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oscar Oscar Health , Inc. ir.hioscar.com News Release Oscar Health Announces Results for Third Quarter 2021 November 10 , 2021 Membership as of September 30 , 2021 of 594,284 , a 41 % increase YoY For the quarter ended September 30 , 2021 : Direct policy premiums of $ 895.4 million , a 53.1 % increase YoY Premiums earned of $ 441.7 million , a 345.6 % increase YoY Medical Loss Ratio of 99.7 % , increased 920 bps YoY InsuranceCo Administrative Expense Ratio of 23.1 % , increased 70 bps YoY InsuranceCo Combined Ratio of 122.8 % , increased 990 bps YoY Net loss of $ 212.7 million , an increase of $ 133.6 million YoY ; Adjusted EBITDA loss of $ 188.7 million , an increase of $ 117.7 million YoY New York , NY , November 10 , 2021 - Health insurtech company Oscar Health , Inc. ( NYSE : OSCR ) today announced its financial results for the third quarter ended September 30 , 2021 . " Oscar saw meaningful growth across its insurance business in the third quarter , and we experienced volatility on our Medical Loss Ratio as short term pressures from COVID , Special Enrollment Period ( " SEP " ) membership growth and prior year risk adjustments created headwinds in the quarter " said Mario Schlosser , CEO and Co - Founder of Oscar . " Our best - in - class member engagement and tech - driven ethos continues to drive demand and provide value for our members . With respect to 2022 , we took a disciplined approach to pricing , balancing growth and margin improvement for our insurance business and are well - positioned heading into Open Enrollment . " Total direct and assumed policy premiums were $ 899.2 million in the quarter , up 53.8 % year - over - year ( " YoY " ) , driven primarily by higher membership growth , including increased enrollment from SEP , and business mix shifts . Premiums earned in the quarter were up 345.6 % 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 , increased 990 bps YoY to 122.8 % largely reflecting a higher MLR . The MLR increased 920bps YoY to 99.7 % in 3Q21 from 90.5 % in 3Q20 , primarily driven by higher net COVID costs as compared to the net benefit in 3Q20 , an unfavorable prior year Risk Adjustment Data Validation ( RADV ) result , and the impact of significant SEP membership growth . The InsuranceCo Administrative Expense Ratio increased by 70 bps YoY , largely driven by the impact of RADV on the denominator as well as higher SEP distribution costs . Premiums before ceded reinsurance Reinsurance premiums ceded Premiums earned Net loss Financial Results Summary Three Months Ended September 30 , Nine Months Ended September 30 , 2021 2020 2021 2020 $ 673,460 $ ( 231,717 ) ( in thousands ) 414,505 ( 315,360 ) 441,743 $ ( 212,745 ) $ 99,145 ( 79,132 ) $ 2,007,486 $ ( 669,047 ) 1,338,439 $ 1,232,493 ( 934,373 ) 298.120 ( 373,184 ) S ( 216,955 ) 1