Oscar Health Tuesday announced on Tuesday a profit of $ 25 million for the full year 2024 as a supplier of … (+)
Oscar health Tuesday announced a profit of 25 million dollars For the whole year 2024, the supplier of individual health insurance and in a small group carried out record registrations and income growth.
The individual coverage provider under the affordable care law, also known as Obamacare, lost $ 153.5 million to its fourth quarter, but still finished 2024, which was the first Full year that the company declared a net income since its creation more than a decade ago. The net profit of $ 25.4 million for last year, or 10 cents per share, compared to a loss of more than $ 270 million in 2023 for “an improvement of 296.2 million dollars in a year on the other, ”reported Oscar.
“Oscar declared positive results of the year 2024, capping the highest year of financial performance in the history of the company,” said Oscar Health Manager Mark Bertolini in a press release accompanying the report on gains. “We reported both Adjusted Ebitda and the profitability of net income – two important steps. Our solid and low performance, our mastery of all time and a coherent execution demonstrate our ability to provide sustainable profitable growth. »»
Founded in 2012, Oscar had not yet made profits for a full year, but Bertolini – the former CEO of Aetna who was Tappé as an Oscar senior executive in March 2023 And his team – held its promises as they remain optimistic on the individual health insurance market.
Oscar finished 2024 with an inscription of almost 1.7 million, which mainly came from members of the individual health regime and in small groups. This is compared to just over a million members of the total health plan in 2023.
Total turnover reached nearly $ 2.4 billion in the fourth quarter, compared to $ 1.4 billion in the quarter of the previous year. And for all 2024, revenues overshadowed $ 9.1 billion, an increase of 56% against $ 5.8 billion in 2023.
Registration is already in good start for 2025, said the company, as Millions of Americans have registered in Obamacare During the registration period opened for the year of health 2025.
Oscar leaders said their registration has also benefited from The influx of Americans registering in Obamacarehelping to develop in new markets and areas established in the insurer’s imprint at 18 states selling health coverage. “The products, technology and the experience of Oscar’s upper members have led strong growth and retention through the 18 states of Oscar,” Oscar said in a press release that accompanies him.
While the individual market increased by 13% in annual shift to a record of 24 million Americans, the Oscar managers said that the “growth of the company had exceeded the market by almost three times to 37% “Said the company in a press release. On February 1, Oscar served 1.8 million members of the health plan, the company said.
Given Oscar’s ability to attract more members of the health plan during the last registration period, the company said it “provided for a total turnover of $ 11.2 billion at 11.3 billion dollars ”for 2025.