Humana reported $1.2 billion in first quarter net income as the company gets better control of medical cost trends in its Medicare Advantage plans.

Key Takeaways Humana beat first-quarter profit and sales estimates as it reduced costs and exited some Medicare Advantage plans.The insurer posted a membership decline, which is said was mostly because it pulled out of what it called "unprofitable" Medicare Advantage plans and counties.

Humana, the second-largest Medicare Advantage insurer with 5.8 million beneficiaries, reported Wednesday that net income soared 67.9% to $1.2 billion in the first quarter as revenue grew 8.4% to $32.1 billion.