2025: Big Insurance’s $1.7 Trillion Year

HEALTH CARE UN-COVERED

In 2025, the seven biggest health insurance conglomerates:

• Collected almost $1.7 trillion in total revenues, $175 billion more than in 2024

• Made more than $54 billion in profits

• Covered 10 million fewer people than in 2024

• Ramped up their self-dealing by steering more of their health plan enrollees to physician practices, clinics, pharmacy operations and other clinical businesses they now own

• Took record amounts of money from state and federal governments. As a result:

  • UnitedHealthcare now gets more than 77% of its revenues from government programs even though it covers almost twice as many people in its commercial plans. That said, all of UnitedHealthcare’s enrollment growth since 2015 has been in Medicare Advantage and Medicaid. It covered 80,000 fewer commercial health plan enrollees in 2025 than it did in 2015. In addition:

  • UnitedHealth Group now classifies approximately 27% of its revenues as “intercompany eliminations.” That percentage has increased every year as UnitedHealthcare has steered more and more of its health plan enrollees (and their premiums) to health care delivery operations that Optum, its sister division, owns.

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