That made the top five health insurers more profitable than the top five energy companies, construction companies, airlines, motor vehicle and part manufacturers and food and drug stores.
Here is a breakdown:
UnitedHealth Group. It made $4.63 billion in profits last year and collected $6.09 billion more in premiums over 2009, while only spending $3.55 billion more on medical care.
WellPoint. It made $2.89 billion in profits last year and spent $637 million less on medical care compared with 2009, while collecting $545 million less in premiums.
Aetna. It made $1.77 billion in profits last year and spent $1.34 billion less on medical care compared with 2009, while collecting $633 million less in premiums.
Cigna. It made $1.35 billion in profits last year and collected $2.35 billion more in premiums over 2009, while only spending $1.64 billion more on medical care.
Humana. It made $1.10 billion in profits last year and collected $2.79 billion more in premiums over 2009, while only spending $2.31 billion more on medical care.
Read Rep. Pete Stark’s release on health insurers.
Read the fact sheet on health insurers’ profits (pdf).
Read more coverage of premium hikes:
– Blue Shield of California Imposes Rate Hikes of as Much as 59%
– AMA Analysis Shows Little Competition Among Health Insurers
– HHS Issues Proposed Rule on Insurance Premium Hikes