Oscar Health On Tuesday, a profit of $ 25 million reported for the entire year 2024 as the supplier of … [+]
Oscar Health Tuesday reported a profit of $ 25 million For the entire year 2024 as a provider of individual and small group health insurance, record registration and revenue growth obtained.
The provider of individual coverage under the affordable care act, also known as Obamacare, lost $ 153.5 million in the fourth quarter, but still ended 2024 profitable, which was the first year that the company reported a net income since the was founded more than ten years ago. The net income of $ 25.4 million for last year, or 10 cents per share, compared to a loss of more than $ 270 million in 2023 for “A $ 296.2 million improvement on an annual basis,” Oscar reported.
“Oscar reported a positive results of the entire year 2024, in which the strongest year of financial performance was issued in company history,” said Oscar Health CEO Mark Bertolini In a statement at the winning report. “We both reported Custom EBITDA And the profitability of the net income – two important milestones. Our strong top and bottom-line performance, all-time high members and consistent implementation show our ability to deliver sustainable profitable growth. “
Oscar, founded in 2012, still had to make a full year of profit, but Bertolini – the former CEO of Aetna who was tapped as Oscar in March 2023 and his team of Oscar – delivered their promises because they continue to bullish the individual health insurance market.
Oscar finished 2024 with the registration of almost 1.7 million, which was mainly of members of individual and small group health plan. That is comparable to just over 1 million total members of the health plan in 2023.
The total turnover rose to almost $ 2.4 billion in the fourth quarter compared to $ 1.4 billion in the quarter of a year ago. And for all 2024, sales $ 9.1 billion overshadowed, which was an increase of 56% compared to $ 5.8 billion in 2023.
The registration is already a good start for 2025, the company said, while millions of Americans signed up for Obamacare during the open registration period for the Health Plan of 2025.
Oscar managers said that their registration also benefited from the intake of Americans who register for Obamacare, which also received them in new markets and established areas in the 18-Staten Footprint from the insurer who sell health coverage. “Oscar’s competitively priced products, technology and superior general experience caused strong growth and retention on Oscar’s 18-state footprint,” Oscar said in a statement for income.
While the individual market grew by 13% on an annual basis to a record of 24 million Americans, Oscar managers said the company “exceeded the growth of the market almost three times at 37%,” the company said in a statement. From 1 February, Oscar serves 1.8 million members of the health plan, the company said.
Given the ability of Oscar to attract more members of the health plan during the last open registration period, the company said that it “anticipates the total turnover of $ 11.2 billion to $ 11.3 billion” for 2025.