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oscar Oscar Health , Inc. ir.hioscar.com News Release Oscar Health Announces Results for First Quarter 2021 May 13 , 2021 Membership as of March 31 , 2021 of 542,220 , a 28.9 % increase YoY For the quarter ended March 31 , 2021 : Direct policy premiums of $ 820.8 million , a 43.5 % increase YoY Premiums earned of $ 368.5 million , a 332.5 % increase YoY Medical Loss Ratio of 74.4 % , improved 670 bps YoY InsuranceCo Administrative Expense Ratio of 19.8 % , improved 380 bps YoY InsuranceCo Combined Ratio of 94.2 % , improved 1040 bps YoY Net loss of $ ( 87.4 ) million , improved $ 9.5 million YoY and Adjusted EBITDA of $ ( 26.3 ) million , improved $ 59.9 million YoY New York , NY , May 13 , 2021 - Health insure - tech company Oscar Health , Inc. ( NYSE : OSCR ) today announced its financial results for the three months ended March 31 , 2021 . " Our first quarter results show that our model is delivering value to the market , our provider partners and to our members , " said Mario Schlosser , CEO and Co - Founder of Oscar . " We achieved very attractive first quarter growth , while simultaneously lowering our medical loss ratio and administrative cost ratio year - over - year . This trend , coupled with the recent launch of + Oscar , positions our company well for continued sustainable growth and improving profitability . " Total direct policy premiums were $ 820.8 million in the quarter , up 43.5 % year - over - year ( " YoY " ) , driven primarily by higher membership growth in existing and new states and business mix shifts . Premiums earned in the quarter were up 332.5 % YoY , driven both by membership growth and lower quota share cession rates in 2021 . Oscar's InsuranceCo Combined Ratio , which is the sum of its Medical Loss Ratio ( " MLR " ) and the InsuranceCo Administrative Expense Ratio , improved 1040 bps YoY to 94.2 % reflecting a consolidated profit across the insurance companies . Oscar's MLR improved 670 bps YoY , driven by the absence of reserve increases that occurred in the quarter ended March 31 , 2020 and a modest benefit from favorable prior period development in the quarter ended March 31 , 2021. The InsuranceCo Administrative Expense Ratio improved by 380 bps YoY , driven by operating leverage , scale efficiencies from our tech stack , and the repeal of the health insurer fee ( " HIF ” ) . Net loss was $ ( 87.4 ) million in the quarter , an improvement of $ 9.5 million YoY and Adjusted EBITDA loss was $ ( 26.3 ) million , an improvement of $ 59.9 million YoY . Key Metrics and Non - GAAP Financial Metrics Three Months Ended March 31 , 2021 2020 Members Direct Policy Premiums ( in thousands ) Medical Loss Ratio InsuranceCo Administrative Expense Ratio InsuranceCo Combined Ratio 542,220 820,814 420,552 $ 572,011 74.4 % 81.1 % 19.8 % 23.6 % 94.2 % 104.6 % Adjusted EBITDA ( ¹ ) ( in thousands ) ( 26,258 ) $ ( 86,168 ) 1. Adjusted EBITDA is a non - GAAP measure . See " Key Operating and Non - GAAP Metrics - Adjusted EBITDA " in this release for a reconciliation to net loss , the most directly comparable GAAP measure , and for information regarding Oscar's use of Adjusted EBITDA . 1