Three of the U.S.' largest payers: Centene, Elevance Health and Humana, each had successful second quarters, seeing larger profits year over year.
Here is what to know from each insurer's second-quarter earnings report:
1. Centene recorded $1.06 billion in net income in the second quarter of 2023 after recording a $172 million loss during the same period last year.
2. Total revenues for the quarter ended June 30 were $37.6 billion, up from $35.9 billion during the same period last year.
3. As of June 30, Centene's total membership is 28.4 million, up from 26.4 million during the same period last year. Total Medicaid membership is 16 million, up from 15.4 million. ACA membership is 3.3 million, up from 2 million. Total commercial membership is 3.7 million, up from 2.5 million.
4. Centene's medical loss ratio was 87 percent in the second quarter and 86.7 percent during the same period last year.
1. Total revenues in the second quarter were $43.7 billion, a 13 percent increase year over year.
2. Net income was $1.9 billion in the second quarter, up 13.2 percent from the same period last year.
3. Total operating revenue was $11.9 billion in the second quarter, up 18.4 percent year over year. Operating gain was $632 million, up 6.8 percent.
4. Total medical membership at Elevance Health was 48 million as of June 30, an increase of 2 percent year over year. There were 11.8 million Medicaid members and 2.1 million Medicare Advantage members.
1. Total revenues in the second quarter were $26.7 billion, up 13 percent year over year.
2. The company posted $959 million in net income in the second quarter, up from $696 million in the second quarter of 2022.
3. The company expects to add about 825,000 Medicare Advantage members this year, reflecting an 18 percent growth rate. Total Medicare Advantage membership was nearly 5.8 million as of June 30, up 12.9 percent from the same time period last year.
4. The company's total medical membership was 17.1 million at the end of the second quarter, which is nearly unchanged from 2022.
5. Humana's medical loss ratio was 87.3 percent in the second quarter.