After a jump, profits settled down

U.S. health insurers averaged about $27 billion per year in operating profit before COVID's arrival, according to data from Mark Farrah Associates, then jumped in 2020 as some medical use declined. Profit margins since then have fallen due to rising medical expenses with things like costly weight loss drugs.

Pandemic
Mark Farrah Associates data includes people covered by fully insured health plans for groups and individuals, Medicare Advantage plans and Medicaid managed care organizations across all states except California.
Source: Mark Farrah AssociatesMark Boswell, The Minnesota Star Tribune