PitchBook：2025年二季度医疗保健服务公共报表和估值指南报告（英文版）

Policy changes and Medicaid cuts squeeze insurers’ margins: The tightening of pandemic-era health benefits, high healthcare utilization, and the OBBB Act’s cuts to Medicaid have led major health insurers to experience drastic share price declines in 2025. As the US government adjusts Affordable Care Act health plan enrollments—removing generally healthier individuals paying into plans but filing few claims—insurers are left with a smaller, higher-cost risk pool. Centene was hardest hit by cha