The quarterly earnings reports of Elevance Health and UnitedHealth Group are eagerly awaited this week, as they may provide insights into whether these companies and their competitors are managing rising costs effectively. In this image, signage for UnitedHealthcare, a health insurance company, is displayed on an office building in Phoenix, Arizona, on July 19, 2023. (Photo by Patrick T. Fallon / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)
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This week, the financial results of Elevance Health and UnitedHealth Group are highly anticipated, as they might reveal how well these companies and their competitors in the health insurance sector are controlling rising expenses.
Elevance, which operates Blue Cross and Blue Shield plans in 14 states, and UnitedHealth, which owns the largest health insurer in the U.S., UnitedHealthcare, are set to be the first in the industry to release their second quarter earnings. This comes as the sector aims to recover from a period of unexpectedly high medical costs.
The earnings reports from these insurers will offer insights into whether the sector is on the path to recovery after a period where most health plans experienced medical loss ratios exceeding 90%. This trend saw a shift with reduced costs in the first quarter of this year. The medical loss ratio, indicating the percentage of premium revenue spent on medical costs, was over 90% for much of 2025 for many insurers.
During the first quarter of this year, Elevance, the second-largest health insurer in the nation behind UnitedHealthcare, reported a benefit expense ratio surpassing 86%. Elevance provides Medicaid coverage for low-income Americans through state contracts, offers Medicare Advantage for seniors, and sells commercial health insurance, including individual plans under the Affordable Care Act, also known as Obamacare. The company is also expanding its Carelon healthcare services business.
In its first quarter earnings statement, Elevance Health noted, “The benefit expense ratio was 86.8 percent, an increase of 40 basis points, reflecting expected elevated medical cost trend in our Medicaid business, partially offset by improved performance in Medicare.”
Industry analysts expect the second quarter earnings reports to demonstrate that companies are maintaining control over medical cost trends, particularly in their Medicare Advantage plans. These plans contract with the federal government to provide traditional Medicare coverage along with additional benefits and services for seniors, such as disease management and nurse help hotlines, with some plans also offering vision, dental care, and wellness programs.
In its first quarter report, UnitedHealth stated that its “medical cost ratio was 83.9% for the first quarter 2026, down 90 basis points from the first quarter 2025.”
Elevance is scheduled to report its earnings on Wednesday, July 15, followed by UnitedHealth on Thursday, July 16.
