (Medicare/Medicaid) contracts; exited employer group commercial medical products
Gate 1: conventional health insurance is a non-compliant business activity under the AAOIFI-style business screen -- same basis as the Aflac, Progressive, and Chubb Gate 1 fails in October 2026
Debt: $12,369M long-term debt, short-term debt $0 -- benefits payable and policyholder liabilities excluded -- debt / market cap = 26.88% of ~$46.02B, under the ~33% ceiling
Cash: $4,200M cash and equivalents = 9.13% of market cap
Investment income: $1,006M (FY2025) vs total revenue $129,664M -- = 0.78% of revenue, under the 5% ceiling
Market cap: $381.57 (latest close, retrieved Oct 2, 2026) x 120,595,967 shares outstanding (FY2025 10-K cover, as of Jan 31, 2026) = ~$46.02B
Zoya: "not Shariah-compliant" (assessment date blank, Oct 2026); Musaffa: "not halal" (Oct 2026, AAOIFI); ShariaPortfolio: no coverage found
Result: FAIL at Gate 1 (business activity) -- debt and income ratios pass

Frequently asked questions

What does Humana do?

Humana Inc. (NYSE: HUM), headquartered in Louisville, Kentucky and organized as a Delaware corporation in 1964, describes its business in its FY2025 10-K as operating through two reportable segments: Insurance and CenterWell. As of December 31, 2025 it had approximately 15 million members in its medical benefit plans and about 4.7 million members in its specialty products, and during 2025 about 83% of its total premiums and services revenue were derived from contracts with the federal government, mainly Medicare and Medicaid. It exited its employer group commercial medical products business to focus on government-funded health plan offerings. It is a conventional health insurer.

Why does Humana fail this Shariah stock screen?

Humana fails this screen at the first gate -- the business-activity gate. Per its own FY2025 10-K, Humana's core business is underwriting conventional health insurance through its Insurance segment, with about 15 million medical benefit plan members and roughly 83% of 2025 premiums and services revenue coming from federal government contracts; under the AAOIFI-style business screen applied on this site, conventional insurance is a non-compliant business activity -- the same basis on which Aflac, Progressive, and Chubb failed Gate 1 in earlier October 2026 screens. Gates 2 and 3 pass, but a Gate 1 fail is decisive. This is a factual screen, not a religious ruling -- consult a qualified scholar for personal rulings.

What is Humana's interest-bearing debt ratio?

Per Humana's FY2025 10-K (fiscal year ended December 31, 2025), interest-bearing debt was $12,369M -- long-term debt of $12,369M, with short-term debt at $0. Benefits payable ($9,967M), unearned revenues, and other policyholder-related liabilities are insurance operating liabilities and are not counted as debt. Against a market cap of about $46.02B ($381.57 latest close retrieved October 2, 2026; 120,595,967 shares outstanding as of January 31, 2026 per the 10-K cover), debt divided by market cap is about 26.88% -- below the ~33% ceiling. Cash and cash equivalents of $4,200M are about 9.13% of market cap.

What is Humana's non-compliant income ratio?

Humana's FY2025 10-K income statement reports investment income of $1,006M against total revenues of $129,664M (premiums $122,825M, services $5,833M) -- about 0.78% of revenue, comfortably below the 5% non-compliant income ceiling. Investment income is the separately disclosed interest-type income line in the filing. Gate 3 passes.

Do Zoya, Musaffa, or ShariaPortfolio cover Humana?

Zoya covers HUM and flags it as not Shariah-compliant (zoya.finance/stocks/hum; the page's displayed assessment date was blank when accessed in October 2026) -- it does not rate Humana halal. Musaffa covers HUM and classifies it as "not halal" as of October 2026 under its AAOIFI methodology (musaffa.com/stock/HUM/). No Humana coverage was found on ShariaPortfolio (spscreener.mxcorporate.com) in October 2026. Both coverage statements that exist are consistent with this page's own FAIL outcome. This page applies the screen directly from Humana's own filings and reports these positions honestly.

Sources

Screened 2026-10-02 from published company figures and market data. Figures change; this page is educational, not financial advice and not a religious ruling.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).