Four leading health insurance startups all reported revenue growth through 2021‘s second quarter, but also suffered net losses. While the revenue of Clover Health is $412.5 million, The net loss incurred is around $317.6 million. Bright Health has a revenue worth $1.1 billion, but still, the net loss of $44.5 million is considerably high. Alignment Healthcare gained $309 million as revenue for the second quarter although it too suffered a loss of $44.8 million. And last but not the least, Oscar Health’s revenue gained: $529.3 million and the net loss is $73.1 million.
- Clover Health: Despite suffering an operating loss of 45 cents per share, the stock was up 10.8% on the last trading day. Investors were pleased with the skyrocketing revenue growth of 140% year over year to $412.5 million. 47% of revenues were generated by Medicare Advantage premiums while the rest 53% came from Direct Contracting revenues.
- Bright Health: Bright Health Group’s total revenue of $1,114 million in the second quarter of 2021 increased by $817 million, or 275%, compared to the prior-year period. These results were driven primarily by organic membership growth in Bright HealthCare during 2020 open enrollment period and special enrollment period for the commercial business that began on February 15, 2021, and both organic and inorganic growth at NeueHealth.
- Alignment Healthcare: Health plan membership at the end of the quarter was approximately 84,700, up 32% year over year. Total revenue was $309.0 million, up 26% year over year. Health plan premium revenue of $293.4 million represented 32% growth year over year
- Positive commitment: “Our results in the second quarter exceeded our expectations across the board including our membership, revenue, adjusted gross profit, and adjusted EBITDA leading us to raise our outlook for the full year of 2021,” said John Kao, founder and CEO of Alignment Healthcare. “During the quarter, the team made notable progress on our growth strategy by entering new states, expanding to contiguous markets and developing new, innovative customer-focused plans – all of which put us in a solid position for 2022.”
- Oscar Health: “Our second-quarter results tell a clear story: that our member-centric, tech-first approach to health care continues to generate market demand and value for our members and +Oscar clients,” said Mario Schlosser, CEO, and Co-Founder of Oscar. “With membership steadily increasing, we’re well-positioned on our path towards profitability for our Insurance business. We look forward to building upon this momentum in 2022 by entering three new states and 146 counties.