On Nasdaq Since 1991

2026 President’s Message

Fiscal year 2026 was a defining year for CorVel. Not only are we celebrating 35 years as a publicly traded company on Nasdaq, but the investments we have made over those decades, in technology, operational discipline, and our people, have translated into measurable market momentum across both the Property & Casualty and Commercial Health sectors. New strategic accounts were won, former partners returned, and our reputation for delivering differentiated results strengthened throughout the year.

CorVel’s financial conservatism remains a strategic advantage. While many organizations now face difficult trade-offs after years of aggressive leverage and short-term decision-making, CorVel maintains the flexibility to invest with conviction. That discipline allows us to accelerate innovation, make long-term commitments without compromise, and pursue growth from a position of strength.

Technology remains the clearest expression of CorVel’s differentiation, and fiscal 2026 marked another significant step forward. Building on the Generative AI capabilities we introduced to the industry, we expanded AI-driven functionality across our claims management, bill review, payment integrity, and care management platforms. Across the organization, AI is being deployed to support decision making, optimize workflows, enhance analytical precision, support more efficient and informed operations, and improve the quality and consistency of outcomes delivered to our partners and the individuals we serve.

In the Property & Casualty market, organizations increasingly reevaluated long-standing vendor relationships in search of partners capable of delivering modern technology solutions and measurable performance improvements. CorVel capitalized on that shift through the addition of new strategic accounts, the expansion of existing partnerships, and the return of clients previously aligned with CorVel.

Within the commercial health market, CERIS accelerated its expansion and strengthened relationships with both existing and new partners. During the year, we completed the acquisition of assets and key talent from a privately held technology firm. The acquisition included proprietary tools and intellectual property that is enhancing the capabilities of the CERIS group health division, strengthening our enterprise technology foundation, and accelerating the delivery of scalable AI-enabled solutions across the portfolio.

Equally important is the strength of our culture and the continued growth of our people. More than 5,200 associates across the country contribute daily to CorVel’s success through their professionalism, resilience, and commitment to excellence. We have built a culture that invests in talent, rewards performance, and creates meaningful opportunities for advancement. As the organization grows, employees consistently rise into positions of greater responsibility, reflecting our long-standing commitment to promoting from within and empowering individuals to learn, develop, and build lasting careers at CorVel.

We enter fiscal year 2027 with strong momentum, a robust technology roadmap, and a clear vision for the future. The markets we serve are evolving rapidly, and CorVel is positioned to lead that evolution rather than react to it. To our team members, partners, and shareholders: thank you for your continued trust and support. I am honored to serve this organization and excited about the opportunities ahead.

Michael G. Combs

President, CEO, & Chairman

Environmental, Social, and Governance Standards

CorVel is committed to upholding high Environmental, Social, and Governance standards. Sustainability, social responsibility, and strong corporate governance practices are core to our company values, stakeholders’ and shareholder interests. We strive to create a safe, diverse, and inclusive workplace that fosters teamwork, growth, and innovation while minimizing our ecological footprint.