Intersegment sales and expenses are recorded at fair value and eliminated in consolidation. Members served by our segments often use the same provider networks, enabling us in some instances to obtain more favorable contract terms with providers. Our segments also share indirect costs and assets. As a result, the profitability of each segment is interdependent. We allocate most operating expenses to our segments. Assets and certain corporate income and expenses are not allocated to the segments, including the portion of investment income not supporting segment operations, interest expense on corporate debt, and certain other corporate expenses. These items are managed at a corporate level. These corporate amounts are reported separately from our reportable segments and are included with intersegment eliminations in the tables presenting segment results below.

Our segment results were as follows for the three and six months ended June 30, 2017 and 2016:





	Retail		Group and Specialty		Healthcare Services		Individual Commercial		Other Businesses			Eliminations/ Corporate			Consolidated
	(in millions)
Three months ended June 30, 2017
Revenues - external customers
Premiums:
Individual Medicare Advantage	$	8,282	$	—	$	—	$	—	$	—		$	—		$	8,282
Group Medicare Advantage	1,277		—		—		—		—			—			1,277
Medicare stand-alone PDP	925		—		—		—		—			—			925
Total Medicare	10,484		—		—		—		—			—			10,484
Fully-insured	118		1,350		—		247		—			—			1,715
Specialty	—		323		—		—		—			—			323
Medicaid and other	671		—		—		—		10			—			681
Total premiums	11,273		1,673		—		247		10			—			13,203
Services revenue:
Provider	—		—		63		—		—			—			63
ASO and other	2		143		—		—		2			—			147
Pharmacy	—		—		20		—		—			—			20
Total services revenue	2		143		83		—		2			—			230
Total revenues - external customers	11,275		1,816		83		247		12			—			13,433
Intersegment revenues
Services	—		5		4,309		—		—			(4,314		)	—
Products	—		—		1,582		—		—			(1,582		)	—
Total intersegment revenues	—		5		5,891		—		—			(5,896		)	—
Investment income	24		7		8		1		21			40			101
Total revenues	11,299		1,828		5,982		248		33			(5,856		)	13,534
Operating expenses:
Benefits	9,672		1,312		—		86		32			(213		)	10,889
Operating costs	963		394		5,677		40		2			(5,623		)	1,453
Depreciation and amortization	57		21		35		4		—			(25		)	92
Total operating expenses	10,692		1,727		5,712		130		34			(5,861		)	12,434
Income (loss) from operations	607		101		270		118		(1		)	5			1,100
Interest expense	—		—		—		—		—			58			58
Income (loss) before income taxes	$	607	$	101	$	270	$	118	$	(1	)	$	(53	)	$	1,042





	Retail		Group and Specialty		Healthcare Services		Individual Commercial			Other Businesses			Eliminations/ Corporate			Consolidated
	(in millions)
Three months ended June 30, 2016
Revenues - external customers
Premiums:
Individual Medicare Advantage	$	8,050	$	—	$	—	$	—		$	—		$	—		$	8,050
Group Medicare Advantage	1,085		—		—		—			—			—			1,085
Medicare stand-alone PDP	1,015		—		—		—			—			—			1,015
Total Medicare	10,150		—		—		—			—			—			10,150
Fully-insured	106		1,357		—		1,024			—			—			2,487
Specialty	—		321		—		—			—			—			321
Medicaid and other	678		5		—		—			9			—			692
Total premiums	10,934		1,683		—		1,024			9			—			13,650
Services revenue:
Provider	—		—		74		—			—			—			74
ASO and other	2		176		—		—			3			—			181
Pharmacy	—		—		7		—			—			—			7
Total services revenue	2		176		81		—			3			—			262
Total revenues - external customers	10,936		1,859		81		1,024			12			—			13,912
Intersegment revenues
Services	—		6		4,767		—			—			(4,773		)	—
Products	—		—		1,433		—			—			(1,433		)	—
Total intersegment revenues	—		6		6,200		—			—			(6,206		)	—
Investment income	22		6		7		1			16			43			95
Total revenues	10,958		1,871		6,288		1,025			28			(6,163		)	14,007
Operating expenses:
Benefits	9,327		1,302		—		1,089			31			(240		)	11,509
Operating costs	1,069		423		5,974		152			4			(5,923		)	1,699
Merger termination fee and related costs, net	—		—		—		—			—			27			27
Depreciation and amortization	48		22		35		9			—			(25		)	89
Total operating expenses	10,444		1,747		6,009		1,250			35			(6,161		)	13,324
Income (loss) from operations	514		124		279		(225		)	(7		)	(2		)	683
Interest expense	—		—		—		—			—			47			47
Income (loss) before income taxes	$	514	$	124	$	279	$	(225	)	$	(7	)	$	(49	)	$	636




	Retail		Group and Specialty		Healthcare Services		Individual Commercial		Other Businesses			Eliminations/ Corporate			Consolidated
	(in millions)
Six months ended June 30, 2017
Revenues - external customers
Premiums:
Individual Medicare Advantage	$	16,658	$	—	$	—	$	—	$	—		$	—		$	16,658
Group Medicare Advantage	2,595		—		—		—		—			—			2,595
Medicare stand-alone PDP	1,866		—		—		—		—			—			1,866
Total Medicare	21,119		—		—		—		—			—			21,119
Fully-insured	236		2,728		—		530		—			—			3,494
Specialty	—		645		—		—		—			—			645
Medicaid and other	1,324		—		—		—		19			—			1,343
Total premiums	22,679		3,373		—		530		19			—			26,601
Services revenue:
Provider	—		—		133		—		—			—			133
ASO and other	4		304		—		—		4			—			312
Pharmacy	—		—		38		—		—			—			38
Total services revenue	4		304		171		—		4			—			483
Total revenues - external customers	22,683		3,677		171		530		23			—			27,084
Intersegment revenues
Services	—		10		8,619		—		—			(8,629		)	—
Products	—		—		3,134		—		—			(3,134		)	—
Total intersegment revenues	—		10		11,753		—		—			(11,763		)	—
Investment income	49		18		16		2		42			85			212
Total revenues	22,732		3,705		11,940		532		65			(11,678		)	27,296
Operating expenses:
Benefits	19,723		2,598		—		242		61			(409		)	22,215
Operating costs	1,917		793		11,357		102		6			(11,169		)	3,006
Merger termination fee and related costs, net	—		—		—		—		—			(947		)	(947		)
Depreciation and amortization	115		42		69		7		—			(49		)	184
Total operating expenses	21,755		3,433		11,426		351		67			(12,574		)	24,458
Income (loss) from operations	977		272		514		181		(2		)	896			2,838
Interest expense	—		—		—		—		—			107			107
Income (loss) before income taxes	$	977	$	272	$	514	$	181	$	(2	)	$	789		$	2,731



	Retail		Group and Specialty		Healthcare Services		Individual Commercial			Other Businesses			Eliminations/ Corporate			Consolidated
	(in millions)
Six months ended June 30, 2016
Revenues - external customers
Premiums:
Individual Medicare Advantage	$	16,077	$	—	$	—	$	—		$	—		$	—		$	16,077
Group Medicare Advantage	2,162		—		—		—			—			—			2,162
Medicare stand-alone PDP	2,054		—		—		—			—			—			2,054
Total Medicare	20,293		—		—		—			—			—			20,293
Fully-insured	210		2,694		—		1,917			—			—			4,821
Specialty	—		639		—		—			—			—			639
Medicaid and other	1,308		10		—		—			19			—			1,337
Total premiums	21,811		3,343		—		1,917			19			—			27,090
Services revenue:
Provider	—		—		145		—			—			—			145
ASO and other	3		353		1		—			6			—			363
Pharmacy	—		—		14		—			—			—			14
Total services revenue	3		353		160		—			6			—			522
Total revenues - external customers	21,814		3,696		160		1,917			25			—			27,612
Intersegment revenues
Services	—		12		9,551		—			—			(9,563		)	—
Products	—		—		2,793		—			—			(2,793		)	—
Total intersegment revenues	—		12		12,344		—			—			(12,356		)	—
Investment income	46		12		14		3			31			89			195
Total revenues	21,860		3,720		12,518		1,920			56			(12,267		)	27,807
Operating expenses:
Benefits	18,960		2,524		—		1,818			56			(452		)	22,906
Operating costs	2,151		857		11,916		321			8			(11,820		)	3,433
Merger termination fee and related costs, net	—		—		—		—			—			61			61
Depreciation and amortization	94		43		71		18			—			(49		)	177
Total operating expenses	21,205		3,424		11,987		2,157			64			(12,260		)	26,577
Income (loss) from operations	655		296		531		(237		)	(8		)	(7		)	1,230
Interest expense	—		—		—		—			—			94			94
Income (loss) before income taxes	$	655	$	296	$	531	$	(237	)	$	(8	)	$	(101	)	$	1,136