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EX - 99.1 2 oscr - 2q21xpressrelease.htm EX - 99.1 oscar Oscar Health , Inc. ir.hioscar.com News Release Oscar Health Announces Results for Second Quarter 2021 August 12 , 2021 ● Membership as of June 30 , 2021 of 563,114 , a 34.9 % increase YoY For the quarter ended June 30 , 2021 : O O o 1 O O o Direct policy premiums of $ 838.1 million , a 44.4 % increase YoY Premiums earned of $ 528.2 million , a 364.3 % increase YoY Medical Loss Ratio of 82.4 % , increased 2170 bps YoY Insurance Co Administrative Expense Ratio of 19.8 % , improved 330 bps YoY Insurance Co Combined Ratio of 102.2 % , increased 1840 bps YoY Net loss of $ ( 73.1 ) million , an increase of $ 32.1 million YoY ; Adjusted EBITDA loss of $ ( 50.4 ) million , an increase of $ 21.6 million YoY New York , NY , August 12 , 2021 - Health insurtech company Oscar Health , Inc. ( NYSE : OSCR ) today announced its financial results for the second quarter ended June 30 , 2021 . " Our second quarter results tell a clear story : that our member - centric , tech - first approach to health care , continues to generate market demand and value for our members and + Oscar clients , " said Mario Schlosser , CEO and Co - Founder of Oscar . " With membership steadily increasing , we're well - positioned on our path towards profitability for our Insurance business . We look forward to building upon this momentum in 2022 by entering three new states and 146 counties.¹ For + Oscar , we are actively driving growth through a robust and active pipeline . " Total direct policy premiums were $ 838.1 million in the quarter , up 44.4 % year - over - year ( " YoY ” ) , driven primarily by higher membership growth in existing and new states and business mix shifts as well as increased enrollment from the Special Enrollment Period . Premiums earned in the quarter were up 364.3 % YoY , driven both by membership growth and lower quota share cession rat in 2021 . Oscar's InsuranceCo Combined Ratio , which is the sum of its Medical Loss Ratio ( " MLR " ) and the Insurance Co Administrative Expense Ratio , increased 1840 bps YoY to 102.2 % largely reflecting a higher MLR . The MLR increased to 82.4 % in 2Q21 from 60.7 % in 2Q20 , primarily driven by meaningfully lower utilization in 2Q20 as a result of COVID - 19 , as well as higher COVID - 19 testing and treatment costs and a return to more normalized utilization in 2Q21 . The InsuranceCo Administrative Expense Ratio improved by 330 bps YoY , driven by increasing operating leverage from higher revenue , scale efficiencies from our tech stack , and the repeal of the health insurer fee ( " HIF " ) . Premiums before ceded reinsurance Reinsurance premiums ceded Premiums earned Net loss Pending regulatory approvals . Financial Results Summary $ $ $ Three Months Ended June 30 , 2021 2020 723,927 $ ( 195,768 ) 528,159 $ ( 73,068 ) $ 1 Six Months Ended June 30 , 2021 2020 ( in thousands ) 393,540 $ ( 279,784 ) 113,756 $ ( 40,944 ) $ 1,334,026 $ ( 437,330 ) 896,696 $ ( 160,439 ) $ 817,988 ( 619,013 ) 198,975 ( 137,823 )