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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.

Here is how Florida Blue's finances break down: The company has two main subsidiaries, one that sells plans with broader networks of hospitals and doctors (the "PPO subsidiary") and another that sells products with limited provider networks (the "HMO subsidiary"). These numbers are for 2016 and only represent each subsidiary's individual-market products:

  • Florida Blue's PPO subsidiary: 529,452 members, $860.8 million gross profit
  • Florida Blue's HMO subsidiary: 201,331 members, $237.8 million gross profit
  • Combined: 730,783 members, $1.1 billion gross profit

Worth noting: The gross profit represents the premiums minus the medical expenses, and does not include administrative costs, employee compensation or taxes. Florida Blue's profit goes down after subtracting those expenses, but the gross numbers show how Florida Blue priced the health risk of the people in the Obamacare marketplaces. Florida Blue's gross profit on its Obamacare plans across both subsidiaries in 2015 was $533 million.

Chuck Divita, Florida Blue's chief financial officer, said in a statement that the company's individual-market business had an after-tax income margin in the "high single digits." Divita told me last year that "if you don't get your price close right out of the gate, you're fighting an uphill battle." Translation: Health plans that underpriced their Obamacare plans to attract more members suffered once those members got the care they needed.

Go deeper

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Police barricades near the scene of a shooting in Austin, Texas, on Saturday. Photo: Sergio Flores/Getty Images

A 25-year-old man died Sunday of injuries sustained in a mass shooting that wounded 13 other people in downtown Austin, Texas, the previous day, police confirmed.

Driving the news: Austin police named the victim as Douglas John Kantor, as they continued to search for one of two suspects. One suspect was taken into custody on Saturday following the shooting on 6th Street, a popular area with bars and restaurants.

Pelosi demands Barr and Sessions testify on data subpoenas

House Speaker Nancy Pelosi during an event San Francisco, California, on Friday. Photo: Miikka Skaffari/Getty Images

House Speaker Nancy Pelosi (D-Calif.) told CNN Sunday that former Attorneys General William Barr and Jeff Sessions should testify before Congress on reports that the Trump-era Department of Justice seized Democrats' and journalists' data records.

Driving the news: DOJ Inspector General Michael Horowitz announced Friday an internal investigation into the matter, and Pelosi expressed disbelief to CNN's Dana Bash at assertions that neither Barr nor Sessions knew of probes into lawmakers.

Updated 5 hours ago - World

Netanyahu is out as new Israeli government survives confidence vote

Photo: Gil Cohen-Magen/AFP via Getty Images

Israel has a new prime minister for the first time since 2009 after a power-sharing government led by Naftali Bennett survived a confidence vote on Sunday. Bennett was sworn in as prime minister.

Why it matters: Benjamin Netanyahu, Israel's longest-serving prime minister and the man around whom Israeli politics have revolved for a decade, will now become opposition leader. Bennett, a right-wing former Netanyahu protege, will lead the most ideologically diverse government in Israeli history.