Thursday, July 05, 2012

From 2010: Health Insurer Profits Jumped 250% in Last Decade - DailyFinance

In lieu of all the hand wringing about insurance companies not being able to afford the new requirements set by the ACA, hogwash.

This is from 2010.

Health Insurer Profits Jumped 250% in Last Decade - DailyFinance
 Profits for the 10 largest U.S. insurance companies jumped 250% between 2000 and 2009 while millions of Americans have lost coverage, according to a reportreleased Thursday by the U.S. Department of Health and Human Services. The report found that the five biggest insurance companies -- WellPoint (WLP), Cigna (CI), UnitedHealth Group (UNH), Aetna (AET) and Humana (HUM) -- saw their profits increase 56% in 2009, a year in which 2.7 million people lost their private coverage.What's more, the report found that the companies combined earned a total of $12.2 billion last year. And lest we forget, on the executive compensation, CEOs of the top five received $24 million on average in 2008, the report said.

Given the timing of the release of the report, was the document an effort by the Obama Administration to increase pressure on the insurance industry as it looks to gain the public's support for health-care reform? It's clear that health insurance companies don't seem to have a lot of friends these days. 

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