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Bob Herman Mar 29
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Behind Oscar's financial numbers

Oscar's New York office.
Oscar raised $165 million in new funding but is still hemorraging cash. Photo: Oscar

In announcing a new $165 million cash injection, the co-founders of Oscar Health Insurance said the startup had made an "underwriting profit" in 2017.

Reality check: There's a lot of wiggle room in "underwriting profit," based on Oscar's own financial data. Oscar's core insurance functions are still in the red — which will have to turn around if the company also continues to spend more money on its health technology.