Investors

2025 President’s Message

Reflecting on the past year, I am immensely proud of the team’s focus, innovation, and unwavering commitment to our vision. In a dynamic market, CorVel has effectively navigated challenges and seized opportunities to drive meaningful growth and deliver value to our employees, partners, and shareholders.

This fiscal year brought healthy growth in both the Property & Casualty and Commercial Health segments, driving robust financial performance. Additionally, in December, a three-for-one stock split was executed due to our strong financial position and progress in the market. These successes have led to significant growth in the stock price over the past few years; the split enhanced the accessibility of shares for a broader range of investors, including CorVel team members.

This year also marked the retirement of our founder, Gordon Clemons, whose vision, leadership, and entrepreneurial spirit built the strong foundation on which we continue to grow. We are profoundly grateful for his invaluable contributions and lasting legacy.

One of CorVel’s passions is technological innovation, and thanks to increased investment and the strength of our IT team, we made meaningful progress in the automation of objective tasks and the implementation of Al-driven functionality during the year. The commitment to practical, results-driven technology is a key differentiator for CorVel; it supports long-term sustainable growth and enhances our value proposition. Investments in system and workflow enhancements reduce costs, improve customer experience, and streamline day-to-day operations. These intentional capital allocations allow team members to focus on higher-value interactions and drive improved outcomes for our partners.

Given the number of marquee accounts onboarded, 2024 was a noteworthy year. The CorVel teams’ engagement in implementing programs and agility in addressing and exceeding dynamic requirements were exemplary. Delivering on the promises communicated when we sell new accounts and implement services makes a significant difference for our partners.

The results are achieved by our more than 5,000 team members, and I’m incredibly proud and thankful for their dedication and commitment. Their hard work, along with the leadership of our management team, continues to make CorVel a place where people can grow, thrive, and have a real impact. I’m also deeply appreciative of our partners’ strong relationships and collaboration that facilitate the expansion and enhancements of services we offer.

To our shareholders, thank you for your ongoing trust and support. We’re excited about the opportunities that lie ahead.

Michael G. Combs

President, CEO, & Chairman

Pursuant to Nasdaq Listing Rule 5605(f)(2), CorVel is required to have, or explain why we do not have, at least one director who self-identifies as female and (ii) at least one director who self-identifies as an underrepresented minority or LGBTQ+.  CorVel currently has one director who self-identifies as female, but do not have any directors who self-identify as underrepresented minority or LGBTQ+.

CorVel’s Nomination and Governance Committee believes our board of directors, as a whole, should be well-rounded, consisting of directors with backgrounds that are complementary to one another, reflecting a variety and diversity of professional experiences, skills, education, expertise and personal characteristics.  However, the Committee does not believe the qualifications of an individual to serve on our board should be defined by any one diversity characteristic.

We believe the current composition of CorVel’s board, as a whole, reflects a mix of qualities, attributes, skills and experiences that are appropriate to support the achievement of our long-term strategic objectives.

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.