Alignment Healthcare Inc

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a)

of the Securities Exchange Act of 1934

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

Alignment Healthcare, Inc.

(Name of registrant as specified in its charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of Filing Fee (Check all boxes that apply):

April 25, 2025

Dear Fellow Stockholders:

On behalf of the Alignment Healthcare (“Alignment”) Board of Directors, we cordially invite you to attend our Annual Meeting of Stockholders on Thursday, June 5, 2025, at 9:00 a.m. PDT. The Annual Meeting will be held virtually via audio-only webcast at www.proxydocs.com/ALHC. You can listen to the meeting live, submit questions and vote online during the Annual Meeting.

We appreciate your ongoing support of and belief in Alignment as Medicare Advantage ("MA") done right. By approaching MA as a care management business and focusing on serving our seniors, we are proving that we can win by delivering more care – not less. By building a strong foundation of quality and value, we have been able to grow confidently and profitably through a dynamic MA environment.

Your investment is critical to the growth and success of Alignment and will continue to play a significant role as we elevate our profile and expand our impact.

There is no doubt that 2024 was a milestone year, highlighted by:

•Adjusted EBITDA profitability: We achieved adjusted EBITDA of$1 million, marking our first full year of positive adjusted EBITDA as a public company.

•Industry-leading membership growth: With 59% year-over-year membership growth to 189,100 members as of Dec. 31. 2024, we onboarded more net new members in 2024 than in the prior four years combined.

•Strong revenue growth: $2.7 billion, representing 48% growth year-over-year, as of Dec. 31, 2024.

•Exceptional quality: 98% of members are in plans that earned 4 Stars or better under the Centers for Medicare & Medicaid Services (“CMS”) 5-Star Quality Rating System versus the industry average of just 64%. With our HMO contract in Nevada and North Carolina, Alignment is proud to be one of only nine MA plans in the entire country in 2025 to earn a coveted 5 Stars.

•Outstanding member service: Achieved an overall Net Promoter Score (“NPS”) of 61, which includes an NPS of greater than 78 for our Care Anywhere program, and a 4.9 out of 5-star Google rating, based on more than 9,000 reviews.

•Strong medical cost management: 88.8% medical benefits ratio (“MBR”) in 2024 based on adjusted gross profit.

We started 2025 with the exciting news that Dawn Maroney was promoted to President of Alignment, expanding her role and responsibilities as we drive for even greater success. We are continuing to strengthen our leadership team and train our employees on how we do MA right.

In 2025, our focus is on:

•Sustained Growth: Last year was a breakout year for consolidated growth, and this year, we expect a breakout year for growth outside of California even as California continues to deliver sustained growth. Our continued ability to capture market share reflects our reputation for consistent delivery of quality care, innovative products and enhanced benefits.

•Improving Profitability: Our goal is to always ensure we provide the best care at the lowest cost. We aim to further improve profitability of the enterprise by retaining the members we grew in

2024 and engaging those most at risk with our clinical model. Furthermore, we plan to increase productivity and improve scalability by deploying tools that drive more automation.

•Greater Replicability: We will expand strategic partnerships with organizations that share our purpose of serving seniors and elevating senior care. We aim to deliver consistently high-quality care across markets.

•Continuous Improvement: We are committed to operational excellence by improving every aspect of our organization – from market leadership and clinical delivery to operations. As we scale, our management team remains focused on disciplined execution, data-driven decision making and an unwavering drive to serve our members better every day.

Our Board of Directors and leadership team remain dedicated to long-term value creation for all our stakeholders. We look forward to the opportunity to engage with you during the Annual Meeting and to share updates on our progress throughout our upcoming quarterly earnings.

Sincerely,

NOTICE OF 2025 ANNUAL MEETING OF STOCKHOLDERS

The 2025 Annual Meeting of Stockholders of Alignment Healthcare, Inc. (the “Annual Meeting”) will be held on Thursday, June 5, 2025, at 9:00 a.m. Pacific Time.

Items of Business

Matters to be voted on at the Annual Meeting are as follows:

•Proposal 1: Election of three nominees identified in the accompanying proxy statement to serve as Class I directors to hold office until the 2028 Annual Meeting of Stockholders;

•Proposal 2: Ratification of the appointment of Deloitte & Touche LLP as our independent registered public accounting firm for the year ending December 31, 2025; and

•Proposal 3: Approval, on a non-binding, advisory basis, of the compensation of our named executive officers (“Named Executive Officers” or “NEOs”).

Items of business may also include transacting other business as may properly come before the meeting or any adjournment of the meeting. The Proxy Statement accompanying this notice describes each of the items of business in more detail.

Access to the Meeting

The Annual Meeting will be held via live audio webcast available at www.proxydocs.com/ALHC. Please see the “Commonly Asked Questions and Answers About the Annual Meeting” section in the attached Proxy Statement for information on registration to attend the Annual Meeting. Stockholders will be able to participate, vote and submit questions from any location.

Record Date & List of Stockholders

Our Board has set the record date as of April 7, 2025 (the “Record Date”). Only stockholders that owned Alignment common stock at the close of business on that day are entitled to notice of and may vote at the Annual Meeting or any adjournment of the meeting. A list of Alignment’s stockholders of record will be available at our corporate headquarters and principal executive offices located at 1100 W. Town & Country Rd., Suite 1600, Orange, CA 92868 at least ten days prior to June 5, 2025.

How to Vote Your Shares

Whether or not you expect to attend the Annual Meeting, please make sure you vote so that your shares will be represented at the meeting.

By Order of the Board of Directors

Christopher J. Joyce

Chief Legal & Administrative Officer

IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON JUNE 5, 2025

This Notice of Annual Meeting, the Proxy Statement and our fiscal year 2024 Annual Report are available on the investor relations section of our website at https://ir.alignmenthealth.com/. Additionally, you may access our proxy materials atwww.proxydocs.com/ALHC. We are taking advantage of U.S. Securities and Exchange Commission rules that allow us to furnish proxy materials to our stockholders on the Internet. These materials will be available on the Internet on or about April 25, 2025. We are sending a “Notice of Internet Availability of Proxy Materials" (“Notice of Availability”) to our stockholders of record instead of a paper proxy statement and annual report containing financial statements, unless paper copies have previously been requested. We believe that Internet delivery of our proxy materials allows us to provide our stockholders with the information they need, while lowering the costs of delivery and reducing the environmental impact of our Annual Meeting.

TABLE OF CONTENTS

Cautionary Note Regarding Forward-Looking Statements

This proxy statement contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements are subject to risks and uncertainties and are based on assumptions that may prove to be inaccurate, which could cause actual results to differ materially from those expected or implied by the forward-looking statements. Important risks and uncertainties that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: our ability to attract new members and enter new markets, including the need for certain governmental approvals; our ability to maintain a high rating for our plans on the Centers for Medicare and Medicaid ("CMS") Five Star Quality Rating System ("CMS Star Ratings"); our ability to develop and maintain satisfactory relationships with care providers that service our members; risks associated with being a government contractor; changes in laws and regulations applicable to our business model; risk related to our indebtedness; changes in market or industry conditions and receptivity to our technology and services; results of litigation or a security incident; and the impact of shortages of qualified personnel and related increases in our labor costs. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk factors identified in our reports filed with the U.S. Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K filed with the SEC on February 27, 2025. All information provided in this proxy statement is as of the date hereof, and we undertake no duty to update or revise this information unless required by law.

Website References

References to our website throughout this proxy statement are intended to provide inactive, textual references and are provided for convenience only. The content on our website does not constitute a part of this proxy statement.