Clover Health Reports Full Year 2020 Financial Results Grew total revenue 46% year-over-year to $673 million in 2020 Surpassed 32,400 Lives under Clover Assistant management at year end, a 43% increase year-over-year NAS

Clover Health Reports Full Year 2020 Financial Results

Grew total revenue 46% year-over-year to $673 million in 2020

Surpassed 32,400 Lives under Clover Assistant management at year end, a 43% increase year-over-year

NASHVILLE, Tenn., -- Clover Health (Nasdaq: CLOV)( Clover ), an innovative technology company improving health outcomes for America s seniors,

today reported financial results for the fourth quarter and full year of 2020. Management will host a conference call today at 5:00 p.m. ET to discuss its operating results and other business highlights. Supplemental management commentary can be

found by accessing the Company s shareholder letter posted on its investor relations website at https://investors.cloverhealth.com/.

a difficult year for healthcare as our industry rose to the numerous challenges posed by the pandemic. Nevertheless, it was also a transformative year for Clover. By year end we had more than 58,000 members, reported over $670 million in total

revenue and created our Direct Contracting entity, Clover Health Partners. We believe Clover is perfectly positioned to be the pioneer of the new program, said Clover Health CEO Vivek Garipalli. We built the Clover Assistant to reduce

variability in physician decision making and enhance our members lives. As of year end, approximately 32,400 members, or 56% of total membership, were managed by a PCP that was live on the Clover Assistant. This represents a 43% increase

year-over-year, underpinned by our ability to expand coverage. We believe the traction we have seen to date demonstrates the value of the Clover Assistant, giving us conviction in our ability to scale our platform through both Medicare Advantage and

Direct Contracting. Clover Health is well-positioned to leverage technology to improve patient care and deliver value for all of our stakeholders, concluded Garipalli.

Andrew Toy, President and CTO of Clover Health added, Clover is bringing free enterprise-grade technology to patient care, something that has never been

done before. Our technology-first business model is disrupting an industry that has been slow to embrace technology advancements. The newest go-to-market strategy for

the Clover Assistant, Direct Contracting, should provide us with a faster and simpler way to increase the number of lives on our platform, and drive value for consumers and physicians. We look forward to the official launch of Direct Contracting in

April, which we believe will drive further proliferation of the Clover Assistant as we execute on our mission to improve every life.

As previously announced, on January 7, 2021, Clover Health and Social Capital Hedosophia III ( SCH ) completed their merger (the

Merger ). Immediately following the Merger, SCH changed its name to Clover Health and its Class A common stock and warrants to purchase Class A common stock began trading on the Nasdaq Global Select Market ( Nasdaq )

under the symbols CLOV and CLOVW, respectively.

Management Commentary on Financial Highlights

Clover Health s CFO, Joe Wagner, commented, Our 2020 results demonstrate our ability to deliver revenue and membership growth, while improving

management of the cost of care for our members and driving further operating leverage. The global pandemic presented us with unique challenges throughout 2020 as our primary focus was on ensuring that our members had access to the testing and

resources that they needed in the midst of an unprecedented public health crisis. We delivered this access while at the same time building the necessary infrastructure and processes to become a publicly-traded company, which became official in

January of this year.

On a full year basis, the deferral or elimination of certain healthcare services due to

COVID-19 had a slight net benefit to the Company s medical care ratio (MCR), offsetting testing and other treatment costs that were directly attributable to the pandemic. That benefit was most pronounced

during the second and third quarters of the year. During the fourth quarter, that full year benefit was somewhat diminished as a result of higher levels of COVID-specific care and treatment for the Company s members, combined with the

utilization of services that had been deferred in previous quarters.

Key Company highlights are as follows:

Reconciliations of net income to adjusted EBITDA and GAAP MCR to Normalized MCR (Non-GAAP), respectively, are provided

in the tables immediately following the consolidated financial statements. Additional information about the Company s non-GAAP financial measures can be found under the caption About Non-GAAP Financial Measures below.

Full Year 2020 Financial Highlights

As of January 7, 2021, immediately following completion of the Merger, Clover had approximately 404.5 million shares

outstanding. We expect basic and diluted weighted average shares outstanding to be approximately 405.1 million and 498.0 million, respectively for the quarter ended March 31, 2021 and 406.0 million and 499.0 million,

respectively for the full year 2021. We expect that our earnings per share will align more closely with the Basic EPS share count given that we expect a net loss in our financial statements for 2021 as we continue to scale the business.

Looking ahead to 2021 and beyond, we are well positioned to execute on our growth strategies as we enter new Medicare Advantage markets and launch our

Direct Contracting Entity. Despite the ongoing uncertainty related to the COVID-19 pandemic, we expect to continue to deliver solid revenue growth and continued improvement in the ability of Clover Assistant

to reduce the overall cost of care for our members, Wagner concluded.

For full year 2021, Clover Health is providing the following guidance and

Reconciliations of projected Normalized MCR (Non-GAAP) and Adjusted EBITDA to the corresponding GAAP amount is not

provided as the quantification of certain items that are excluded from non-GAAP financial measures cannot be reasonably calculated or predicted at this time without unreasonable efforts.

Earnings Conference Call Details

management will host a conference call to discuss its financial results on Monday, March 1, at 5:00 PM Eastern Time. A live webcast of the call can be accessed from Clover Health s Investor Relations website at investors.cloverhealth.com

and an on-demand replay will be available on the same website following the call.

Clover Assistant Technology

Clover Heath s President & CTO, Andrew Toy will host a product and technology showcase of our technology platform, the

Clover Assistant, on Tuesday, March 2 at 10:00 AM Pacific Time. Andrew will be joined by the clinician team for an educational session offering a deeper-dive into the Clover Assistant, highlighting key features, feedback from physicians, and a

peek into a few future features in upcoming launches. The stream will be available from our investor relations website at investors.cloverhealth.com, and a replay will be available on-demand.

Clover Health (Nasdaq: CLOV) is a

healthcare technology company with a deeply rooted mission of improving every life. Clover uses its proprietary technology platform to collect, structure, and analyze health and behavioral data to improve medical outcomes and lower costs for

patients. As a company whose business goals fully align with its members health needs, Clover works with members and their doctors to become a valued partner. This trust is built by proactively identifying

at-risk individuals and teaming up with physicians to accelerate care coordination and simultaneously improve health outcomes and reduce avoidable costs. Clover has offices in San Francisco, Jersey City,

Nashville and Hong Kong.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E

of the Securities Exchange Act of 1934, as amended. Forward-looking statements generally relate to future events or Clover Health s future financial or operating performance. In some cases, you can identify forward looking statements because

they contain words such as may, will, should, expects, plans, anticipates, going to, could, intends, target,

projects, contemplates, believes, estimates, predicts, potential or continue or the negative of these words or other similar terms or expressions that concern Clover

Health s expectations, strategy, priorities, plans or intentions. Forward-looking statements in this release include, but are not limited to, statements under Financial Outlook, including expectations relating to Medicare Advantage

membership growth, Direct Contracting beneficiaries growth, revenue growth, Normalized MCR (Non-GAAP) improvements and loss per share; the statements contained in the quotations, including expectations related

to Clover Health s ability to scale its platform, growth strategies and ability to reduce the cost of care. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, levels of

activity, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include, but are not limited to, those related to: Clover Health s ability to increase the lifetime value of

enrollments and manage medical expenses; changes in CMS s risk adjustment payment system; challenges in expanding our member base or into new markets; Clover Health s exposure to unfavorable changes in local benefit costs, reimbursement

rates, competition and economic conditions; the impact of litigation or investigations; changes or developments in Medicare or the health insurance system and laws and regulations governing the health insurance markets; the current and future impact

of the COVID-19 pandemic on the Clover Health s business and industry; the timing and market acceptance of new releases and upgrades to the Clover Assistant; and the successful development of Direct

Contracting and the degree to which our offerings gain market acceptance by physicians. Additional information concerning these and other risk factors is contained in the Risk Factors section of Clover Health s registration statement on Form S-1 or Clover Health s most recent reports on Form 10-K and Form 10-Q. Clover Health assumes no obligation, and does not intend,

to update these forward-looking statements as a result of future events or developments.

We use non-GAAP measures of Normalized MCR

(Non-GAAP) and Adjusted EBITDA. These non-GAAP financial measures are provided to enhance the reader s understanding of Clover Health s past financial

performance and our prospects for the future. Clover management team uses these non-GAAP financial measures in assessing Clover Health s performance, as well as in planning and forecasting future periods.

These non-GAAP financial measures are not computed according to GAAP and the methods we use to compute them may differ from the methods used by other companies. Non-GAAP

financial measures are supplemental, should not be considered a substitute for financial information presented in accordance with GAAP and should be read only in conjunction with our consolidated financial statements prepared in accordance with

GAAP. Readers are encouraged to review the reconciliation of our non-GAAP

financial measures to the comparable GAAP results, which is attached to our quarterly and annual earnings release and which can be found, along with other financial information including filings

with the Securities and Exchange Commission, on the investor relations page of our website at investors.cloverhealth.com.

For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled About Non-GAAP Financial Measures and Other

CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS: SELECTED METRICS

(in thousands) (Unaudited)

CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands) (Unaudited)

CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN RECONCILIATION

(in thousands) (Unaudited)(1)

CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIES

RECONCILIATION OF NON-GAAP FINANCIAL MEASURES

NORMALIZED MCR (NON-GAAP) RECONCILIATION

CLOVER HEALTH INVESTMENTS, CORP. AND SUBSIDIARIES

Explanation of Non-GAAP Financial Measures and Other Items

Non-GAAP Adjustments

We believe it is useful to investors for our presentation within this document on a non-GAAP basis

to exclude the below items. In particular, we believe that the exclusion of these amounts provides useful measures for period-to-period comparisons of our business.