Analysis of NAIC filings show that New York’s three largest for-profit insurers continue to generate profits that exceed both State and national averages. United (Oxford), Aetna, and Wellpoint (Empire) all report 2007 margins of 6% or more in New York State. In contrast, health insurers nationally report an average margin of 4.2% for 2007, while health plans in New York State reported margins of 3.9% on average.
     
For United and Aetna, in particular, profit margins in New York far exceeded their own national averages. While Aetna reported a national margin of 5.5% for 2007, its New York profit margin was 7.3%. United’s New York profit margin (6.9%) was a full percentage point higher than its national average (5.9%). And Oxford Health Plan, acquired by United in 2004, reported a 2007 profit margin of 8.7% in New York, contributing significantly to United’s overall margin. Combined, the New York State profit for United, Aetna, and Wellpoint was approximately $1 billion in 2007.