The health insurance industry reported a decline of 12.4% in net income, to $8.2 billion as of Sept. 30, compared to the same period in 2008, according to a new analysis by Highline Data.
The 10 largest companies ranked by year-end 2008 total assets accounted for $2.8 billion, or 35% of the total industry net income during the quarter, considerably outperforming smaller players, according to Highline, a subsidiary of Summit Business Media Inc., the parent company of National Underwriter.
Of all companies in the industry, 335, or 38%, reported underwriting losses in the third quarter.
Underwriting deductions, which primarily include health benefit payments, increased by 4.5% year-over-year and totaled $332 billion as of Sept. 30.