After a highly profitable 2022, the nation’s health insurers continue to reap strong profits in 2023. The major health insurers have all reported on their second quarter earnings and they all reported strong earnings.
Of the nation’s largest health insurers, UnitedHealth Group posted the highest profits for the second quarter 2023 with $5.5 billion in profits for the quarter. Adding to its first quarter 2023 profits, United posted $11.1 billion for the first six months of the year. United’s 2023 profits follow a highly profitable 2022, in which it reported $20.1 billion in profits.
CVS Health (Aetna) reported the second highest profits among the largest health insurers, with $1.9 billion in profits for the quarter and $4 billion in profits for the first half of 2023.
Elevance Health (Anthem) came in third among with largest health insurers, with $1.85 in profits for the second quarter and $3.8 billion in profits for the first six months of 2023. Elevance Health reported $8.5 billion in profits for 2022.
Cigna earned $1.5 billion in profits for the second quarter and $3.8 billion for the first six months of 2023, following profits of $6.7 billion in 2022.
Whatley Kallas attorneys have found that at the same time as the health insurers report strong profits, they have continued to deny and reduce payments to hospitals, physicians and other medical providers for medically necessary services.
Whatley Kallas’s previous articles on UnitedHealth Group’s and Elevance Health’s second quarter earnings are linked here and here respectively.