In health insurers’ race to offload unprofitable members, winners emerge

Tara Bannow covers hospitals, providers, and insurers. You can reach Tara on Signal at tarabannow.70.

If you’ve followed health insurance earnings over the past few weeks, you might be experiencing some whiplash. 

Four of the biggest players — top names like UnitedHealth Group and Elevance — lowered their profit expectations for the year, while two others — Humana and CVS Health — raised them. One, Cigna, reaffirmed its previous outlook. 

It turns out, the returns health insurers saw in the first half of 2025 were largely determined by what they did in the previous two years. Some saw the writing on the wall early and shook off unprofitable plans in specific counties, emerging with more stable, albeit slimmer, profiles. Others weren’t as proactive, and they’re now paying the price.