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Bob Herman Apr 3, 2017
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Florida Blue increases Obamacare profits

An insurance counselor helps a man sign up for Obamacare in Florida. (Lynne Sladky / AP)

Florida Blue, the dominant health insurance company in the state, is still reaping huge profits from its Obamacare plans — a stark difference from the doom and gloom portrayed by other insurers.

Florida Blue sits in one of the most competitive Obamacare exchanges and made money on those plans in 2015. And last year, Florida Blue more than doubled its bottom line by registering a gross profit (before taxes and other expenses) of almost $1.1 billion just on its Obamacare plans sold on and off the exchanges, according to financial documents analyzed by Axios.

Why this matters: President Trump and Republicans, snakebit after their failed health care reform, keep insisting Obamacare is exploding. But as Florida Blue shows, that isn't really the case. Many insurers like Aetna and UnitedHealth Group have lost money selling Obamacare plans and either have left or are considering leaving the marketplaces, but others are doing fine. A struggling marketplace in Arizona has no bearing on what goes on in Florida.