Aug 15, 2018

Health insurance startup Oscar reports first half profit

Photo via Oscar

Oscar, the health insurance startup that just raised $375 million in new funding from Google parent Alphabet, on Wednesday disclosed that it generated a $5 million profit on $363 million in net revenue during the first half of 2018.

Bottom line: The revenue figure is around 3 times what Oscar generated for the first half of 2017, although the profit is expected to disappear later this year as patients spend through their deductibles.

The company, which is required to file financial data with state health regulators, also reported that it had 231,000 members at the end of June, compared to just 85,000 one year earlier.

It still believes it will generate over $1 billion in gross premium revenue for 2018 ($630 million in the first half) and have a medical loss ratio in the mid-80s (it's currently at 74%, which is a 17 point year-over-year improvement).

Per a company spokesman: "This year, Oscar’s focus has been to scale our consumer-focused, technology-driven approach to cover more members, in more markets. After doubling our market footprint, our financial results for the first half of 2018 prove that our business is trending in-line with expectations."

Go deeper: Behind Oscar's financial numbers.

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Boris Johnson moved to intensive care as coronavirus symptoms worsen

Photo: Peter Summers/Getty Images

U.K. Prime Minister Boris Johnson has been taken to the intensive care unit of St. Thomas Hospital in London due to increasingly severe coronavirus symptoms.

The backdrop: Johnson was admitted to the hospital on Sunday for what Downing Street called "routine tests" because his condition had not improved ten days after he tested positive for the virus. His condition has since "worsened," according to a statement, and Foreign Secretary Dominic Raab will step into his place "where necessary."

StatementArrow9 mins ago - World

Coronavirus dashboard

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  1. Global: Total confirmed cases as of 3 p.m. ET: 1,309,439 — Total deaths: 73,703 — Total recoveries: 273,546Map.
  2. U.S.: Total confirmed cases as of 3 p.m. ET: 352,546 — Total deaths: 10,389 — Total recoveries: 18,953Map.
  3. 2020 update: Wisconsin governor issues executive order to delay in-person primary voting until June.
  4. Public health latest: Asymptomatic children could play important role in coronavirus spread, new data from the CDC shows.
  5. States' latest: West coast states send ventilators to New York and other states experiencing a more immediate need — Data suggests coronavirus curve may be flattening in New York, Gov. Andrew Cuomo said.
  6. Jobs latest: Unemployment could already be at 13% "and moving higher," per former Federal Reserve Chair Janet Yellen.
  7. What should I do? Pets, moving and personal health. Answers about the virus from Axios expertsWhat to know about social distancingQ&A: Minimizing your coronavirus risk.
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Wisconsin governor issues order to delay in-person primary voting until June

Tony Evers. Photo: Nuccio DiNuzzo/Getty Images

Wisconsin Gov. Tony Evers (D) issued an executive order Monday delaying in-person voting for the state's primary election — currently scheduled for Tuesday — until June 9.

Why it matters: Wisconsin was slated to be the only state to vote on Tuesday amid the coronavirus pandemic, despite having a stay-at-home order in place.