Oscar Health, Clover Health and Alignment Healthcare — three
startup insurers that officially went public earlier this year — all posted net
losses in the first quarter of 2021. Oscar Health reported an $87.4 million
loss, making a $9.5 million improvement compared to the first quarter of 2020.
Its direct policy premiums went up 43.5% year over year. Meanwhile, Clover
Health reported a $48.4 million loss, nearly doubling its net loss compared to
the prior-year period. Its medical loss ratio jumped to 107.6%, which the
Medicare Advantage insurer said was due to increased medical costs resulting
from the pandemic. Alignment Healthcare posted a $56.9 million loss in its
first quarter, compared to a loss of $10 million during the same period last
year, though its total revenue went up 19% year over year.
NOTE: Clover Health reported only a "normalized" MLR
figure for its 2021 outlook, which excludes the net impact of the COVID-19
pandemic and applies only to Medicare Advantage.
SOURCES: Oscar Health, Inc., Clover Health Investments, Corp.
and Alignment Healthcare, Inc. Visit https://bit.ly/3v3yMvP,
https://bit.ly/3fCUShY and https://bit.ly/3v7kFp8.
No comments:
Post a Comment