It has just been announced that Google’s parent company, Alphabet, is planning to invest $375 million in Oscar.
Alphabet has been a supporter of Oscar for years and this reflects an incredible vote of confidence in Oscar’s unique ability to deliver a consumer-focused, tech-driven member experience in health care. This investment will allow Oscar to continue to invest in and bring Oscar’s unique product to more people, markets, and business lines. For more details, check out our CEO Mario’s interview in the Wired story: Health Care is Broken. Google Thinks Oscar Health Can Fix It.
Second, we’re excited to report that our financial results for the first half of 2018 are trending in-line with expectations. After doubling our footprint for 2018, we’re right on-track for 3x growth, $1 billion in premium revenue and MLR in the mid-80s. Oscar generated gross premium revenues of $630 million across all six states and combined individual and small group market segments — a 3x increase over the same period last year.
You can read more about Oscar’s first half results below and in our Axios coverage: Health insurance startup Oscar reports first half profit.