Even as insurance and technology services company Oscar Health saw increased membership and revenue from premiums in the third quarter, its losses widened, driven by volatility from the pandemic, it said Wednesday evening.
Direct policy premiums, which include those collected from members or the federal government, increased 53%, to $895 million, in the third quarter, compared to the same period last year. This includes subsidies from the American Rescue Plan. Without subsidies, after deducting its reinsurance costs to third parties, earned premiums were $441 million during the quarter, more than quadruple that of the same period the previous year. Including investments and other revenue, the Hudson Square–based company’s total revenue
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