Here are 1-3 brief analogies to describe Oscar Health:

• Like a Lemonade for health insurance.
• A tech-driven UnitedHealth Group.

• Individual & Family Health Insurance Plans: These plans offer health insurance coverage tailored for individuals and families in the United States.
• Small Group Health Insurance Plans: Oscar Health provides health insurance solutions specifically designed for small businesses and their employees.
• Medicare Advantage Plans: The company offers Medicare Advantage plans, which are health insurance options for eligible seniors as an alternative to original Medicare.
• +Oscar Platform: This is a technology-driven platform designed to help healthcare providers and payor clients engage more effectively with their members and patients.
• Reinsurance Products: Oscar Health also offers reinsurance products, which provide financial protection to other insurance companies against large or numerous claims.

Oscar Health's Major Customers

Oscar Health primarily serves individuals and small businesses, providing health insurance plans tailored to different segments of the population. Based on its core offerings, its major customer categories include:

• Individual Consumers and Families: Individuals who directly purchase health insurance plans for themselves and their families, often through the Affordable Care Act (ACA) marketplace.
• Seniors and Medicare-eligible Individuals: Individuals who enroll in Oscar Health's Medicare Advantage plans to receive health coverage.
• Small Businesses (Employers): Companies that purchase small group health insurance plans from Oscar Health to provide health benefits to their employees.

Supplier Name: UnitedHealth Group

Symbol: UNH

Mark Bertolini, Chief Executive Officer

Mark Bertolini was appointed CEO of Oscar Health in April 2023. He previously served as Co-Chief Executive Officer of Bridgewater Associates and as the Chairman and CEO of Aetna Inc. from 2010 to 2018. During his tenure at Aetna, he guided the company's transformation from a traditional health insurance provider to a consumer-centric healthcare company. Aetna was subsequently acquired by CVS Health in 2018. His career also includes executive roles at Cigna, NYLCare Health Plans, and SelectCare, Inc.

R. Scott Blackley, Chief Financial Officer

R. Scott Blackley has been Oscar Health's Chief Financial Officer since August 2023, having previously held the CFO position from March 2021 to December 2022 and serving as Chief Transformation Officer from December 2022 to August 2023. Before joining Oscar, he was the Chief Financial Officer of Capital One from May 2016 to March 2021. His extensive background in finance also includes various executive roles at Fannie Mae, including CFO of the Capital Markets Group, and prior positions at the U.S. Securities and Exchange Commission as a Professional Accounting Fellow, and as a Partner at KPMG, LLP.

Mario Schlosser, Co-Founder & President of Technology, Chief Technology Officer

Mario Schlosser co-founded Oscar Health in 2012 and previously served as its CEO, leading the company from its inception. In his current role, he oversees product and engineering, focusing on the development of Oscar's technology platform and guiding the strategy for +Oscar. Prior to Oscar, Schlosser co-founded the largest social gaming company in Latin America, where he was responsible for analytics and game design. He also held roles as a Senior Investment Associate at Bridgewater Associates and as a consultant at McKinsey & Company.

Ranmali Bopitiya, Chief Legal Officer

Ranmali Bopitiya joined Oscar Health as Chief Legal Officer, effective January 31, 2022, overseeing the company's legal, risk, and government affairs functions. Before Oscar, she served as Chief Legal Officer at Everside Health and as Vice President and General Counsel for Colorado Permanente Medical Group of Kaiser Permanente. She also led the legal function for a high-growth startup within Stanford Health Care.

Steve Wolin, Chief Operating Officer

Steve Wolin joined Oscar Health in 2020 and is responsible for leading the development and execution of Oscar's service organization, insurance operations, population health, pharmacy services, behavioral health, and virtual care. Before his time at Oscar, Wolin was the head of corporate strategy and strategic partnership for Optum.

The key risks to Oscar Health (OSCR) are:

1. High Medical Loss Ratio (MLR) and Path to Profitability: Oscar Health consistently faces challenges in translating revenue growth into sustainable profit due to a high Medical Loss Ratio (MLR), which represents the percentage of premium revenue spent on medical claims. For the 2025 fiscal year, the company projects its MLR to be between 86.0% and 87.0%, leading to an anticipated operating loss between $200 million and $300 million. This is exacerbated by increased market morbidity, meaning a higher proportion of sicker individuals are entering their risk pool. The company's ability to accurately price its plans and effectively manage healthcare costs for its members is crucial for achieving profitability.
2. Expiration of Enhanced Federal Subsidies and ACA Marketplace Competition: A significant macro-economic risk for Oscar Health is the potential expiration of enhanced federal subsidies within the Affordable Care Act (ACA) marketplace. This could lead to a contraction in the individual health insurance market, resulting in margin compression and a decrease in membership for Oscar Health. The company has acknowledged this risk, pricing for a potential 20-30% market shrinkage. Additionally, increased competition from larger insurers in the ACA marketplace poses a challenge to Oscar Health's growth and member retention.
3. Reliance on Reinsurance and Regulatory Capital Requirements: Oscar Health relies on quota share reinsurance arrangements to meet regulatory capital and surplus requirements and to mitigate the financial risk associated with medical claims. A significant risk is the potential inability to renew these reinsurance agreements on favorable terms or to obtain regulatory approval for them, which could adversely impact Oscar Health's capital position and its compliance with regulatory obligations. Furthermore, as Oscar Health expands its member base and enters new markets, it is required to contribute additional capital to its insurance subsidiaries to meet capital and surplus requirements, which can be substantial and potentially exceed the net income generated by these new ventures.

The increasing strategic moves and investments by major technology companies (e.g., Amazon, Google, Apple) into direct healthcare delivery and potential health plan offerings, which could leverage their superior data, technology, and consumer engagement capabilities to disrupt the health insurance market, particularly impacting tech-centric insurers like Oscar Health.

• Individual & Family Plans: The U.S. individual health insurance market was valued at approximately USD 1.60 trillion in 2022 and is projected to reach around USD 2.54 trillion by 2030. Oscar Health is a key player in this segment, particularly within the Affordable Care Act (ACA) market, which had 21 million members as of 2021, with projections to climb to 24 million or even 31 million members if enhanced subsidies are extended.
• Small Group (shifting to Individual Coverage Health Reimbursement Arrangements - ICHRAs): While Oscar Health ceased offering traditional small group policies as of December 2024, the company is strategically targeting the Individual Coverage Health Reimbursement Arrangement (ICHRA) market. If all employers with fewer than 1,000 employees adopted ICHRAs, Oscar Health's addressable market for this offering could expand from 21 million to 96 million lives in the U.S. For context, the broader U.S. group health insurance market was estimated at USD 1.41 trillion in 2024.
• +Oscar (Technology Platform): For its technology-driven platform, +Oscar, the addressable market is within the healthcare payer technology solutions sector. The technology solutions in the U.S. healthcare payer market was estimated at approximately USD 7.8 billion in 2023 and is anticipated to grow at a Compound Annual Growth Rate (CAGR) of 7.3% from 2024 to 2030. Another source valued this market at USD 7.6 billion in 2023, expecting growth to USD 14.1 billion by 2032.
• Reinsurance Products: Oscar Health utilizes reinsurance arrangements as part of its operations. The U.S. reinsurance market size was valued at USD 220.05 billion in 2024 and is projected to reach USD 630.10 billion by 2034, demonstrating a CAGR of 11.09% from 2025 to 2034.

Oscar Health (OSCR) anticipates several key drivers for its future revenue growth over the next two to three years:

1. Membership Growth: Oscar Health has achieved significant growth in its member base, reaching approximately 3.4 million members as of February 1, 2026, a substantial increase from previous years. This growth is a primary factor in the company's projected total revenues of $18.7 billion to $19 billion for 2026, representing a 61% year-over-year increase at the midpoint. The introduction of a new suite of affordable products and an exceptional member experience contributed to this record membership.
2. Pricing Discipline and Rate Increases: The company has implemented strategic pricing adjustments, including a weighted average rate increase of approximately 28% for 2026. These rate increases are a direct contributor to higher revenue per member.
3. Market Share Expansion: Oscar Health has expanded its market share across its operational footprint, growing from 17% in 2025 to 30% in 2026. This increase in market share, partly driven by competitors such as CVS Health exiting the individual Affordable Care Act (ACA) exchange market, leads to a larger customer base and, consequently, higher revenue.
4. AI-driven Efficiency and Technology Platform (+Oscar): Oscar Health leverages its proprietary technology platform, including "Agentic AI features" and "Oswell," an AI-driven health agent, to enhance member experience and operational efficiency. While these advancements are crucial for improving profitability by reducing the medical loss ratio and SG&A expenses, they also indirectly fuel revenue growth by enabling competitive product offerings and superior engagement, which drive membership acquisition and retention. The company's technology is designed to deliver superior experiences, deep engagement, and high-value clinical care.

Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• Oscar Health has not made any share repurchases over the last 3-5 years, with historical data showing $0.00 in share buybacks.

Share Issuance

• Oscar Health completed its Initial Public Offering (IPO) in March 2021, offering 37,041,026 shares of Class A common stock at $39.00 per share.
• The company itself sold 36,391,946 shares during the IPO, raising approximately $1.4446 billion.
• Share issuances have continued in subsequent years, contributing to an increase in shares outstanding from 174.40 million in 2021 to 255.42 million in 2025.

Inbound Investments

• Prior to its IPO, Google's parent company, Alphabet Inc., was a significant shareholder with approximately an 18% ownership stake.
• Fidelity and Alphabet were among its largest investors, contributing $400 million and $375 million, respectively, in earlier funding rounds.
• Institutional ownership includes major firms such as Vanguard Group Inc, BlackRock, Inc., Morgan Stanley, and Thrive Capital Management, LLC, holding a substantial number of shares.

Capital Expenditures

• Capital expenditures were reported as $6.8 million in December 2024.
• Quarterly capital expenditures for 2025 were $9.0 million (March 31), $9.3 million (June 30), and $9.0 million (September 30).
• A primary focus of these expenditures is investments in physical assets and its technology-driven platform, "+Oscar," which is integral to its business model.