10 Biggest Health Insurance Companies in the US by Market Cap 

From coverage to accessibility, the biggest health insurance companies in the US play an indispensable role in shaping the health space. If you’re a business owner, entrepreneur, or aspiring market leader, understanding these industry giants is essential for making informed decisions that promote employee benefits and well-being.

But that’s not all — smart choices in this area directly impact your ability to attract top talent, cultivate a healthier workforce, and maintain a competitive edge. That’s why we’ve put our expertise at Business2Community to work to explore the factors driving the biggest health insurance companies in the US by market cap.

The USA’s Biggest Health Insurance Companies

Market capitalization, or market cap, reveals a company’s total value on the stock market by multiplying its share price by the number of outstanding shares. The metric provides a snapshot of a company’s size and financial health, with larger market caps indicating stability and investor confidence. Comparing the market caps of companies in the US health insurance industry allows us to identify the largest, most valuable players in the industry.

The top 160 health companies have a combined market cap of over $1.6 trillion, with the largest health insurance companies accounting for over 50% of market share and revenue. Below, we explore everything you need to know about these health insurance giants including their founding dates, revenue, employee counts, and more.

1. UnitedHealth Group – $460 billion

With a market cap of $460 billion at the time of writing, UnitedHealth Group is the undisputed leader in American health insurance, catering for over 90% of the US market. Founded in 1977, the world’s largest health insurer calls Minnesota its home base. Headed by CEO Andrew Witty, the company raked in revenues exceeding $371 billion in 2023.

Its stellar performance is driven by its comprehensive offerings across two major segments: UnitedHealthcare, which provides health insurance plans and programs, and Optum, which includes pharmacy benefits management and a range of healthcare provider services.

On February 28, 2024, reports surfaced that the US Department of Justice had launched an antitrust investigation into UnitedHealth. This sent the company’s shares tumbling, wiping out a staggering $25 billion from its market value – with $11 billion of that loss occurring in a single day. Nevertheless, it is still the largest health insurance company in the US (in terms of market cap) by a wide margin.

2. Elevance Health – $118 billion

Elevance Health, formerly known as Anthem, is second on our list with a market cap of $118 billion at the time of writing. The insurer’s revenues have increased year-on-year over the past decade, with the company pulling in revenues of over $171.3 billion in 2023 alone. Headquartered in Indianapolis, Indiana, America’s second-largest insurer offers medical benefits through its Anthem Blue Cross and Blue Shield offering.

Since 2004, Elevance Health has set itself apart by focusing on government-sponsored programs like Medicare and Medicaid. CarelonRx is its pharmacy benefit manager, which, as of 2023, serves one in three people across all 50 states.

CEO Gail Koziara Boudreaux is leading the health insurance giant’s push to leverage AI for simplifying and personalizing healthcare. At the Consumer Electronics Show (CES) in January 2024, Boudreaux gave a keynote speech about the responsible use of AI technology to make healthcare more proactive, predictive, and personalized.

3. Cigna Healthcare – $98 billion

Cigna Healthcare has a market cap of $98 billion at the time of writing, ranking it third on our list. With its pharmacy business and focus on employer-sponsored health plans in international markets, Cigna made $195 billion in 2023.

Cigna’s revenue surged between 2018 and 2019, soaring from under $50 billion to over $150 billion. This was driven by its 2018 acquisition of Express Scripts, a pharmacy benefit management company. The $67 billion deal launched Cigna into the pharmaceutical market, shifting the company’s main revenue source from its traditional health insurance offerings to its pharmacy business.

Established in 1792 following the merger of two older insurers, Cigna has a long history. Based in Bloomfield, Connecticut, the health insurance giant is headed by CEO David Cordani. Interestingly, Elevance (formerly Anthem) tried to acquire Cigna in 2015 but eventually had to give up after a long antitrust lawsuit that came to an end in 2020.

4. CVS Health Corporation – $95 billion

CVS Health boasts a market cap of $95 Billion at the time of writing and impressive revenues of over $356 billion for 2023. Founded in 1963, CVS Health is headed by Karen S. Lynch and has its home base in Woonsocket, Rhode Island. Before making its mark in the health insurance industry, CVS Health was known for its pharmacy services. However, its $69 billion acquisition of Aetna in 2018 solidified its position as a healthcare giant.

As of 2024, CVS provides health insurance to over 35 million people. This includes a variety of plans, like Medicare Advantage and prescription drug coverage. The company’s all-in-one healthcare model (pharmacy, insurance, and care) makes healthcare more accessible, improves health outcomes, and reduces members’ costs overall.

In December 2023, CVS Health Corp. was among 28 healthcare companies to adopt the voluntary AI safeguards established by the Biden administration. Together with competitors like Oscar Health, the company committed to greater transparency, trustworthiness, and responsibility in its use of AI-based tools.

5. Centene Corporation – $43 billion

Founded in 1984 and based in St. Louis, Missouri, Centene has a market cap of $43 billion at the time of writing. Headed by Sarah M. London, the insurer brought in revenue of over $141 billion in 2023. Specializing in Medicaid, Medicare, and other government-backed healthcare plans, Centene Corporation serves more than 27 million members, or 1 in 15 individuals, across all 50 US states.

It is also the largest Medicaid managed care organization in the country, the largest and longest-running carrier in the Health Insurance Marketplace, and a national leader in managed long-term services and support.

In 2023, the company was named a 2023 Fortune Most Admired Company for the fifth consecutive year and one of America’s Best Large Employers by Forbes. It was also listed on the 2023 Bloomberg Gender-Equality Index for the fourth consecutive year.

6. Humana – $42 billion

Sixth on our list, Humana has a market cap of $42 billion at the time of writing. Founded in 1961, Humana is based in Louisville, Kentucky. The company is headed by Bruce D. Broussard and generated revenues of over $106 billion in 2023, up from $95 billion in 2022.

Humana is considered a major force in the Medicare Advantage market, the growing private health plan market for people 65 and older. As of December 31, 2022, the company had 17 million members in its medical benefit plans and approximately 5 million members enrolled in its specialty products.

In December 2023, a proposed merger between Humana and Cigna fell through due to disagreements over price and other financial terms. The deal would have formed a $140 billion healthcare giant to rival UnitedHealth Group.

7. Molina Healthcare – $23 billion

Next up, with a market cap of $23 billion at the time of writing, is Molina Healthcare. Founded in 1980, Molina Healthcare is based in Long Beach, California. The FORTUNE 500 company provides managed healthcare services under Medicaid, Medicare, and state insurance marketplaces.

Headed by CEO Joe Zubretsky, Molina’s revenue in 2023 exceeded $34 billion, up from $31 billion in 2022. In February 2024, Molina Healthcare was the highest-rated company overall in the Health Care Plans industry with a score of 79. The overall score measures the company’s performance based on short and long-term indicators and means that the insurer scored better than 79% of the overall market.

Molina Healthcare shares increased by a notable 26.9% between July 2023 and February 2024, vastly outperforming the industry’s 8.4% increase. This impressive performance was driven by higher premium numbers, major contract wins, and Medicare membership growth.

8. Oscar Health – $3.6 billion

At number 8 is Oscar Health, with a market cap of $3.6 billion at the time of writing. Headquartered in New York City, Oscar Health has made a name for itself by leveraging technology to streamline the health insurance experience for consumers.

Headed by CEO Mark T. Bertolini, Oscar Health offers health plans in three insurance markets: individual, small group, and Medicare Advantage. It also offers +Oscar, a full-stack technology platform, to others within the provider and payor space.

Founded in 2012, Oscar Health is a relative newcomer. Despite being smaller than its counterparts, its focus on the individual market segment pulled in revenue of over $5.8 billion in 2023, almost double its revenue in 2022. Starting in 2024, Oscar will have a footprint in 18 states and 512 counties, expanding its presence to serve underserved and rural markets.

9. Agilon Health – $2.6 billion

With a market cap of $2.6 billion at the time of writing, Agilon Health has grown rapidly since it was established in 2016. Headquartered in Long Beach, California, the company is known for its focus on Medicare Advantage plans and for partnering directly with primary care physicians to provide value-based care for seniors.

Headed by CEO Steven Sell, Agilon provides the technology, people, capital, process, and access to a peer network of over 2,400 PCPs (primary care physicians). By allowing physician groups to maintain their independence, Agilon ensures that PCPs can focus on the total health of their most vulnerable patients.

Agilon Health has become a significant player in the healthcare industry, earning revenues exceeding $2.4 billion in 2022 and $4 billion in 2023. As of December 31, 2023, Medicare Advantage membership increased by a notable 68% to 388,400, and total members on the Agilon platform hit 477, 700.

10. Privia Health Group

With a market cap of $2.6 billion at the time of writing, Privia Health wraps up our list of the 10 biggest health insurance companies in the US. Founded in 2007 and headquartered in Arlington, Virginia, Privia offers technology solutions and practice management services nationwide, aiming to improve the healthcare experience for both patients and providers.

Privia works with physician groups across the US, offering technology and support services that help them transition to value-based healthcare delivery models. Headed by CEO Parth Mehrotra, the company operates in 13 states and the District of Columbia. The company works with over 4,300 implemented physicians and providers and covers over 4.8 million patients.

Privia Health reported revenue of over $1.6 billion in 2023, up from $1.3 billion in 2022 and $966 million in 2021. In September 2023, Privia partnered with Navina, an AI healthcare platform, to reduce time on charts and improve patient care.

Becoming the Biggest Health Insurance Company in the US

UnitedHealth is the largest health insurance company in the US, commanding a staggering 25.8% of industry revenue. Its dominance stems from strategic mergers and acquisitions, its wide geographical reach, and impressive membership numbers.

Additionally, UnitedHealth has strategically diversified beyond traditional insurance with its Optum segment, offering pharmacy benefits, data analytics, and healthcare consulting services. This integrated model has transformed the company into a formidable force, not only in the US but the world: it is considered the most valuable healthcare company globally. However, competition continues to intensify, with challengers like Elevance Health, Cigna, and CVS emerging as key rivals.

Excluded from our list is the country’s largest private non-profit healthcare plan provider, Kaiser Permanente. While Kaiser Permanente generated over $100 billion in revenue in 2023, it does not have an official market cap as it is a private non-profit organization rather than a publicly traded company. Kaiser currently leads the country in terms of total health plan enrollments with more than 12% of the market share.

Overall, the US health insurance industry has experienced growth averaging 3.6% annually between 2018 and 2023, driven by factors such as the Affordable Care Act, an aging population, and escalating healthcare expenses. While the industry boasts an addressable market opportunity of over $1.9 trillion in 2024, players face challenges like rising costs, increased scrutiny, provider consolidation, and other headwinds that could impact their financial performance. Despite these obstacles, the market is projected to maintain its positive growth trajectory.

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