News: Largest payers ranked by revenue in 2023

In 2023, the nation’s largest payers saw substantial increases in total revenue. Now that their fourth quarter earnings reports have been filed, here are their earnings compared year over year, ranked from highest to lowest:

1. UnitedHealth Group ($371.6 billion): Total revenues in 2023 were $371.6 billion, up 14.6% year over year. Total revenues at UnitedHealthcare in 2023 were $281.4 billion, up 12.7% year over year.

2. CVS Health ($357.8 billion): Total revenues in 2023 were $357.8 billion, up 10.9% year over year. Total revenues at Aetna in 2023 were $186.8 billion, up 10.2% year over year.

3. Cigna Group ($195.3 billion): Total revenues in 2023 were $195.3 billion, up 8% year over year. The insurance side of the business, Cigna Healthcare, reported 2023 revenues of $51.1 billion, up 14% from the previous year.

4. Elevance Health ($171.3 billion): Total revenues in 2023 were $171.3 billion, up 9.4% year over year. Total operating revenue in the insurance division for 2023 was $170.2 billion, up 9.3%.

5. Centene ($154 billion): Total revenues in 2023 were $154 billion, up 6.5% year over year.

6. Humana ($106.4 billion): In 2023, total revenues were $106.4 billion, up 14.5%. The insurance division made up the large majority of 2023 revenues, recording $102.9 billion in 2023.

Editor’s note: To read Becker’s Payer Issues’ coverage of this story, click here.