Oscar Health reported $177.4 million in net income in the first quarter of 2024, its first profitable quarter.
The insurer published its first-quarter results May 7. Total revenue in the quarter was $2.1 billion, up 46% year over year. The increase was due to increased membership, increased rates and lower risk-adjustment costs, according to a May 6 company news release.
Oscar Health had 1.45 million members as of March 31, a 42% increase from the same time period last year. Most of Oscar's members are enrolled in individual and small group plans.
"Our performance lays a solid foundation for 2024, and gives us a clear line of sight into Total Company Adjusted EBITDA profitability this year," Oscar Health CEO Mark Bertolini said in a news release.
Mr. Bertolini, who was CEO of Aetna from 2010 to 2018, was appointed CEO of Oscar Health in March 2023. He told The Wall Street Journal at the time of his hiring his focus was ensuring the company turned a profit in 2024.
Founded in 2012, Oscar Health primarily offers individual insurance on the ACA exchange. The company exited the Medicare Advantage business at the end of 2022.
Enhanced subsidies from the federal government have spurred record-high enrollment in ACA plans, surpassing 20 million enrollees in 2024.